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2019-06-30 xbrli:shares ckh:claim iso4217:USD xbrli:shares iso4217:USD xbrli:pure ckh:equipment ckh:rail_ferry

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 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 1-12289
SEACOR Holdings Inc.
(Exact Name of Registrant as Specified in Its Charter)
__________________________________________________________________
Delaware 13-3542736
(State or Other Jurisdiction of                          (IRS Employer
Incorporation or Organization)                         Identification No.)
2200 Eller Drive, P.O. Box 13038,
Fort Lauderdale, Florida                             33316
(Address of Principal Executive Offices)                     (Zip Code)

954-523-2200
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
__________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class                   Trading Symbol               Name of each exchange on which registered
Common Stock, par value $0.01 per share         CKH                 New York Stock Exchange
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      No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes       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. (Check one):
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting Emerging growth
(Do not check if a smaller     company          company
reporting 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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No  
The total number of shares of common stock, par value $.01 per share, outstanding as of July 19, 2019 was 18,549,972. The Registrant has no other class of common stock outstanding.



SEACOR HOLDINGS INC.
Table of Contents

Part I.
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
Item 3.
 
 
 
 
Item 4.
 
 
 
Part II.
 
 
 
 
Item 1.
 
 
 
 
 
Item 1A.
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
 
 
 
 
 
Item 4.
 
 
 
 
 
Item 5.
 
 
 
 
 
Item 6.


i


PART I—FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data, unaudited)
 
June 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
138,757

 
$
144,221

Restricted cash and restricted cash equivalents
1,221

 
2,991

Marketable securities
39,368

 
30,316

Receivables:
 
 
 
Trade, net of allowance for doubtful accounts of $3,023 and $3,481 in 2019 and 2018, respectively
164,964

 
171,828

Other
38,297

 
38,881

Inventories
5,293

 
4,530

Prepaid expenses and other
5,640

 
5,382

Total current assets
393,540

 
398,149

Property and Equipment:
 
 
 
Historical cost
1,416,084

 
1,407,329

Accumulated depreciation
(593,168
)
 
(560,819
)
Net property and equipment
822,916

 
846,510

Operating Lease Right-of-Use Assets
161,518

 

Investments, at Equity, and Advances to 50% or Less Owned Companies
155,645

 
156,886

Construction Reserve Funds
3,908

 
3,908

Goodwill
32,714

 
32,708

Intangible Assets, Net
22,773

 
24,551

Other Assets
10,376

 
8,312

 
$
1,603,390

 
$
1,471,024

LIABILITIES AND EQUITY
 
 
 
Current Liabilities:
 
 
 
Current portion of long-term debt
$
78,301

 
$
8,497

Current portion of long-term operating lease liabilities
36,171

 

Accounts payable and accrued expenses
35,132

 
59,607

Other current liabilities
64,796

 
55,659

Total current liabilities
214,400

 
123,763

Long-Term Debt
234,445

 
346,128

Long-Term Operating Lease Liabilities
125,182

 

Deferred Income Taxes
99,938

 
94,420

Deferred Gains and Other Liabilities
20,768

 
52,871

Total liabilities
694,733

 
617,182

Equity:
 
 
 
SEACOR Holdings Inc. stockholders’ equity:
 
 
 
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued nor outstanding

 

Common stock, $.01 par value, 60,000,000 shares authorized; 39,210,865 and 39,001,924 shares issued in 2019 and 2018, respectively
392

 
390

Additional paid-in capital
1,600,838

 
1,596,642

Retained earnings
512,618

 
474,809

Shares held in treasury of 20,661,083 and 20,671,627 in 2019 and 2018, respectively, at cost
(1,366,432
)
 
(1,366,773
)
Accumulated other comprehensive loss, net of tax
(995
)
 
(914
)
 
746,421

 
704,154

Noncontrolling interests in subsidiaries
162,236

 
149,688

Total equity
908,657

 
853,842

 
$
1,603,390

 
$
1,471,024





The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Operating Revenues
$
197,023

 
$
216,831

 
$
406,547

 
$
401,655

Costs and Expenses:
 
 
 
 
 
 
 
