Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30, 2020
Revenues	$	245,184	$	21,720	$	—	$	266,904
Segment operating earnings (1)	5,869		1,592		—		7,461
Depreciation and amortization	1,836		3,023		—		4,859
Property and equipment additions (2) (3)	684		(32)		52		704

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)	3,894		8,410		—		12,304

Nine Months Ended September 30, 2020
Revenues	$	722,546	$	50,121	$	—	$	772,667
Segment operating (losses) earnings (1)	(4,952)		1,033		—		(3,919)
Depreciation and amortization	5,700		7,910		—		13,610
Property and equipment additions (2) (3)	2,734		332		523		3,589

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 (3)	6,896		18,529		—		25,425

_______________

(1)Our crude oil marketing segment’s operating (losses) earnings included inventory valuation losses of $12 thousand and $2.1 million for the three months ended September 30, 2020 and 2019, respectively. For the nine months ended September 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 $1.5 million, respectively.

(2)During the three and nine months ended September 30, 2020, we had $0.1 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 transportation segment’s property and equipment additions do not include approximately $1.7 million of assets acquired under finance leases during the nine months ended September 30, 2020. Our crude oil marketing segment’s property and equipment additions do not include approximately $4.1 million of assets acquired under finance leases during the nine months ended September 30, 2019. 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019

Segment operating (losses) earnings	$	7,461	$	3,042	$	(3,919)	$	12,918
General and administrative	(1,405)		(2,739)		(7,030)		(8,005)
Operating (losses) earnings	6,056		303		(10,949)		4,913
Gain on dissolution of investment	—		—		—		573
Interest income	105		758		614		2,145
Interest expense	(70)		(242)		(288)		(424)
Earnings (losses) before income taxes	$	6,091	$	819	$	(10,623)	$	7,207

Identifiable assets by industry segment

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


	September 30,		December 31,
	2020		2019

Reporting segment:
Marketing	$	119,758	$	141,402
Transportation	67,310		58,483
Cash and other	69,392		130,957
Total assets	$	256,460	$	330,842