Company Quick10K Filing
Adams Resources & Energy
Price29.80 EPS0
Shares4 P/E74
MCap126 P/FCF3
Net Debt-130 EBIT4
TEV-3 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-11
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-31
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-05-27 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-13
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-03-23
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-21
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-12
10-Q 2010-03-31 Filed 2010-05-13
10-K 2009-12-31 Filed 2010-03-23
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-26 M&A, Regulation FD, Exhibits
8-K 2020-05-18
8-K 2020-05-07
8-K 2020-05-06
8-K 2020-03-30
8-K 2020-03-05
8-K 2020-02-20
8-K 2020-01-21
8-K 2019-11-06
8-K 2019-11-05
8-K 2019-11-05
8-K 2019-08-07
8-K 2019-07-26
8-K 2019-05-21
8-K 2019-05-14
8-K 2019-05-14
8-K 2019-05-08
8-K 2019-05-03
8-K 2019-03-08
8-K 2019-02-27
8-K 2019-02-22
8-K 2018-11-07
8-K 2018-08-15
8-K 2018-08-08
8-K 2018-06-11
8-K 2018-05-09
8-K 2018-05-09
8-K 2018-03-27
8-K 2018-03-16
8-K 2018-03-12
8-K 2018-02-22

AE 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization and Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Revenue Recognition
Note 4. Prepayments and Other Current Assets
Note 5. Property and Equipment
Note 6. Acquisition
Note 7. Cash Deposits and Other Assets
Note 8. Segment Reporting
Note 9. Transactions with Affiliates
Note 10. Derivative Instruments and Fair Value Measurements
Note 11. Stock - Based Compensation Plan
Note 12. Supplemental Cash Flow Information
Note 13. Leases
Note 14. Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Disclosure Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 a2q2020exhibit101.htm
EX-31.1 a2q2020exhibit311.htm
EX-31.2 a2q2020exhibit312.htm
EX-32.1 a2q2020exhibit321.htm
EX-32.2 a2q2020exhibit322.htm

Adams Resources & Energy Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
0.50.40.30.20.10.02012201420172020
Assets, Equity
1.20.90.70.40.2-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

ae-20200630
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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM 10-Q
(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___  to  ___.

Commission file number: 1-07908

ADAMS RESOURCES & ENERGY, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
74-1753147
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)

17 South Briar Hollow Lane, Suite 100
Houston, Texas 77027
(Address of Principal Executive Offices, including Zip Code)
(713) 881-3600
(Registrant’s Telephone Number, including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.10 Par ValueAENYSE American LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ

A total of 4,242,284 shares of Common Stock were outstanding at August 1, 2020.


Table of Contents


ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
TABLE OF CONTENTS

Page No.



1

Table of Contents


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30,December 31,
20202019
ASSETS
Current assets:
Cash and cash equivalents$70,215  $112,994  
Restricted cash7,982  9,261  
Accounts receivable, net of allowance for doubtful
accounts of $117 and $141, respectively
67,455  94,534  
Inventory19,837  26,407  
Derivative assets26    
Income tax receivable10,005  2,569  
Prepayments and other current assets1,297  1,559  
Total current assets176,817  247,324  
Property and equipment, net69,280  69,046  
Operating lease right-of-use assets, net8,599  9,576  
Intangible assets, net4,491  1,597  
Cash deposits and other assets2,147  3,299  
Total assets$261,334  $330,842  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$83,410  $147,851  
Accounts payable – related party6  5  
Derivative liabilities14    
Current portion of finance lease obligations2,482  2,167  
Current portion of operating lease liabilities2,159  2,252  
Other current liabilities11,167  7,302  
Total current liabilities99,238  159,577  
Other long-term liabilities:
Asset retirement obligations1,598  1,573  
Finance lease obligations4,647  4,376  
Operating lease liabilities6,442  7,323  
Deferred taxes and other liabilities7,519  6,352  
Total liabilities119,444  179,201  
Commitments and contingencies (Note 14)
Shareholders’ equity:
Preferred stock – $1.00 par value, 960,000 shares
authorized, none outstanding
    
Common stock – $0.10 par value, 7,500,000 shares
authorized, 4,242,284 and 4,235,533 shares outstanding, respectively
423  423  
Contributed capital13,001  12,778  
Retained earnings128,466  138,440  
Total shareholders’ equity141,890  151,641  
Total liabilities and shareholders’ equity$261,334  $330,842  

