(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, including Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | ☑ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page No. | ||||||||
March 31, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts receivable, net of allowance for doubtful | ||||||||||||||
accounts of $ | ||||||||||||||
Inventory | ||||||||||||||
Derivative assets | ||||||||||||||
Income tax receivable | ||||||||||||||
Prepayments and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Cash deposits and other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accounts payable – related party | ||||||||||||||
Derivative liabilities | ||||||||||||||
Current portion of finance lease obligations | ||||||||||||||
Current portion of operating lease liabilities | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Other long-term liabilities: | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Finance lease obligations | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Deferred taxes and other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 13) | ||||||||||||||
Shareholders’ equity: | ||||||||||||||
Preferred stock – $ | ||||||||||||||
authorized, | ||||||||||||||
Common stock – $ | ||||||||||||||
authorized, | ||||||||||||||
Contributed capital | ||||||||||||||
Retained earnings | ||||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Revenues: | |||||||||||
Marketing | $ | $ | |||||||||
Transportation | |||||||||||
Total revenues | |||||||||||
Costs and expenses: | |||||||||||
Marketing | |||||||||||
Transportation | |||||||||||
General and administrative | |||||||||||
Depreciation and amortization | |||||||||||
Total costs and expenses | |||||||||||
Operating (losses) earnings | ( | ||||||||||
Other income (expense): | |||||||||||
Gain on dissolution of investment | |||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Total other income (expense), net | |||||||||||
(Losses) Earnings before income taxes | ( | ||||||||||
Income tax benefit (provision) | ( | ||||||||||
Net (losses) earnings | $ | ( | $ | ||||||||
(Losses) Earnings per share: | |||||||||||
Basic net (losses) earnings per common share | $ | ( | $ | ||||||||
Diluted net (losses) earnings per common share | $ | ( | $ | ||||||||
Dividends per common share | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities: | |||||||||||
Net (losses) earnings | $ | ( | $ | ||||||||
Adjustments to reconcile net (losses) earnings to net cash | |||||||||||
provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gains on sales of property | ( | ( | |||||||||
Provision for doubtful accounts | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ||||||||||
Net change in fair value contracts | ( | ||||||||||
Gain on dissolution of AREC | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Accounts receivable/payable, affiliates | ( | ||||||||||
Inventories | ( | ||||||||||
Income tax receivable | ( | ||||||||||
Prepayments and other current assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Accrued liabilities | |||||||||||
Other | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Investing activities: | |||||||||||
Property and equipment additions | ( | ( | |||||||||
Proceeds from property sales | |||||||||||
Proceeds from dissolution of AREC | |||||||||||
Insurance and state collateral (deposits) refunds | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Principal repayments of finance lease obligations | ( | ( | |||||||||
Payment of contingent consideration liability | ( | ||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
(Decrease) Increase in cash and cash equivalents, including restricted cash | ( | ||||||||||
Cash and cash equivalents, including restricted cash, at beginning of period | |||||||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | $ |
Total | ||||||||||||||||||||||||||
Common | Contributed | Retained | Shareholders’ | |||||||||||||||||||||||
Stock | Capital | Earnings | Equity | |||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
Net (losses) earnings | — | — | ( | ( | ||||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Common stock, $ | — | — | ( | ( | ||||||||||||||||||||||
Awards under LTIP, $ | — | — | ( | ( | ||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Common | Contributed | Retained | Shareholders’ | |||||||||||||||||||||||
Stock | Capital | Earnings | Equity | |||||||||||||||||||||||
Balance, January 1, 2019 | $ | $ | $ | $ | ||||||||||||||||||||||
Net earnings | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Common stock, $ | — | — | ( | ( | ||||||||||||||||||||||
Awards under LTIP, $ | — | — | ( | ( | ||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | ||||||||||||||||||||||
March 31, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in the | ||||||||||||||
unaudited condensed consolidated statements of cash flows | $ | $ |
Common | ||||||||
shares | ||||||||
Balance, January 1, 2020 | ||||||||
Vesting of restricted stock unit awards | ||||||||
Balance, March 31, 2020 |
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
(Losses) Earnings per share — numerator: | |||||||||||
Net (losses) earnings | $ | ( | $ | ||||||||
Denominator: | |||||||||||
Basic weighted average number of shares outstanding | |||||||||||
