Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

Information concerning business activities

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


	Reporting Segments
	Marketing		Transportation		Other		Total

Three Months Ended June 30, 2020
Revenues	$	140,141	$	12,145	$	—	$	152,286
Segment operating (losses) earnings ⁽¹⁾	6,830		(1,164)		—		5,666
Depreciation and amortization	1,857		2,421		—		4,278
Property and equipment additions ^{(2) (3)}	18		323		327		668

Three Months Ended June 30, 2019
Revenues	$	467,040	$	17,393	$	—	$	484,433
Segment operating earnings ⁽¹⁾	962		977		—		1,939
Depreciation and amortization	2,304		1,980		—		4,284
Property and equipment additions ⁽³⁾	1,348		3,422		—		4,770

Six Months Ended June 30, 2020
Revenues	$	477,362	$	28,401	$	—	$	505,763
Segment operating (losses) earnings ⁽¹⁾	(10,821)		(559)		—		(11,380)
Depreciation and amortization	3,864		4,887		—		8,751
Property and equipment additions ^{(2) (3)}	2,050		364		466		2,880

Six Months Ended June 30, 2019
Revenues	$	896,801	$	32,800	$	—	$	929,601
Segment operating earnings ⁽¹⁾	8,060		1,816		—		9,876
Depreciation and amortization	4,426		3,447		—		7,873
Property and equipment additions ⁽³⁾	3,002		10,119		—		13,121

_______________

(1)Our crude oil marketing segment’s operating (losses) earnings included inventory liquidation gains of $6.0 million and inventory valuation losses of $1.0 million for the three months ended June 30, 2020 and 2019, respectively. For the six months ended June 30, 2020 and 2019, our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $18.2 million and inventory liquidation gains of $3.5 million, respectively.

(2)During the three and six months ended June 30, 2020, we had $0.3 million and $0.5 million, 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.

(3)Our crude oil marketing segment’s property and equipment additions do not include approximately $3.6 million and $4.1 million of assets acquired under finance leases during the three and six months ended June 30, 2019, respectively, and approximately $1.7 million of assets acquired under finance leases during the three and six months ended June 30, 2020. See Note 13 for further information.

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):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019

Segment operating (losses) earnings	$	5,666	$	1,939	$	(11,380)	$	9,876
General and administrative	(2,731)		(2,582)		(5,625)		(5,266)
Operating (losses) earnings	2,935		(643)		(17,005)		4,610
Gain on dissolution of investment	—		75		—		573
Interest income	144		731		509		1,387
Interest expense	(68)		(117)		(218)		(182)
(Losses) Earnings before income taxes	$	3,011	$	46	$	(16,714)	$	6,388

Identifiable assets by industry segment

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


	June 30,		December 31,
	2020		2019

Reporting segment:
Marketing	$	105,885	$	141,402
Transportation	62,990		58,483

Cash and other	92,459		130,957
Total assets	$	261,334	$	330,842