See Notes to Unaudited Condensed Consolidated Financial Statements.
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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
Revenues:
Marketing$140,141  $467,040  $477,362  $896,801  
Transportation12,145  17,393  28,401  32,800  
Total revenues152,286  484,433  505,763  929,601  
Costs and expenses:
Marketing131,454  463,774  484,319  884,315  
Transportation10,888  14,436  24,073  27,537  
General and administrative2,731  2,582  5,625  5,266  
Depreciation and amortization4,278  4,284  8,751  7,873  
Total costs and expenses149,351  485,076  522,768  924,991  
Operating (losses) earnings2,935  (643) (17,005) 4,610  
Other income (expense):
Gain on dissolution of investment  75    573  
Interest income144  731  509  1,387  
Interest expense(68) (117) (218) (182) 
Total other income (expense), net76  689  291  1,778  
(Losses) Earnings before income taxes3,011  46  (16,714) 6,388  
Income tax benefit (provision)492  (40) 8,790  (1,474) 
Net (losses) earnings$3,503  $6  $(7,924) $4,914  
(Losses) Earnings per share:
Basic net (losses) earnings per common share$0.83  $  $(1.87) $1.16  
Diluted net (losses) earnings per common share$0.82  $  $(1.87) $1.16  
Dividends per common share$0.24  $0.24  $0.48  $0.46  


See Notes to Unaudited Condensed Consolidated Financial Statements.
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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Six Months Ended
June 30,
20202019
Operating activities:
Net (losses) earnings$(7,924) $4,914  
Adjustments to reconcile net (losses) earnings to net cash
provided by (used in) operating activities:
Depreciation and amortization8,751  7,873  
Gains on sales of property(140) (434) 
Provision for doubtful accounts(24) (36) 
Stock-based compensation expense304  197  
Deferred income taxes(1,534) 1,012  
Net change in fair value contracts(12) 19  
Gain on dissolution of AREC  (573) 
Changes in assets and liabilities:
Accounts receivable27,103  11,812  
Accounts receivable/payable, affiliates1  (23) 
Inventories6,570  2,802  
Income tax receivable(4,733) 187  
Prepayments and other current assets262  (271) 
Accounts payable(63,013) 1,505  
Accrued liabilities3,875  3,765  
Other55  999  
Net cash provided by (used in) operating activities(30,459) 33,748  
Investing activities:
Property and equipment additions(2,880) (13,121) 
Asset acquisition(9,137) (5,611) 
Proceeds from property sales514  1,287  
Proceeds from dissolution of AREC  998  
Insurance and state collateral (deposits) refunds1,129  774  
Net cash used in investing activities(10,374) (15,673) 
Financing activities:
Principal repayments of finance lease obligations(1,070) (651) 
Payment of contingent consideration liability(111)   
Dividends paid on common stock(2,044) (1,944) 
Net cash used in financing activities(3,225) (2,595) 
(Decrease) Increase in cash and cash equivalents, including restricted cash(44,058) 15,480  
Cash and cash equivalents, including restricted cash, at beginning of period122,255  117,066  
Cash and cash equivalents, including restricted cash, at end of period$78,197  $132,546  


See Notes to Unaudited Condensed Consolidated Financial Statements.

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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands)
Total
CommonContributedRetainedShareholders’
StockCapitalEarningsEquity
Balance, January 1, 2020$423  $12,778  $138,440  $151,641  
Net (losses) earnings—  —  (11,427) (11,427) 
Stock-based compensation expense—  134  —  134  
Dividends declared:
Common stock, $0.24/share
—  —  (1,016) (1,016) 
Awards under LTIP, $0.24/share
—  —  (6) (6) 
Balance, March 31, 2020423  12,912  125,991  139,326  
Net (losses) earnings—  —  3,503  3,503  
Stock-based compensation expense—  170  —  170  
Cancellation of shares withheld to cover
taxes upon vesting of restricted awards
—  (81) —  (81) 
Dividends declared:
Common stock, $0.24/share
—  —  (1,018) (1,018) 
Awards under LTIP, $0.24/share
—  —  (10) (10) 
Balance, June 30, 2020$423  $13,001  $128,466  $141,890  

Total
CommonContributedRetainedShareholders’
StockCapitalEarningsEquity
Balance, January 1, 2019$422  $11,948  $134,228  $146,598  
Net earnings—  —  4,908  4,908  
Stock-based compensation expense—  123  —  123  
Dividends declared:
Common stock, $0.22/share
—  —  (928) (928) 
Awards under LTIP, $0.22/share
—  —  (2) (2) 
Balance, March 31, 2019422  12,071  138,206  150,699  
Net earnings—  —  6  6  
Stock-based compensation expense—  74  —  74  
Issuance of common shares for acquisition1  391  —  392  
Cancellation of shares withheld to cover
taxes upon vesting of restricted awards
—  (39) —  (39) 
Dividends declared:
Common stock, $0.24/share
—  —  (1,016) (1,016) 
Awards under LTIP, $0.24/share
—  —  (8) (8) 
Balance, June 30, 2019$423  $12,497  $137,188  $150,108  


See Notes to Unaudited Condensed Consolidated Financial Statements.
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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. 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”. Through our subsidiaries, we 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 8 for further information regarding our business segments.