Basic (losses) earnings per share | $ | ( | $ | ||||||||
Diluted (losses) earnings per share: | |||||||||||
Diluted weighted average number of shares outstanding: | |||||||||||
Common shares | |||||||||||
Restricted stock unit awards | |||||||||||
Performance share unit awards (1) | |||||||||||
Total | |||||||||||
Diluted (losses) earnings per share | $ | ( | $ |
Reporting Segments | |||||||||||||||||
Marketing | Transportation | Total | |||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | ||||||||||||||
Other (1) | |||||||||||||||||
Total revenues | $ | $ | $ | ||||||||||||||
Timing of revenue recognition: | |||||||||||||||||
Goods transferred at a point in time | $ | $ | $ | ||||||||||||||
Services transferred over time | |||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | ||||||||||||||
Three Months Ended March 31, 2019 | |||||||||||||||||
Revenues from contracts with customers | $ | $ | $ | ||||||||||||||
Other (1) | |||||||||||||||||
Total revenues | $ | $ | $ | ||||||||||||||
Timing of revenue recognition: | |||||||||||||||||
Goods transferred at a point in time | $ | $ | $ | ||||||||||||||
Services transferred over time | |||||||||||||||||
Total revenues from contracts with customers | $ | $ | $ | ||||||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Revenue gross-up | $ | $ |
March 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Insurance premiums | $ | $ | |||||||||
Rents, licenses and other | |||||||||||
Total | $ | $ |
Estimated | |||||||||||||||||
Useful Life | March 31, | December 31, | |||||||||||||||
in Years | 2020 | 2019 | |||||||||||||||
Tractors and trailers (1) | $ | $ | |||||||||||||||
Field equipment (2) | |||||||||||||||||
Buildings | |||||||||||||||||
Office equipment | |||||||||||||||||
Land | |||||||||||||||||
Construction in progress | |||||||||||||||||
Total | |||||||||||||||||
Less accumulated depreciation | ( | ( | |||||||||||||||
Property and equipment, net | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Depreciation and amortization, excluding amounts under finance leases | $ | $ | |||||||||
Amortization of property and equipment under finance leases | |||||||||||
Total depreciation and amortization | $ | $ |
March 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Amounts associated with liability insurance program: | |||||||||||
Insurance collateral deposits | $ | $ | |||||||||
Excess loss fund | |||||||||||
Accumulated interest income | |||||||||||
Other amounts: | |||||||||||
State collateral deposits | |||||||||||
Materials and supplies | |||||||||||
Total | $ | $ |
Reporting Segments | |||||||||||||||||||||||
Marketing | Transportation | Other | Total | ||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Segment operating (losses) earnings (1) | ( | ( | |||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Property and equipment additions (2) | |||||||||||||||||||||||
Three Months Ended March 31, 2019 | |||||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Segment operating (losses) earnings (1) | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Property and equipment additions (3) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2020 | 2019 | ||||||||||
Segment operating (losses) earnings | $ | ( | $ | ||||||||
General and administrative | ( | ( | |||||||||
Operating (losses) earnings | ( | ||||||||||
Gain on dissolution of investment | |||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
(Losses) Earnings before income taxes | $ | ( | $ |
March 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Reporting segment: | |||||||||||
Marketing | $ | $ | |||||||||
Transportation | |||||||||||
Cash and other | |||||||||||
Total assets | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Affiliate billings to us | $ | $ | |||||||||
Billings to affiliates | |||||||||||
Rentals paid to affiliate |
Balance Sheet Location and Amount | |||||||||||||||||||||||
Current | Other | Current | Other | ||||||||||||||||||||
Assets | Assets | Liabilities | Liabilities | ||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||
Asset derivatives: | |||||||||||||||||||||||
Fair value forward hydrocarbon commodity | |||||||||||||||||||||||
contracts at gross valuation | $ | $ | $ | $ | |||||||||||||||||||
Liability derivatives: | |||||||||||||||||||||||
Fair value forward hydrocarbon commodity | |||||||||||||||||||||||
contracts at gross valuation | |||||||||||||||||||||||
Less counterparty offsets | |||||||||||||||||||||||
As reported fair value contracts | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Asset derivatives: | |||||||||||||||||||||||
Fair value forward hydrocarbon commodity | |||||||||||||||||||||||
contracts at gross valuation | $ | $ | $ | $ | |||||||||||||||||||
Liability derivatives: | |||||||||||||||||||||||
Fair value forward hydrocarbon commodity | |||||||||||||||||||||||
contracts at gross valuation | |||||||||||||||||||||||
Less counterparty offsets | |||||||||||||||||||||||
As reported fair value contracts | $ | $ | $ | $ |
Gains (losses) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Revenues – marketing | $ | $ | ( |
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||
Identical Assets | Observable | Unobservable | |||||||||||||||||||||||||||
