Company Quick10K Filing
Adams Resources & Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 4 $142
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-03-11 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-03-12 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-31 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-03-11 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-13 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-05-27
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-13 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-03-15 Annual: 2012-12-31
10-Q 2012-11-13 Quarter: 2012-09-30
10-Q 2012-08-14 Quarter: 2012-06-30
10-Q 2012-05-14 Quarter: 2012-03-31
10-K 2012-03-23 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-12 Quarter: 2011-06-30
10-Q 2011-05-13 Quarter: 2011-03-31
10-K 2011-03-21 Annual: 2010-12-31
10-Q 2010-11-12 Quarter: 2010-09-30
10-Q 2010-08-12 Quarter: 2010-06-30
10-Q 2010-05-13 Quarter: 2010-03-31
10-K 2010-03-23 Annual: 2009-12-31
8-K 2020-02-20 Regulation FD, Exhibits
8-K 2020-01-21 Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-11-05 Exhibits
8-K 2019-11-05 Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-26 Exhibits
8-K 2019-05-21 Exhibits
8-K 2019-05-14 Regulation FD, Exhibits
8-K 2019-05-14 Shareholder Vote
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-03 Enter Agreement, Exhibits
8-K 2019-03-08 Earnings, Exhibits
8-K 2019-02-27 Other Events
8-K 2019-02-22 Regulation FD, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-08-15 Enter Agreement, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-06-11 Officers, Exhibits
8-K 2018-05-09 Shareholder Vote
8-K 2018-05-09 Earnings, Exhibits
8-K 2018-03-27 Officers, Exhibits
8-K 2018-03-16 Officers
8-K 2018-03-12 Earnings, Exhibits
8-K 2018-02-22 Regulation FD, Exhibits
AE 2019-09-30
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. Asset 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. Share-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-31.1 a3q2019exhibit311.htm
EX-31.2 a3q2019exhibit312.htm
EX-32.1 a3q2019exhibit321.htm
EX-32.2 a3q2019exhibit322.htm

Adams Resources & Energy Earnings 2019-09-30

AE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RRTS 337 843 622 1,524 0 -269 -173 514 0% -3.0 -32%
AE 142 302 152 1,840 0 3 18 10 0% 0.5 1%
SINO 11 21 5 40 6 -6 -5 8 14% -1.5 -31%
GEL 6,555 4,197 2,689 0 32 571 2,490 0% 4.4 0%
SUN 5,470 4,691 16,805 639 204 371 2,993 4% 8.1 4%
GLP 2,764 2,278 13,230 703 81 88 -10 5% -0.1 3%
SRLP 946 822 3,619 189 47 131 -6 5% -0.0 5%
CAPL 929 825 2,295 167 20 109 532 7% 4.9 2%
NGL 6,395 4,303 24,810 768 537 919 2,579 3% 2.8 8%
MMLP 701 738 910 320 -156 -84 594 35% -7.1 -22%

Document
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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 September 30, 2019

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 4,233,587 shares of Common Stock were outstanding at November 1, 2019.


Table of Contents


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

Page No.



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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30,December 31,
20192018
ASSETS
Current assets:
Cash and cash equivalents$124,726  $117,066  
Restricted cash4,903    
Accounts receivable, net of allowance for doubtful
accounts of $117 and $153, respectively
77,665  85,197  
Accounts receivable – related party  425  
Inventory24,900  22,779  
Derivative assets129  162  
Income tax receivable2,539  2,404  
Prepayments and other current assets1,391  1,557  
Total current assets236,253  229,590  
Property and equipment, net62,733  44,623  
Operating lease right-of-use assets, net10,137  —  
Intangible assets, net1,704    
Cash deposits and other assets3,018  4,657  
Total assets$313,845  $278,870  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$128,607  $116,068  
Accounts payable – related party6  29  
Derivative liabilities126  139  
Current portion of finance lease obligations2,142  883  
Current portion of operating lease liabilities2,245  —  
Other current liabilities10,709  6,148  
Total current liabilities143,835  123,267  
Other long-term liabilities:
Asset retirement obligations1,549  1,525  
Finance lease obligations4,927  3,209  
Operating lease liabilities7,890  —  
Deferred taxes and other liabilities5,763  4,271  
Total liabilities163,964  132,272  
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, 4,233,587 and 4,217,596 shares outstanding, respectively
423  422  
Contributed capital12,652  11,948  
Retained earnings136,806  134,228  
Total shareholders’ equity149,881  146,598  
Total liabilities and shareholders’ equity$313,845  $278,870  