Operating
142,871

 
162,168

 
289,982

 
293,945

Administrative and general
26,714

 
24,311

 
53,460

 
50,106

Depreciation and amortization
17,009

 
18,844

 
34,145

 
38,453

 
186,594

 
205,323

 
377,587

 
382,504

Gains on Asset Dispositions, Net
677

 
506

 
1,114

 
7,551

Operating Income
11,106

 
12,014

 
30,074

 
26,702

Other Income (Expense):
 
 
 
 
 
 
 
Interest income
1,885

 
2,179

 
3,785

 
4,035

Interest expense
(4,903
)
 
(8,604
)
 
(10,016
)
 
(17,167
)
Debt extinguishment losses, net
(503
)
 
(5,407
)
 
(1,296
)
 
(5,449
)
Marketable security gains (losses), net
13,284

 
782

 
16,352

 
(3,016
)
Foreign currency gains (losses), net
(191
)
 
(1,346
)
 
214

 
344

Other, net
25

 
54,311

 
(619
)
 
54,594

 
9,597

 
41,915

 
8,420

 
33,341

Income Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies
20,703

 
53,929

 
38,494

 
60,043

Income Tax Expense
3,390

 
9,853

 
5,595

 
9,572

Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies
17,313

 
44,076

 
32,899

 
50,471

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(312
)
 
1,931

 
(2,830
)
 
1,094

Net Income
17,001

 
46,007

 
30,069

 
51,565

Net Income Attributable to Noncontrolling Interests in Subsidiaries
2,448

 
881

 
7,783

 
5,798

Net Income Attributable to SEACOR Holdings Inc.
$
14,553

 
$
45,126

 
$
22,286

 
$
45,767

 
 
 
 
 
 
 
Basic Earnings Per Common Share of SEACOR Holdings Inc.
$
0.80

 
$
2.50

 
$
1.22

 
$
2.54

 
 
 
 
 
 
 
Diluted Earnings Per Common Share of SEACOR Holdings Inc.
$
0.76

 
$
2.14

 
$
1.17

 
$
2.32

 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
Basic
18,288,879

 
18,076,944

 
18,260,876

 
18,023,752

Diluted
19,633,523

 
22,587,543

 
19,599,990

 
22,462,300











The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.

1


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net Income
$
17,001

 
$
46,007

 
$
30,069

 
$
51,565

Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
Foreign currency translation gains (losses)
(92
)
 
(509
)
 
(13
)
 
135

Income tax benefit (expense)

 
28

 
(68
)
 
25

 
(92
)
 
(481
)
 
(81
)
 
160

Comprehensive Income
16,909

 
45,526

 
29,988

 
51,725

Comprehensive Income Attributable to Noncontrolling Interests in Subsidiaries
2,448

 
881

 
7,783

 
5,798

Comprehensive Income Attributable to SEACOR Holdings Inc.
$
14,461

 
$
44,645

 
$
22,205

 
$
45,927









































The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.

2


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands, unaudited)
 
SEACOR Holdings Inc. Stockholders’ Equity
 
Non-
Controlling
Interests In
Subsidiaries
 
Total
Equity
For the six months ended June 30, 2019
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Loss
 
December 31, 2018
$
390

 
$
1,596,642

 
$
474,809

 
$
(1,366,773
)
 
$
(914
)
 
$
149,688

 
$
853,842

Impact of adoption of accounting principle, net of tax

 

 
15,523

 

 

 
9,836

 
25,359

December 31, 2018, As Adjusted
390

 
1,596,642

 
490,332

 
(1,366,773
)
 
(914
)
 
159,524

 
879,201

Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Stock Purchase Plan

 

 

 
857

 

 

 
857

Exercise of stock options

 
1,734

 

 

 

 

 
1,734

Director stock awards

 
55

 

 

 

 

 
55

Restricted stock
2

 
(2
)
 

 

 

 

 

Purchase of conversion option in convertible debt, net of tax

 
(103
)
 

 

 

 

 
(103
)
Purchase of treasury shares

 

 

 
(516
)
 

 

 
(516
)
Amortization of share awards

 
2,512

 

 

 

 

 
2,512

Distributions to noncontrolling interests

 

 

 

 

 
(5,071
)
 
(5,071
)
Net income

 

 
22,286

 

 

 
7,783

 
30,069

Other comprehensive loss

 

 

 

 
(81
)
 