and Liabilities | Inputs | Inputs | Counterparty | ||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Offsets | Total | |||||||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||
Current assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current liabilities | ( | ( | |||||||||||||||||||||||||||
Net value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||
Current assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||
Net value | $ | $ | $ | $ | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Compensation expense | $ | $ |
Weighted- | |||||||||||
Average Grant | |||||||||||
Number of | Date Fair Value | ||||||||||
Shares | per Share (1) | ||||||||||
Restricted stock unit awards at January 1, 2020 | $ | ||||||||||
Granted (2) | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
Restricted stock unit awards at March 31, 2020 | $ |
Weighted- | ||||||||||||||
Average Grant | ||||||||||||||
Number of | Date Fair Value | |||||||||||||
Shares | per Share (1) | |||||||||||||
Performance share unit awards at January 1, 2020 | $ | |||||||||||||
Granted (2) | $ | |||||||||||||
Vested | $ | |||||||||||||
Forfeited | ( | $ | ||||||||||||
Performance share unit awards at March 31, 2020 | $ |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for federal and state income taxes | |||||||||||
Non-cash transactions: | |||||||||||
Change in accounts payable related to property and equipment additions | ( | ||||||||||
Property and equipment acquired under finance leases | |||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of ROU assets | $ | $ | ||||||||||||
Interest on lease liabilities | ||||||||||||||
Operating lease cost | ||||||||||||||
Short-term lease cost | ||||||||||||||
Total lease expense | $ | $ |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Cash paid for amounts included in measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases (1) | $ | $ | ||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Financing cash flows from finance leases | ||||||||||||||
ROU assets obtained in exchange for new lease liabilities: | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Weighted-average remaining lease term (years): | ||||||||||||||
Finance leases | ||||||||||||||
Operating leases | ||||||||||||||
Weighted-average discount rate: | ||||||||||||||
Finance leases | % | % | ||||||||||||
Operating leases | % | % |
March 31, | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Assets | ||||||||||||||
Finance lease ROU assets (1) | $ | $ | ||||||||||||
Operating lease ROU assets | ||||||||||||||
Liabilities | ||||||||||||||
Current | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Noncurrent | ||||||||||||||
Finance lease liabilities | ||||||||||||||
Operating lease liabilities |
Finance | Operating | |||||||||||||
Lease | Lease | |||||||||||||
Remainder of 2020 | $ | $ | ||||||||||||
2021 | ||||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: Interest | ( | ( | ||||||||||||
Present value of lease liabilities | ||||||||||||||
Less: Current portion of lease obligation | ( | ( | ||||||||||||
Total long-term lease obligation | $ | $ |
Finance | Operating | |||||||||||||
Lease | Lease | |||||||||||||
2020 | $ | $ | ||||||||||||
2021 | ||||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: Interest | ( | ( | ||||||||||||
Present value of lease liabilities | ||||||||||||||
Less: Current portion of lease obligation | ( | ( | ||||||||||||
Total long-term lease obligation | $ | $ |
March 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Pre-funded premiums for losses incurred but not reported | $ | $ | |||||||||
Accrued automobile and workers’ compensation claims |
March 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Accrued medical claims | $ | $ |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2020 | 2019 | Change (1) | |||||||||||||||
Revenues | $ | 337,221 | $ | 429,761 | (22 | %) | |||||||||||
Operating (losses) earnings (2) | (17,651) | 7,098 | (349 | %) | |||||||||||||
Depreciation and amortization | 2,007 | 2,122 | (5 | %) | |||||||||||||
Driver compensation | 5,293 | 6,033 | (12 | %) | |||||||||||||
Insurance | 2,474 | 1,991 | 24 | % | |||||||||||||
Fuel | 2,034 | 2,449 | (17 | %) |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Field level purchase volumes – per day (1) | |||||||||||
Crude oil – barrels | 109,253 | 113,279 | |||||||||
Average purchase price | |||||||||||
Crude oil – per barrel | $ | 44.87 | $ | 54.26 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
As reported segment operating (losses) earnings (1) | $ | (17,651) | $ | 7,098 | |||||||
Add (subtract): | |||||||||||
Inventory liquidation gains | — | (4,462) | |||||||||
Inventory valuation losses | 24,215 | — | |||||||||
Derivative valuation (gains) losses | (19) | 20 | |||||||||
Field level operating earnings (2) | $ | 6,545 | $ | 2,656 |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||
Barrels | Price | Barrels | Price | ||||||||||||||||||||
Crude oil inventory | 494,812 | $ | 20.25 | 426,397 | $ | 61.93 |
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2020 | 2019 | Change (1) | |||||||||||||||
Revenues | $ | 16,256 | $ | 15,407 | 6 | % | |||||||||||
Operating earnings | $ | 605 | $ | 839 | (28 | %) | |||||||||||