Basis of Presentation

Our results of operations for the three and six months ended June 30, 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.



Note 2. 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.

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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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):

June 30,December 31,
20202019
Cash and cash equivalents$70,215  $112,994  
Restricted cash7,982  9,261  
Total cash, cash equivalents and restricted cash shown in the
unaudited condensed consolidated statements of cash flows$78,197  $122,255  

Common Shares Outstanding

The following table reconciles our outstanding common stock for the periods indicated:

Common
shares
Balance, January 1, 20204,235,533  
Vesting of restricted stock unit awards217  
Balance, March 31, 20204,235,750  
Vesting of restricted stock unit awards8,641  
Shares withheld to cover taxes upon vesting of restricted stock unit awards(2,107) 
Balance, June 30, 20204,242,284  

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 11 for further discussion).


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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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):

Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
(Losses) Earnings per share — numerator:
Net (losses) earnings $3,503  $6  $(7,924) $4,914  
Denominator:
Basic weighted average number of shares
outstanding
4,239  4,227  4,237  4,223  
Basic (losses) earnings per share$0.83  $  $(1.87) $1.16  
Diluted (losses) earnings per share:
Diluted weighted average number of shares
outstanding:
Common shares4,239  4,227  4,237  4,223  
Restricted stock unit awards (1)
12      6  
Performance share unit awards (1) (2)
2        
Total diluted shares4,253  4,227  4,237  4,229  
Diluted (losses) earnings per share$0.82  $  $(1.87) $1.16  
_______________
(1)For the six months ended June 30, 2020, the effect of the restricted stock unit awards and the performance share awards on (losses) earnings per share is anti-dilutive. For the three and six months ended June 30, 2019, the effect of the performance share awards on earnings per share is anti-dilutive.
(2)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.

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.

See Note 6 for a discussion of the Level 3 inputs used in the determination of the fair value of the intangible assets acquired in an asset acquisition that occurred in June 2020.

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 10 for further information).


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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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 for the fiscal years 2018 and 2019. We carried back our NOL for fiscal year 2018 to 2013, and in June 2020, we received a cash refund of approximately $2.7 million. We have an income tax receivable at June 30, 2020 of approximately $3.7 million for the benefit of carrying back the NOL for the fiscal year 2019 to 2014. 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 June 30, 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 six months ended June 30, 2020, we recorded a write-down of $18.2 million of our crude oil inventory due to significant declines in prices in 2020.

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 two 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 property and equipment 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.


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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Recent Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This new standard eliminates certain exceptions in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. ASU 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted in any interim period within that year.

We elected to early adopt this standard during the period ended June 30, 2020, and most amendments within the standard were required to be applied on a prospective basis as of January 1, 2020, while certain amendments were applied on a retrospective or modified retrospective basis. The most significant impact to us is the removal of a limit on the tax benefit recognized on pre-tax losses in interim periods, which was required to be applied on a prospective basis. As a result of our adoption of ASU 2019-12, we calculated our quarterly income tax benefits based on ordinary losses incurred during the first and second quarters of 2020, no longer limiting the computed benefit if it exceeds the amount of benefit that would be recognized if the year-to-date ordinary loss were the anticipated ordinary loss for the full fiscal year.

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 11 for additional information regarding our 2018 LTIP.


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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3. Revenue Recognition

Revenue Disaggregation

The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands):
Reporting Segments
MarketingTransportationTotal
Three Months Ended June 30, 2020
Revenues from contracts with customers$131,529  $12,145  $143,674  
Other (1)
8,612    8,612  
Total revenues$140,141  $12,145  $152,286  
Timing of revenue recognition:
Goods transferred at a point in time$131,529  $  $131,529  
Services transferred over time  12,145  12,145  
Total revenues from contracts with customers$131,529  $12,145  $143,674  
Three Months Ended June 30, 2019
Revenues from contracts with customers$390,407  $17,393  $407,800  
Other (1)
76,633    76,633  
Total revenues$467,040  $17,393