 
(81
)
June 30, 2019
$
392

 
$
1,600,838

 
$
512,618

 
$
(1,366,432
)
 
$
(995
)
 
$
162,236

 
$
908,657


 
SEACOR Holdings Inc. Stockholders’ Equity
 
Non-
Controlling
Interests In
Subsidiaries
 
Total
Equity
For the three months ended June 30, 2019
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Loss
 
March 31, 2019
$
392

 
$
1,598,804

 
$
498,065

 
$
(1,366,267
)
 
$
(903
)
 
$
164,703

 
$
894,794

Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise of stock options

 
861

 

 

 

 

 
861

Director stock awards

 
22

 

 

 

 

 
22

Purchase of conversion option in convertible debt, net of tax

 
(103
)
 

 

 

 

 
(103
)
Purchase of treasury shares

 

 

 
(165
)
 

 

 
(165
)
Amortization of share awards

 
1,254

 

 

 

 

 
1,254

Distributions to noncontrolling interests

 

 

 

 

 
(4,915
)
 
(4,915
)
Net income

 

 
14,553

 

 

 
2,448

 
17,001

Other comprehensive loss

 

 

 

 
(92
)
 

 
(92
)
June 30, 2019
$
392

 
$
1,600,838

 
$
512,618

 
$
(1,366,432
)
 
$
(995
)
 
$
162,236

 
$
908,657











The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.

3


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands, unaudited)
 
SEACOR Holdings Inc. Stockholders’ Equity
 
Non-
Controlling
Interests In
Subsidiaries
 
Total
Equity
For the six months ended June 30, 2018
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
December 31, 2017
$
387

 
$
1,573,013

 
$
419,128

 
$
(1,368,300
)
 
$
(545
)
 
$
129,678

 
$
753,361

Impact of adoption of accounting principle

 

 
(2,467
)
 

 

 

 
(2,467
)
December 31, 2017, As Adjusted
387

 
1,573,013

 
416,661

 
(1,368,300
)
 
(545
)
 
129,678

 
750,894

Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Stock Purchase Plan

 

 

 
867

 

 

 
867

Exercise of stock options
1

 
4,712

 

 

 

 

 
4,713

Director stock awards

 
73

 

 

 

 

 
73

Restricted stock
1

 
(1
)
 

 

 

 

 

Net issuance of conversion option on exchange of convertible debt, net of tax

 
12,735

 

 

 

 

 
12,735

Purchase of conversion option in convertible debt, net of tax

 
(5
)
 

 

 

 

 
(5
)
Amortization of share awards

 
1,848

 

 

 

 

 
1,848

Acquisition of a subsidiary with noncontrolling interests

 

 

 

 

 
96

 
96

Distributions to noncontrolling interests

 

 

 

 

 
(5,110
)
 
(5,110
)
Net income

 

 
45,767

 

 

 
5,798

 
51,565

Other comprehensive income

 

 

 

 
160

 

 
160

June 30, 2018
$
389

 
$
1,592,375

 
$
462,428

 
$
(1,367,433
)
 
$
(385
)
 
$
130,462

 
$
817,836


 
SEACOR Holdings Inc. Stockholders’ Equity
 
Non-
Controlling
Interests In
Subsidiaries
 
Total
Equity
For the three months ended June 30, 2018
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
March 31, 2018
389

 
1,576,657

 
417,302

 
(1,367,433
)
 
96

 
134,463

 
761,474

Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise of stock options

 
1,985

 

 

 

 

 
1,985

Director stock awards

 
53

 

 

 

 

 
53

Net issuance of conversion option on exchange of convertible debt, net of tax

 
12,735

 

 

 

 

 
12,735

Purchase of conversion option in convertible debt, net of tax

 
(5
)
 

 

 

 

 
(5
)
Amortization of share awards

 
950

 

 

 

 

 
950

Acquisition of a subsidiary with noncontrolling interests

 

 

 

 

 
96

 
96

Distributions to noncontrolling interests

 

 

 

 

 
(4,978
)
 
(4,978
)
Net income

 

 
45,126

 

 

 
881

 
46,007

Other comprehensive loss

 

 

 

 
(481
)
 

 
(481
)
June 30, 2018
$
389

 
$
1,592,375

 
$
462,428

 
$
(1,367,433
)
 
$
(385
)
 
$
130,462

 
$
817,836







The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.