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 EndedNine Months Ended
September 30,September 30,
2019201820192018
Revenues:
Marketing$434,609  $453,626  $1,331,410  $1,266,055  
Transportation15,698  14,265  48,498  41,509  
Total revenues450,307  467,891  1,379,908  1,307,564  
Costs and expenses:
Marketing429,507  449,367  1,313,822  1,250,233  
Transportation13,365  12,412  40,902  36,603  
General and administrative2,739  1,533  8,005  6,100  
Depreciation and amortization4,393  2,340  12,266  7,014  
Total costs and expenses450,004  465,652  1,374,995  1,299,950  
Operating earnings303  2,239  4,913  7,614  
Other income (expense):
Gain on dissolution of investment    573    
Interest income758  601  2,145  1,486  
Interest expense(242) (26) (424) (60) 
Total other income (expense), net516  575  2,294  1,426  
Earnings before income taxes819  2,814  7,207  9,040  
Income tax provision(179) (779) (1,653) (2,247) 
Net earnings$640  $2,035  $5,554  $6,793  
Earnings per share:
Basic net earnings per common share$0.15  $0.48  $1.31  $1.61  
Diluted net earnings per common share$0.15  $0.48  $1.31  $1.61  
Dividends per common share$0.24  $0.22  $0.70  $0.66  


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)

Nine Months Ended
September 30,
20192018
Operating activities:
Net earnings$5,554  $6,793  
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization12,266  7,014  
Gains on sales of property(1,386) (890) 
Provision for doubtful accounts(36) (95) 
Stock-based compensation expense352  144  
Deferred income taxes1,493  (685) 
Net change in fair value contracts20  5  
Gain on dissolution of AREC(573)   
Changes in assets and liabilities:
Accounts receivable8,520  12,830  
Accounts receivable/payable, affiliates(23) 1  
Inventories(2,121) (22,568) 
Income tax receivable(135) 1,317  
Prepayments and other current assets166  (7) 
Accounts payable13,613  22,254  
Accrued liabilities4,561  3,815  
Other871  (103) 
Net cash provided by operating activities43,142  29,825  
Investing activities:
Property and equipment additions(25,425) (7,756) 
Asset acquisition(5,624)   
Proceeds from property sales2,853  1,314  
Proceeds from dissolution of AREC998    
Insurance and state collateral (deposits) refunds750  1,070  
Net cash used in investing activities(26,448) (5,372) 
Financing activities:
Principal repayments of finance lease obligations(1,171) (288) 
Dividends paid on common stock(2,960) (2,784) 
Net cash used in financing activities(4,131) (3,072) 
Increase in cash and cash equivalents, including restricted cash12,563  21,381  
Cash and cash equivalents, including restricted cash, at beginning of period117,066  109,393  
Cash and cash equivalents, including restricted cash, at end of period$129,629  $130,774  


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, 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, 2019423  12,497  137,188  150,108  
Net earnings—  —  640  640  
Stock-based compensation expense—  155  —  155  
Dividends declared:
Common stock, $0.24/share
—  —  (1,016) (1,016) 
Awards under LTIP, $0.24/share
—  —  (6) (6) 
Balance, September 30, 2019$423  $12,652  $136,806  $149,881  

Total
CommonContributedRetainedShareholders’
StockCapitalEarningsEquity
Balance, January 1, 2018$422  $11,693  $135,004  $147,119  
Net earnings—  —  1,138  1,138  
Dividends declared:
Common stock, $0.22/share
—  —  (928) (928) 
Balance, March 31, 2018422  11,693  135,214  147,329  
Net earnings—  —  3,620  3,620  
Stock-based compensation expense—  3  —  3  
Dividends declared:
Common stock, $0.22/share
—  —  (928) (928) 
Balance, June 30, 2018422  11,696  137,906  150,024  
Net losses—  —  2,035  2,035  
Stock-based compensation expense—  141  —  141  
Dividends declared:
Common stock, $0.22/share
—  —  (928) (928) 
Awards under LTIP, $0.22/share
—  —  (5) (5) 
Balance, September 30, 2018$422  $11,837  $139,008  $151,267  
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”. We, through our subsidiaries, 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.

Basis of Presentation

Our results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of results expected for the full year of 2019. 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, 2018 (the “2018 Form 10-K”) filed with the SEC on March 11, 2019. 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 amounts outstanding under our letter of credit facility. In June 2019, the amount of outstanding letters of credit under our letter of credit facility exceeded the borrowing base as defined in the letter of credit facility agreement. As a result, we were required to deposit cash with the lender as security for the outstanding letters of credit. See “Letter of Credit Facility” within this Note 2 for further information. Our borrowing base was based on our net receivable balance, and due to customer prepayments, our borrowing base as outlined in the letter of credit facility did not fully
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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
support the outstanding letters of credit that have been issued. As a result, on July 1, 2019, we canceled the letter of credit facility, and secured the outstanding letters of credit with our restricted cash balance.

