Segment Data

6 Months Ended

Jun. 30, 2020

Segment Data [Abstract]

Segment Data

(5) Segment Data

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

Marine Transportation — Provides marine transportation principally by United States flag vessels 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 $6,061,000 and $16,347,000 for the three months and six months ended June 30, 2020, respectively, and $7,446,000 and $14,981,000 for the three months and six months ended June 30, 2019, respectively, have been eliminated from the tables below. The related intersegment profit of $606,000 and $1,635,000 for the three months and six months ending June 30, 2020, respectively, and $744,000 and $1,498,000 for the three months and six months ended June 30, 2019, respectively, have also 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 June 30,						Six months ended June 30
	2020			2019			2020			2019
Revenues:
Marine transportation	$	380,987		$	404,286		$	784,244		$	772,407
Distribution and services		160,172			366,756			400,841			743,256
	$	541,159		$	771,042		$	1,185,085		$	1,515,663
Segment profit (loss):
Marine transportation	$	51,375		$	53,243		$	102,091		$	88,667
Distribution and services		(14,147	)		23,128			(10,429	)		60,737
Other		(13,394	)		(13,662	)		(587,600	)		(28,358	)
	$	23,834		$	62,709		$	(495,938	)	$	121,046

	June 30, 2020		December 31, 2019
Total assets:
Marine transportation	$	4,843,477	$	4,536,368
Distribution and services		846,986		1,422,394
Other		326,548		120,335
	$	6,017,011	$	6,079,097

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

	Three months ended June 30,						Six months ended June 30,
	2020			2019			2020			2019
General corporate expenses	$	(2,787	)	$	(3,646	)	$	(6,135	)	$	(6,730	)
Gain (loss) on disposition of assets		(189	)		3,118			303			5,275
Impairments and other charges		—			—			(561,274	)		—
Interest expense		(12,708	)		(15,515	)		(25,507	)		(28,716	)
Other income		2,290			2,381			5,013			1,813
	$	(13,394	)	$	(13,662	)	$	(587,600	)	$	(28,358	)

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

	June 30, 2020		December 31, 2019
General corporate assets	$	324,293	$	118,310
Investment in affiliates		2,255		2,025
	$	326,548	$	120,335