Business Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by a company's chief operating decision maker ("CODM"), or a decision-making group, in deciding how to allocate resources and in assessing financial performance. As of June 30, 2019 , the Company's CODM was the Company's CEO. The Company's operating and reportable segments are identified by products and services provided. As of June 30, 2019 , the Company has two reportable segments: (1) Refined Coal ("RC"); and (2) Power Generation and Industrials ("PGI"). The business segment measurements provided to and evaluated by the CODM are computed in accordance with the principles listed below:  The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies in the 2018 Form 10-K.  Segment revenues include equity method earnings and losses from the Company's equity method investments.  Segment operating income (loss) includes segment revenues and allocation of certain "Corporate general and administrative expenses," which include Payroll and benefits , Legal and professional fees and General and administrative .  RC segment operating income includes interest expense directly attributable to the RC segment. As of June 30, 2019 and December 31, 2018 , substantially all of the Company's material assets are located in the U.S. and all significant customers are U.S. companies. The following table presents the Company's operating segment results for the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Revenues: Refined Coal: Earnings in equity method investments $ 20,935 $ 15,889 $ 42,625 $ 28,142 Royalties, related party 4,191 3,523 8,411 6,753 25,126 19,412 51,036 34,895 Power Generation and Industrials: Consumables 11,049 726 25,602 1,347 Other  24  72 11,049 750 25,602 1,419 Total segment reporting revenues 36,175 20,162 76,638 36,314 Adjustments to reconcile to reported revenues: Earnings in equity method investments (20,935 ) (15,889 ) (42,625 ) (28,142 ) Corporate and other 337  893  Total reported revenues $ 15,577 $ 4,273 $ 34,906 $ 8,172 Segment operating income (loss): Refined Coal (1) $ 24,596 $ 18,275 $ 49,979 $ 32,977 Power Generation and Industrials (2) (3,862 ) (1,387 ) (7,324 ) (2,325 ) Total segment operating income $ 20,734 $ 16,888 $ 42,655 $ 30,652 (1) Included in RC segment operating income for the three and six months ended June 30, 2019 and 2018 is 453A interest expense of $0.3 million and $0.6 million and $0.4 million and $0.7 million , respectively. (2) Included in PGI segment operating loss for the three and six months ended June 30, 2019 was $1.3 million and $4.7 million , respectively, of costs recognized as a result of the step-up in inventory fair value recorded from the Carbon Solutions Acquisition. Also included in PGI segment operating loss for the three and six months ended June 30, 2019 was $0.7 million and $2.6 million , respectively, of depreciation, amortization, and depletion expense on mine and plant long-lived assets. A reconciliation of reportable segment operating income to the Company's consolidated income before income tax expense is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Total reported segment operating income $ 20,734 $ 16,888 42,655 30,652 Other operating loss (353 )  (751 )  20,381 16,888 41,904 30,652 Adjustments to reconcile to income before income tax expense attributable to the Company: Corporate payroll and benefits (804 ) (950 ) (1,236 ) (2,097 ) Corporate legal and professional fees (1,556 ) (1,140 ) (3,517 ) (2,588 ) Corporate general and administrative (1,715 ) (884 ) (3,149 ) (1,825 ) Corporate depreciation and amortization (7 ) (22 ) (20 ) (74 ) Corporate interest (expense) income, net (1,604 ) (8 ) (3,255 ) (8 ) Other income (expense), net 53 58 122 113 Income before income tax expense $ 14,748 $ 13,942 $ 30,849 $ 24,173 Corporate general and administrative expenses include certain costs that benefit the business as a whole but are not directly related to one of the Company's segments. Such costs include, but are not limited to, accounting and human resources staff, information systems costs, legal fees, facility costs, audit fees and corporate governance expenses. A reconciliation of reportable segment assets to the Company's consolidated assets is as follows: As of (in thousands) June 30, 2019 December 31, 2018 Assets: Refined Coal (1) $ 53,131 $ 11,468 Power Generation and Industrials 82,611 85,786 Total segment assets 135,742 97,254 All Other and Corporate (2) 51,330 62,410 Consolidated $ 187,072 $ 159,664 (1) Includes $48.4 million and $6.6 million of investments in equity method investees, respectively. (2) Includes the Company's deferred tax assets.