4


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
 
Six Months Ended June 30,
 
2019
 
2018
Net Cash Provided by Operating Activities
$
51,508

 
$
13,115

Cash Flows from Investing Activities:
 
 
 
Purchases of property and equipment
(7,750
)
 
(31,632
)
Proceeds from disposition of property and equipment
118

 
15,881

Investments in and advances to 50% or less owned companies
(3,215
)
 
(8,320
)
Return of investments and advances from 50% or less owned companies
3,677

 
7,776

Proceeds on sale of 50% or less owned companies

 
78,015

Payments received on third-party leases and notes receivable, net
260

 
300

Withdrawals from construction reserve funds

 
35,197

Business acquisitions, net of cash acquired

 
310

Net cash provided by (used in) investing activities
(6,910
)
 
97,527

Cash Flows from Financing Activities:
 
 
 
Payments on long-term debt
(46,499
)
 
(30,514
)
Payments for long-term debt issue costs
(2,197
)
 
(2,495
)
Purchase of conversion option in convertible debt
(130
)
 
(5
)
Common stock acquired for treasury
(516
)
 

Proceeds from share award plans
2,591

 
5,580

Distributions to noncontrolling interests
(5,071
)
 
(5,110
)
Net cash used in financing activities
(51,822
)
 
(32,544
)
Effects of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
(10
)
 
52

Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
(7,234
)
 
78,150

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Period
147,212

 
242,228

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period
139,978

 
320,378

Restricted Cash and Restricted Cash Equivalents, End of Period
1,221

 
2,989

Cash and Cash Equivalents, End of Period
$
138,757

 
$
317,389




















The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.

5


SEACOR HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Holdings Inc. and its consolidated subsidiaries and any reference in this Quarterly Report on Form 10-Q to “SEACOR” refers to SEACOR Holdings Inc. without its consolidated subsidiaries. Capitalized terms used and not specifically defined herein have the same meaning given those terms in the Company's Annual report on Form 10-K for the year ended December 31, 2018.
The condensed consolidated financial information for the three and six months ended June 30, 2019 and 2018 has been prepared by the Company and has not been audited by its independent registered certified public accounting firm. The condensed consolidated financial statements include the accounts of SEACOR Holdings Inc. and its consolidated subsidiaries. In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the Company’s financial position as of June 30, 2019, its results of operations for the three and six months ended June 30, 2019 and 2018, its comprehensive income for the three and six months ended June 30, 2019 and 2018, its changes in equity for the three and six months ended June 30, 2019 and 2018, and its cash flows for the six months ended June 30, 2019 and 2018. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
Adoption of New Accounting Standards. On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Topic 842, Leases (“Topic 842”) using a modified prospective approach and implemented internal controls and systems to enable the preparation of financial information upon adoption. The Company elected the available practical expedients permitted under the guidance including the option to not separate lease and nonlease components in calculating the right-of use assets and corresponding lease liabilities and to not apply the recognition requirements of Topic 842 to short-term leases (leases that have a duration of twelve months or less at lease inception). Generally, it was not possible for the Company to determine the interest rate implicit in each of its operating leases and therefore used its incremental borrowing rate in calculating operating lease right-of-use assets and lease liabilities. The Company assigned its leases to portfolios based on the remaining term at the time of adoption and applied a single rate to each portfolio of leases as the result was not materially different than using a specific discount rate for each individual lease. The Company included renewal options that were reasonably certain of being exercised in determining the lease term. Upon adoption, the Company recorded operating lease right-of-use assets and lease liabilities of $174.6 million for certain of its equipment, offices, real property and land leases (see Note 5). In addition, the Company recognized a cumulative-effect adjustment of $25.4 million, net of tax, to the opening balance of retained earnings primarily for previously deferred gains related to sale-leaseback transactions.
On January 1, 2018, the Company adopted ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, which eliminates the deferral of the tax effects of intercompany asset sales other than inventory until the transferred assets are sold to a third party or recovered through use. As a result of the adoption of the standard, the deferred tax charges previously recognized from those sales resulted in a decrease in deferred tax assets and a cumulative adjustment to retained earnings of $2.5 million in the consolidated balance sheets and statements of changes in equity as of January 1, 2018.
Revenue Recognition. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Costs to obtain or fulfill a contract are expensed as incurred.
Revenue from Contracts with Customers. Ocean Services primarily earns revenues from voyage charters, contracts of affreightment, tariff based port and infrastructure services, unit freight logistics services, and technical ship management agreements with vessel owners (see Note 13). Ocean Services transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Voyage charters are contracts to carry cargoes on a single voyage basis for a predetermined price, regardless of time to complete. Contracts of affreightment are contracts for cargoes that are committed on a multi-voyage basis for various periods of time, with minimum and maximum cargo tonnages specified over the period at a fixed or escalating rate per ton. Tariff based port and infrastructure services typically include operating harbor tugs alongside oceangoing vessels to escort them to their berth, assisting with the docking and undocking of these oceangoing vessels and escorting them back out to sea. They are contracted using prevailing port tariff terms on a per-use basis. In the unit freight logistics trade, transportation services typically include transporting shipping containers, rail cars, project cargoes, automobiles and U.S. military vehicles and are generally contracted