Depreciation and amortization | $ | 2,466 | $ | 1,467 | 68 | % | |||||||||||
Driver commissions | $ | 2,607 | $ | 2,829 | (8 | %) | |||||||||||
Insurance | $ | 1,524 | $ | 1,681 | (9 | %) | |||||||||||
Fuel | $ | 1,281 | $ | 1,720 | (26 | %) | |||||||||||
Maintenance expense | $ | 831 | $ | 1,019 | (18 | %) | |||||||||||
Mileage (000s) | 5,240 | 5,075 | 3 | % |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Total transportation revenue | $ | 16,256 | $ | 15,407 | |||||||
Diesel fuel cost | (1,281) | (1,720) | |||||||||
Revenues, net of fuel cost (1) | $ | 14,975 | $ | 13,687 |
March 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Cash and cash equivalents | $ | 87,398 | $ | 112,994 | |||||||
Working capital | 83,552 | 87,747 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | (23,846) | $ | 21,016 | |||||||
Investing activities | (582) | (6,043) | |||||||||
Financing activities | (1,602) | (1,146) |
March 31, | December 31, | ||||||||||
2020 | 2019 | ||||||||||
Early payments received | $ | 34,684 | $ | 54,108 | |||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | 2019 | ||||||||||
Crude oil marketing (1) | $ | 2,032 | $ | 1,654 | |||||||
Transportation (2) | 41 | 6,697 | |||||||||
Other (3) | 139 | — | |||||||||
Capital spending | $ | 2,212 | $ | 8,351 |
Payments due by period | ||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||||
Finance lease obligations (1) | $ | 6,417 | $ | 1,833 | $ | 4,116 | $ | 468 | $ | — | ||||||||||||||||||||||
Operating lease obligations (2) | 10,123 | 1,341 | 4,433 | 3,490 | 859 | |||||||||||||||||||||||||||
Total contractual obligations | $ | 16,540 | $ | 3,174 | $ | 8,549 | $ | 3,958 | $ | 859 |
Exhibit | |||||
Number | Exhibit | ||||
3.1 | |||||
3.2 | |||||
10.1+* | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
101.CAL* | Inline XBRL Calculation Linkbase Document | ||||
101.DEF* | Inline XBRL Definition Linkbase Document | ||||
101.INS* | Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.LAB* | Inline XBRL Labels Linkbase Document | ||||
101.PRE* | Inline XBRL Presentation Linkbase Document | ||||
101.SCH* | Inline XBRL Schema Document | ||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
ADAMS RESOURCES & ENERGY, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | May 7, 2020 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By: | /s/ Tracy E. Ohmart | ||||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer and Principal | |||||||||||
Accounting Officer) |
COMPANY | ||||||||||||||
ADAMS RESOURCES & ENERGY, INC. | ||||||||||||||
By: | ||||||||||||||
Name: | ||||||||||||||
Title: | ||||||||||||||
EMPLOYEE | ||||||||||||||
By: | ||||||||||||||
Date: |
Adjusted Pre-Tax Cash | % of Target Performance Share | |||||||
Performance Level | Flow Amount | Units Earned1 | ||||||
Maximum | $30,875,000 | 200% | ||||||
Target | $24,700,000 | 100% | ||||||
Threshold | $18,525,000 | 50% | ||||||
<Threshold | <$18,525,000 | —% |
Adjusted Pre-Tax | % of Target Performance Share | |||||||
Performance Level | Earnings Amount | Units Earned1 | ||||||
Maximum | $8,500,000 | 200% | ||||||
Target | $6,800,000 | 100% | ||||||
Threshold | $5,100,000 | 50% | ||||||
<Threshold | <$5,100,000 | —% |
Date: | May 7, 2020 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Date: | May 7, 2020 | By: | /s/ Tracy E. Ohmart | ||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer |
Date: | May 7, 2020 | By: | /s/ Kevin J. Roycraft | ||||||||
Kevin J. Roycraft | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Date: | May 7, 2020 | By: | /s/ Tracy E. Ohmart | ||||||||
Tracy E. Ohmart | |||||||||||
Chief Financial Officer |
Cash Deposits and Other Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance collateral deposits | $ 709 | $ 1,233 |
Excess loss fund | 620 | 943 |
Accumulated interest income | 332 | 609 |
State collateral deposits | 33 | 37 |
Materials and supplies | 493 | 477 |
Total | $ 2,187 | $ 3,299 |
Transactions with Affiliates (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Transactions with Affiliates [Abstract] | ||
Billings to affiliates | $ 335,973 | $ 376,138 |
Affiliated entities | ||
Transactions with Affiliates [Abstract] | ||
Affiliate billings to us | 17 | 17 |
Billings to affiliates | 1 | 1 |
Rentals paid to affiliate | $ 122 | $ 122 |
Cash Deposits and Other Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of cash deposits and other assets | Components of cash deposits and other assets were as follows at the dates indicated (in thousands):
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Summary of Significant Accounting Policies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):
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Schedule of Common Stock Outstanding | The following table reconciles our outstanding common stock for the periods indicated:
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Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the calculation of basic and diluted (losses) earnings per share was as follows for the periods indicated (in thousands, except per share data):