The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported with the unaudited condensed consolidated balance sheet that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the date indicated (in thousands):
September 30,
2019
Cash and cash equivalents$124,726  
Restricted cash4,903  
Total cash, cash equivalents and restricted cash shown in the
unaudited condensed consolidated statements of cash flows$129,629  

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).

A reconciliation of the calculation of basic and diluted earnings per share was as follows for the periods indicated (in thousands, except per share data):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2019201820192018
Earnings per share — numerator:
Net earnings $640  $2,035  $5,554  $6,793  
Denominator:
Basic weighted average number of shares
outstanding
4,234  4,218  4,226  4,218  
Basic earnings per share$0.15  $0.48  $1.31  $1.61  
Diluted earnings per share:
Diluted weighted average number of shares
outstanding:
Common shares4,234  4,218  4,226  4,218  
Restricted stock unit awards3  1  4    
Performance share unit awards (1)
1        
Total4,238  4,219  4,230  4,218  
Diluted earnings per share$0.15  $0.48  $1.31  $1.61  
_______________
(1) 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. The performance conditions for the performance share unit awards granted in 2018 were achieved as of December 31, 2018. For the nine months ended September 30, 2019, the effect of the performance share awards on earning per share is anti-dilutive.
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ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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.

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).

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.

Letter of Credit Facility

We maintained a Credit and Security Agreement with Wells Fargo Bank, National Association, to provide for the issuance of up to $60.0 million in stand-by letters of credit primarily used to support crude oil purchases within our crude oil marketing segment and for other purposes. Stand-by letters of credit were issued as needed and were canceled as the underlying purchase obligations were satisfied by cash payment when due. The issuance of stand-by letters of credit enabled us to avoid posting cash collateral when procuring crude oil supply. We used the letter of credit facility for letters of credit related to our insurance program. At December 31, 2018, we had $4.6 million of letters of credit outstanding under this facility. This facility was collateralized by the eligible accounts receivable within our crude oil marketing segment and expired on August 30, 2019.

Our borrowing base was based on our net receivable balance, and due to customer prepayments, our borrowing base as outlined in the letter of credit facility did not fully support the outstanding letters of credit that have been issued. As a result, on July 1, 2019, we canceled the letter of credit facility, and secured the outstanding letters of credit with our restricted cash balance.

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.


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

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.

Common Shares Outstanding

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

Common
shares
Balance, January 1, 20194,217,596  
Vesting of restricted stock unit awards375  
Balance, March 31, 20194,217,971  
Issuance of shares in acquisition (see Note 6)11,145  
Vesting of restricted stock unit awards (see Note 11)5,354  
Shares withheld to cover taxes upon vesting of restricted stock unit awards(883) 
Balance, June 30, 2019 and September 30, 2019 (1)
4,233,587  
_______________
(1) There was no change in the number of common shares outstanding during the three months ended September 30, 2019.
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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 September 30, 2019
Revenues from contracts with customers$396,001  $15,698  $411,699  
Other (1)
38,608    38,608  
Total revenues$434,609  $15,698  $450,307  
Timing of revenue recognition:
Goods transferred at a point in time$396,001  $  $396,001  
Services transferred over time  15,698  15,698  
Total revenues from contracts with customers$396,001  $15,698  $411,699  
Three Months Ended September 30, 2018
Revenues from contracts with customers$424,061  $14,265  $438,326  
Other (1)
29,565    29,565  
Total revenues$453,626  $14,265  $467,891  
Timing of revenue recognition:
Goods transferred at a point in time$424,061  $  $424,061  
Services transferred over time  14,265  14,265  
Total revenues from contracts with customers$424,061  $14,265  $438,326  
Nine Months Ended September 30, 2019
Revenues from contracts with customers$1,147,139  $48,498  $1,195,637  
Other (1)
184,271    184,271  
Total revenues$1,331,410  $48,498  $1,379,908  
Timing of revenue recognition:
Goods transferred at a point in time$1,147,139  $  $1,147,139  
Services transferred over time  48,498  48,498  
Total revenues from contracts with customers$1,147,139  $48,498  $1,195,637  
Nine Months Ended September 30, 2018
Revenues from contracts with customers$1,203,511