Segment Data

9 Months Ended

Sep. 30, 2021

Segment Data [Abstract]

Segment Data

(4) Segment Data

The Company’s operations are aggregated into two reportable business segments as follows:

Marine Transportation — Provides marine transportation by United States flagged vessels principally of liquid cargoes throughout the United States inland waterway system, along all three United States coasts, in Alaska and Hawaii and, to a lesser extent, in United States coastal transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products and agricultural chemicals.

Distribution and Services — Provides after-market services and parts for engines, transmissions, reduction gears and related equipment used in oilfield service, marine, power generation, on-highway, and other industrial applications. The Company also rents equipment including generators, industrial compressors, railcar movers, and high capacity lift trucks for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based oilfield service customers.

The Company’s two reportable business segments are managed separately based on fundamental differences in their operations. The Company evaluates the performance of its segments based on the contributions to operating income of the respective segments, before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. Intersegment revenues, based on market-based pricing, of the distribution and services segment from the marine transportation segment of $5,436,000 and $17,593,000 for the three months and nine months ended September 30, 2021, respectively, and $6,768,000 and $23,115,000 for the three months and nine months ended September 30, 2020, respectively, as well as the related intersegment profit of $543,000 and $1,759,000 for the three months and nine months ended September 30, 2021, respectively, and $676,000 and $2,311,000 for the three months and nine months ended September 30, 2020, respectively, have been eliminated from the tables below.

The following tables set forth the Company’s revenues and profit or loss by reportable segment and total assets (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenues:
Marine transportation	$	338,514		$	320,602		$	972,352		$	1,104,846
Distribution and services		260,406			175,965			683,042			576,806
	$	598,920		$	496,567		$	1,655,394		$	1,681,652
Segment profit (loss):
Marine transportation	$	16,915		$	32,391		$	37,333		$	134,482
Distribution and services		11,039			1,104			20,106			(9,325	)
Other		(353,548	)		(14,221	)		(371,199	)		(601,821	)
	$	(325,594	)	$	19,274		$	(313,760	)	$	(476,664	)

	September 30, 2021		December 31, 2020
Total assets:
Marine transportation	$	4,320,452	$	4,760,449
Distribution and services		857,132		805,831
Other		212,298		357,894
	$	5,389,882	$	5,924,174

The following table presents the details of “Other” segment loss (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
General corporate expenses	$	(4,997	)	$	(3,268	)	$	(11,542	)	$	(9,403	)
Gain (loss) on disposition of assets		830			(316	)		5,082			(13	)
Impairments and other charges		(340,713	)		—			(340,713	)		(561,274	)
Interest expense		(10,500	)		(11,809	)		(32,172	)		(37,316	)
Other income		1,832			1,172			8,146			6,185
	$	(353,548	)	$	(14,221	)	$	(371,199	)	$	(601,821	)

The following table presents the details of “Other” total assets (in thousands):

	September 30, 2021		December 31, 2020
General corporate assets	$	210,311	$	355,205
Investment in affiliates		1,987		2,689
	$	212,298	$	357,894