_______________ (1)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved. The performance conditions for the performance share unit awards granted in 2018 were achieved as of December 31, 2018.
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Supplemental Cash Flow Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands):
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Segment Reporting |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We operate and report in two business segments: (i) crude oil marketing, transportation and storage, and (ii) tank truck transportation of liquid chemicals and dry bulk. Financial information by reporting segment was as follows for the periods indicated (in thousands):
_______________ (1)Our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $24.2 million and inventory liquidation gains of $4.5 million for the three months ended March 31, 2020 and 2019, respectively. (2)During the three months ended March 31, 2020, we had $0.1 million of property and equipment additions for leasehold improvements at our corporate headquarters, which is not attributed or allocated to any of our reporting segments. (3)Our crude oil marketing segment’s property and equipment additions do not include approximately $0.6 million of tractors acquired under finance leases during the three months ended March 31, 2019. See Note 12 for further information. Segment operating (losses) earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to (losses) earnings before income taxes, as follows for the periods indicated (in thousands):
Identifiable assets by business segment were as follows at the dates indicated (in thousands):
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Revenue Recognition |
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Revenue Disaggregation The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):
_______________ (1)Other marketing revenues are recognized under Accounting Standards Board (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty. Other Crude Oil Marketing Revenue Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying consolidated financial statements. Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying consolidated financial statements. Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of expenses and losses incurred but not reported and accrued workers' compensation | The amount of pre-funded insurance premiums left to cover potential future losses related to periods prior to October 1, 2017, and our accruals for automobile and workers’ compensation claims were as follows at the dates indicated (in thousands):
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Schedule of accrued medical claims | Medical accrual amounts were as follows at the dates indicated (in thousands):
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Summary of Significant Accounting Policies - Reconciliation of Basic and Diluted Earnings (Losses) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Basic earnings per share: | ||
Net (losses) earnings | $ (11,427) | $ 4,908 |
Basic weighted average number of shares outstanding (in shares) | 4,236 | 4,218 |
Basic earnings per share (in dollars per share) | $ (2.70) | $ 1.16 |
Diluted weighted average number of shares outstanding: | ||
Basic weighted average number of shares outstanding (in shares) | 4,236 | 4,218 |
Total (in shares) | 4,250 | 4,224 |
Diluted earnings per share (in dollars per share) | $ (2.69) | $ 1.16 |
Restricted stock unit awards | ||
Diluted weighted average number of shares outstanding: | ||
Unit awards | 12 | 6 |
Performance Unit Awards | ||
Diluted weighted average number of shares outstanding: | ||
Unit awards | 2 | 0 |
Organization and Basis of Presentation |
3 Months Ended |
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Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Adams Resources & Energy, Inc. (“AE”) is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. We, through our subsidiaries, are primarily engaged in the business of crude oil marketing, transportation and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). We also conduct tank truck transportation of liquid chemicals and dry bulk primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico, and with terminals in the Gulf Coast region of the U.S. Unless the context requires otherwise, references to “we,” “us,” “our,” the “Company” or “AE” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries. We operate and report in two business segments: (i) crude oil marketing, transportation and storage, and (ii) tank truck transportation of liquid chemicals and dry bulk. See Note 7 for further information regarding our business segments. Basis of Presentation Our results of operations for the three months ended March 31, 2020 are not necessarily indicative of results expected for the full year of 2020. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation. The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”) filed with the SEC on March 6, 2020. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of our financial statements in conformity with GAAP requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. While we believe the estimates and assumptions used in the preparation of these condensed consolidated financial statements are appropriate, actual results could differ from those estimates.