6


on a per unit basis for the specified cargo and destination, typically in accordance with a publicly available tariff rate or based on a negotiated rate when moving larger volumes over an extended period. Managed services include technical ship management agreements whereby Ocean Services provides technical ship management services to third-party customers for a predetermined price over a specified period of time, typically a year or more.
Inland Services primarily earns revenues from contracts of affreightment, terminal operations, fleeting operations and repair and maintenance services (see Note 13). Inland Services transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Contracts of affreightment are contracts whereby customers are charged an established rate per ton to transport cargo from point-to-point. Terminal operations includes tank farms and dry bulk and container handling facilities that are marketed under contractual rates and terms driven by throughput volume. Fleeting operations includes fleeting services whereby barges are held in fleeting areas for an agreed-upon day rate and shifting services whereby harbor boats are used to pick up and drop off barges to assist in assembling tows and to move barges to and from the dock for loading and unloading at predetermined per-shift fees. Other operations primarily include a machine shop specializing in towboat and barge cleaning, repair and maintenance services that are charged on an hourly or a fixed fee basis depending on the scope and nature of the work.
Witt O’Brien’s primarily earns revenues from time and material and retainer contracts (see Note 13). Witt O’Brien’s transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Time and material contracts primarily relate to emergency response, debris management or consulting services that Witt O’Brien’s performs for a predetermined fee. Retainer contracts, which are nearly all with vessel services operators and oil companies, are contracted based on agreed-upon rates.
The Company’s Other business segment includes CLEANCOR Energy Solutions LLC and its subsidiaries (collectively “Cleancor”), which primarily earns revenues from the sale of liquefied natural gas (see Note 13). Under these arrangements, control of the goods are transferred to the customer and performance obligations are satisfied at a point in time, and therefore revenue is recognized upon delivery while any related costs are expensed as incurred.
Contract liabilities from contracts with customers arise when the Company has received consideration prior to performance and are included in other current liabilities in the accompanying condensed consolidated balance sheets. The Company’s contract liability activity for the six months ended June 30 was as follows (in thousands):
 
2019
Balance at beginning of period
$
968

Contract liabilities arising during the period
5,443

Revenue recognized upon completion of performance obligations during the period
(700
)
Balance at end of period
$
5,711


Lease Revenues. The Company’s lease revenues are primarily from time charters, bareboat charters and non-vessel rental arrangements. The Company accounts for these leases as operating leases. The lease terms are included in the charter and rental arrangements, and the determination of whether those arrangements contain a lease generally does not require significant assumptions or judgments. The Company’s lease revenues do not include material amounts of variable payments and are recognized ratably over the lease term as services are provided, typically on a per day basis.
Under a time charter, the Company provides a vessel to a customer for a set term and is responsible for all operating expenses, typically excluding fuel. The non-lease components included in time charter rates are typically crewing, maintenance and insurance for the vessel over the term of the lease. Under a bareboat charter, the Company provides a vessel to a customer for a set term and the customer assumes responsibility for all operating expenses and risks of operation. Under non-vessel rental arrangements, the Company provides non-vessel property or equipment to a customer for a set term and the customer assumes responsibility for all operating expenses and risks of operation. There are no non-lease components for bareboat charters and non-vessel rental arrangements.
Lease revenues are generated from owned equipment as well as equipment that is leased-in from other equipment owners or financial institutions. Lease revenues from equipment that is leased-in are included in sublease income for the Company’s lessee disclosures (see Note 5). The Company’s leases generally do not provide an option for customers to purchase the leased equipment and lessees do not provide residual value guarantees. The Company expects to derive significant benefits from its equipment following the end of the lease terms.
Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets