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Commitments and Contingencies - Schedule of Accrued Medical Claims (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2020 |
Dec. 31, 2019 |
Aug. 15, 2019 |
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Commitments and Contingencies Disclosure [Abstract] | |||
Umbrellas insurance coverage | $ 1,400 | ||
Aggregate medical claims for umbrella insurance coverage per calendar year | 7,500 | ||
Accrued medical claims | $ 1,329 | $ 1,016 | |
Income tax examination, proposed penalty | $ 1,200 |
Transactions with Affiliates |
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Affiliates | Transactions with Affiliates We enter into certain transactions in the normal course of business with affiliated entities including direct cost reimbursement for shared phone and administrative services. In addition, we lease our corporate office space in a building operated by 17 South Briar Hollow Lane, LLC, an affiliate of KSA Industries, Inc., which is an affiliated entity. Activities with affiliates were as follows for the periods indicated (in thousands):
|
Prepayments and Other Current Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and Other Current Assets | Prepayments and Other Current Assets The components of prepayments and other current assets were as follows at the dates indicated (in thousands):
|
Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets. The following table provides maturities of undiscounted lease liabilities at March 31, 2020 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2019 (in thousands):
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Leases | Leases The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets. The following table provides maturities of undiscounted lease liabilities at March 31, 2020 (in thousands):
The following table provides maturities of undiscounted lease liabilities at December 31, 2019 (in thousands):
|
Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The following table provides the components of lease expense for the periods indicated (in thousands):
The following table provides supplemental cash flow and other information related to leases for the periods indicated (in thousands):
______________ (1)Amounts are included in Other operating activities on the unaudited condensed consolidated statements of cash flows. The following table provides the lease terms and discount rates for the periods indicated:
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Assets And Liabilities, Lessee | The following table provides supplemental balance sheet information related to leases at the dates indicated (in thousands):
______________ (1)Amounts are included in Property and equipment, net on the unaudited condensed consolidated balance sheets.
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Lessee, Operating Lease, Liability, Maturity | The following table provides maturities of undiscounted lease liabilities at March 31, 2020 (in thousands):
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Finance Lease, Liability, Maturity | The following table provides maturities of undiscounted lease liabilities at March 31, 2020 (in thousands):
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Schedule of Principal Contractual Commitments Outstanding Under Capital Leases | The following table provides maturities of undiscounted lease liabilities at December 31, 2019 (in thousands):
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Schedule of Principal Contractual Commitments Outstanding Under Operating Leases | The following table provides maturities of undiscounted lease liabilities at December 31, 2019 (in thousands):
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Summary of Significant Accounting Policies - Common Shares Outstanding (Details) |
3 Months Ended |
---|---|
Mar. 31, 2020
shares
| |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 4,235,533 |
Vesting of restricted stock unit awards (in shares) | 217 |
Ending balance (in shares) | 4,235,750 |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash Restricted cash represents an amount held in a segregated bank account by Wells Fargo as collateral for outstanding letters of credit. The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):
Common Shares Outstanding The following table reconciles our outstanding common stock for the periods indicated:
Earnings Per Share Basic earnings (losses) per share is computed by dividing our net earnings (losses) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (losses) per share is computed by giving effect to all potential shares of common stock outstanding, including our stock related to unvested restricted stock unit awards. Unvested restricted stock unit awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan (“2018 LTIP”) are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 10 for further discussion). A reconciliation of the calculation of basic and diluted (losses) earnings per share was as follows for the periods indicated (in thousands, except per share data):
_______________ (1)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved. The performance conditions for the performance share unit awards granted in 2018 were achieved as of December 31, 2018. Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate these fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting during any current reporting periods (see Note 9 for further information). Income Taxes Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted and signed into law in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating losses (“NOL”) incurred in tax years 2018, 2019 and 2020 to offset 100 percent of taxable income and be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. We are continuing to evaluate the full impact of the CARES Act. However, we have determined that the NOL carryback provision in the CARES Act would result in a cash benefit to us, and we have recorded an income tax receivable at March 31, 2020 of approximately $6.4 million for the benefit of carrying back the NOLs for the fiscal years 2018 and 2019. We are forecasting an NOL for fiscal year 2020 and expect to carry it back to previous years. As a result, we have also included the 2020 provisional amounts in income tax receivable at March 31, 2020. As we are carrying the losses back to years beginning before January 1, 2018, the receivables were recorded at the previous 35 percent federal tax rate rather than the current statutory rate of 21 percent. Inventory Inventory consists of crude oil held in storage tanks and at third-party pipelines as part of our crude oil marketing operations. Crude oil inventory is carried at the lower of cost or net realizable value. At the end of each reporting period, we assess the carrying value of our inventory and make adjustments necessary to reduce the carrying value to the applicable net realizable value. Any resulting adjustments are a component of marketing costs and expenses on our consolidated statements of operations. During the three months ended March 31, 2020, we recorded a charge of $24.2 million related to the write-down of our crude oil inventory due to significant declines in prices in 2020. There were no charges recognized during the three months ended March 31, 2019. Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from to thirty-nine years. We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For properties requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows. See Note 5 for additional information regarding our property and equipment. Stock-Based Compensation We measure all share-based payments, including the issuance of restricted stock units and performance share units to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statements of operations based on the estimated fair value of those awards on the grant date and amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur. See Note 10 for additional information regarding our 2018 LTIP.
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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 150 | $ 65 |
Cash paid for federal and state income taxes | 21 | 5 |
Non-cash transactions: | ||
Change in accounts payable related to property and equipment additions | 1,129 | (683) |
Property and equipment acquired under finance leases | $ 0 | $ 556 |
Segment Reporting - Identifiable Assets by Industry Segment (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Segment Reconciliation [Abstract] | ||
Total assets | $ 253,656 | $ 330,842 |
Operating Segments | ||
Segment Reconciliation [Abstract] | ||
Total assets | 253,656 | 330,842 |
Operating Segments | Marketing | ||
Segment Reconciliation [Abstract] | ||
Total assets | 81,887 | 141,402 |
Operating Segments | Transportation | ||
Segment Reconciliation [Abstract] | ||
Total assets | 56,933 | 58,483 |
Cash and other | ||
Segment Reconciliation [Abstract] | ||
Total assets | $ 114,836 | $ 130,957 |
Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information concerning business activities | nformation by reporting segment was as follows for the periods indicated (in thousands):
_______________ (1)Our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $24.2 million and inventory liquidation gains of $4.5 million for the three months ended March 31, 2020 and 2019, respectively. (2)During the three months ended March 31, 2020, we had $0.1 million of property and equipment additions for leasehold improvements at our corporate headquarters, which is not attributed or allocated to any of our reporting segments. (3)Our crude oil marketing segment’s property and equipment additions do not include approximately $0.6 million of tractors acquired under finance leases during the three months ended March 31, 2019. See Note 12 for further information.
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Reconciliation of segment earnings to earnings before income taxes | Segment operating (losses) earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to (losses) earnings before income taxes, as follows for the periods indicated (in thousands):
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Identifiable assets by industry segment | Identifiable assets by business segment were as follows at the dates indicated (in thousands):
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):
_______________ (1)Other marketing revenues are recognized under Accounting Standards Board (“ASC”) 815, Derivatives and Hedging, and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty.