7


that have already exceeded their useful life as set forth in the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date.
As of June 30, 2019, the estimated useful life (in years) of each of the Company’s major categories of new equipment was as follows:
Petroleum and chemical carriers - U.S.-flag
25
Bulk carriers - U.S.-flag
25
Harbor and offshore tugs
25
Ocean liquid tank barges
25
Short-sea container/RORO(1) vessels
20
Inland river dry-cargo and specialty barges
20
Inland river liquid tank barges
25
Inland river towboats and harbor boats
25
Terminal and fleeting facilities
20
______________________
(1)
Roll On/Roll Off.
Equipment maintenance and repair costs including the costs of routine overhauls, dry-dockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.
As of June 30, 2019, the Company’s construction in progress totaling $11.7 million primarily consisted of the construction of and upgrades to inland river towboats and other Inland Services equipment, and is included in historical cost in the accompanying condensed consolidated balance sheets. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. During the six months ended June 30, 2019, capitalized interest totaled $0.1 million.
Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by the estimated undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying value and impairment charges are recorded if the carrying value exceeds fair value. The Company performs its testing on an asset or asset group basis. The Company’s estimates of undiscounted cash flows are highly subjective and actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance. Generally, fair value is determined using valuation techniques, such as expected discounted cash flows or appraisals, as appropriate. During the six months ended June 30, 2019 and 2018, the Company did not recognize any impairment charges related to long-lived assets held for use.
Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the six months ended June 30, 2019, the Company did not recognize any impairment charges related to its 50% or less owned companies. During the six months ended June 30, 2018, the Company recognized an impairment charge of $0.1 million related to one of its 50% or less owned companies, which is included in equity in earnings of 50% or less owned companies, net of tax in the accompanying consolidated statements of income (loss).
Income Taxes. During the six months ended June 30, 2019, the Company’s effective income tax rate of 14.5% was primarily due to taxes not provided on income attributable to noncontrolling interests, foreign sourced income not subject to U.S. tax and income subject to tonnage tax, partially offset by foreign taxes not creditable against U.S. income tax (see Note 6).

8


Deferred Gains. The Company has sold certain equipment to its 50% or less owned companies, entered into vessel sale-leaseback transactions with finance companies, and provided seller financing on sales of its equipment to third parties and its 50% or less owned companies. A portion of the gains realized from these transactions were deferred and recorded in deferred gains and other liabilities in the accompanying condensed consolidated balance sheets. Deferred gain activity related to these transactions for the six months ended June 30 was as follows (in thousands):
 
2019
 
2018
Balance at beginning of period
$
43,664

 
$
72,453

Impact of adoption of accounting principle(1)
(29,207
)
 

Amortization of deferred gains included in operating expenses as a reduction to rental expense

 
(5,039
)
Amortization of deferred gains included in gains on asset dispositions
(1,001
)
 
(1,012
)
Other

 
(1,687
)
Balance at end of period
$
13,456

 
$
64,715


______________________
(1)
On January 1, 2019, the Company adopted Topic 842 and reduced deferred gains associated with sale-leaseback transactions through a beginning period retained earnings adjustment.
 
Earnings Per Share. Basic earnings per common share of SEACOR is computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of SEACOR is computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the treasury stock and if-converted methods. Dilutive securities for this purpose assumes restricted stock grants have vested, common shares have been issued pursuant to the exercise of outstanding stock options and common shares have been issued pursuant to the conversion of all outstanding convertible notes.
Computations of basic and diluted earnings per common share of SEACOR were as follows (in thousands, except share data):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
Net Income attributable to SEACOR
 
Average O/S Shares
 
Per Share
 
Net Income Attributable to SEACOR
 
Average O/S Shares
 
Per Share