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands):
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Stock-Based Compensation Plan (Tables) |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Arrangement | Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):
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Share-based Compensation, Activity | The following table presents restricted stock unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of restricted stock unit awards issued during 2020 was $0.5 million based on a grant date market price of our common shares ranging from $24.77 to $26.23 per share. Unrecognized compensation cost associated with restricted stock unit awards was approximately $0.7 million at March 31, 2020. Due to the graded vesting provisions of these awards, we expect to recognize the remaining compensation cost for these awards over a weighted-average period of 1.7 years. Performance Share Unit Awards The following table presents performance share unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of performance share unit awards issued during 2020 was $0.2 million based on a grant date market price of our common shares ranging from $24.77 to $26.23 per share and assuming a performance factor of 100 percent.
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Organization and Basis of Presentation (Details) |
3 Months Ended |
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Mar. 31, 2020
segment
state
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states in which entity operates | state | 48 |
Number of operating segments | 2 |
Number of reportable segments | 2 |
Summary of Significant Accounting Policies - Inventory and Property and Equipment (Details) - USD ($) |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Accounting Policies [Abstract] | ||
CARES Act, cash benefits | $ 6,400,000 | |
Inventory write-down | $ 24,200,000 | $ 0 |
Minimum | ||
Property, Plant and Equipment [Abstract] | ||
Property and equipment, useful life | 2 years | |
Maximum | ||
Property, Plant and Equipment [Abstract] | ||
Property and equipment, useful life | 39 years |
Stock-Based Compensation Plan |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plan | Stock-Based Compensation Plan We have in place a long-term incentive plan under which any employee or non-employee director who provides services to us is eligible to participate in the plan. The 2018 LTIP, which is overseen by the Compensation Committee of our Board of Directors, provides for the grant of various types of equity awards, of which restricted stock unit awards and performance-based compensation awards have been granted. The maximum number of shares authorized for issuance under the 2018 LTIP is 150,000 shares, and the 2018 LTIP is effective until May 8, 2028. After giving effect to awards granted under the 2018 LTIP, forfeitures under the 2018 LTIP and assuming the potential achievement of the maximum amounts of the performance factors through March 31, 2020, a total of 79,228 shares were available for issuance. Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):
At March 31, 2020 and December 31, 2019, we had $28,800 and $23,600, respectively, of accrued dividend amounts for awards granted under the 2018 LTIP. Restricted Stock Unit Awards The following table presents restricted stock unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of restricted stock unit awards issued during 2020 was $0.5 million based on a grant date market price of our common shares ranging from $24.77 to $26.23 per share. Unrecognized compensation cost associated with restricted stock unit awards was approximately $0.7 million at March 31, 2020. Due to the graded vesting provisions of these awards, we expect to recognize the remaining compensation cost for these awards over a weighted-average period of 1.7 years. Performance Share Unit Awards The following table presents performance share unit award activity for the periods indicated:
_______________ (1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2)The aggregate grant date fair value of performance share unit awards issued during 2020 was $0.2 million based on a grant date market price of our common shares ranging from $24.77 to $26.23 per share and assuming a performance factor of 100 percent. Unrecognized compensation cost associated with performance share unit awards was approximately $0.3 million at March 31, 2020. We expect to recognize the remaining compensation cost for these awards over a weighted-average period of 2.7 years.
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Cash Deposits and Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Deposits and Other Assets | Cash Deposits and Other Assets Components of cash deposits and other assets were as follows at the dates indicated (in thousands):
We have established certain deposits to support participation in our liability insurance program and remittance of state crude oil severance taxes and other state collateral deposits. Insurance collateral deposits are held by the insurance company to cover past or potential open claims based upon a percentage of the maximum assessment under our insurance policies. Insurance collateral deposits are invested at the discretion of our insurance carrier. Excess amounts in our loss fund represent premium payments in excess of claims incurred to date that we may be entitled to recover through settlement or commutation as claim periods are closed. Interest income is earned on the majority of amounts held by the insurance companies and will be paid to us upon settlement of policy years.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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Statement of Stockholders' Equity [Abstract] | ||
Dividends per common share (in dollars per share) | $ 0.24 | $ 0.22 |
Awards under LTIP (in dollars per share) | $ 0.24 | $ 0.22 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Current assets: | ||
Allowance for doubtful accounts | $ 117 | $ 141 |
Shareholders’ equity: | ||
Preferred stock - par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock - shares authorized (in shares) | 960,000 | 960,000 |
Preferred stock - shares outstanding (in shares) | 0 | 0 |
Common stock - par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock - shares authorized (in shares) | 7,500,000 | 7,500,000 |
Common stock - shares outstanding (in shares) | 4,235,750 | 4,235,533 |
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