Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.2.0.727
Segment Information
6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION
The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The following tables summarize the operating results, capital expenditures and assets of the Company's reportable segments.
 
Offshore
Marine
Services
$’000
 
Inland
River
Services
$’000
 
Shipping
Services
$’000
 
ICP
$’000
 
Other
$’000
 
Corporate
and
Eliminations
$’000
 
Total
$’000
For the three months ended
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
External customers
96,689

 
60,543

 
55,674

 
48,371

 
20,332

 

 
281,609

Intersegment
26

 
607

 

 

 
5

 
(638
)
 

 
96,715

 
61,150

 
55,674

 
48,371

 
20,337

 
(638
)
 
281,609

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
72,173

 
48,556

 
36,124

 
40,588

 
11,103

 
(801
)
 
207,743

Administrative and general
12,655

 
3,765

 
6,676

 
509

 
6,617

 
8,452

 
38,674

Depreciation and amortization
15,692

 
7,362

 
6,611

 
979

 
489

 
946

 
32,079

 
100,520

 
59,683

 
49,411

 
42,076

 
18,209

 
8,597

 
278,496

Gains (Losses) on Asset Dispositions
3,455

 
1,166

 

 

 
(235
)
 

 
4,386

Operating Income (Loss)
(350
)
 
2,633

 
6,263

 
6,295

 
1,893

 
(9,235
)
 
7,499

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative gains, net
4

 
177

 

 
50

 
304

 
891

 
1,426

Foreign currency gains, net
1,907

 
208

 
9

 

 
36

 
276

 
2,436

Other, net
43

 

 
187

 
4,112

 
40

 
51

 
4,433

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
2,826

 
(3,717
)
 
2,363

 

 
(408
)
 

 
1,064

Segment Profit (Loss)
4,430

 
(699
)
 
8,822

 
10,457

 
1,865

 
 
 
 
Other Income (Expense) not included in Segment Profit
 
(25,204
)
Less Equity Earnings included in Segment Profit
 
(1,064
)
Loss Before Taxes and Equity Earnings
 
(9,410
)

 
Offshore
Marine
Services
$’000
 
Inland
River
Services
$’000
 
Shipping
Services
$’000
 
ICP(1)(2)
$’000
 
Other
$’000
 
Corporate
and
Eliminations
$’000
 
Total
$’000
For the six months ended
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
External customers
190,110

 
116,379

 
107,081

 
87,969

 
40,714

 

 
542,253

Intersegment
61

 
1,378

 

 

 
75

 
(1,514
)
 

 
190,171

 
117,757

 
107,081

 
87,969

 
40,789

 
(1,514
)
 
542,253

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
146,528

 
90,069

 
73,255

 
73,706

 
24,933

 
(1,600
)
 
406,891

Administrative and general
26,214

 
7,649

 
12,965

 
1,071

 
13,753

 
15,909

 
77,561

Depreciation and amortization
31,058

 
14,251

 
13,346

 
1,959

 
989

 
1,906

 
63,509

 
203,800

 
111,969

 
99,566

 
76,736

 
39,675

 
16,215

 
547,961

Gains (Losses) on Asset Dispositions and Impairments, Net
(3,194
)
 
2,969

 

 

 
(235
)
 

 
(460
)
Operating Income (Loss)
(16,823
)
 
8,757

 
7,515

 
11,233

 
879

 
(17,729
)
 
(6,168
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative gains (losses), net
(5
)
 
259

 

 
(778
)
 
(472
)
 
(574
)
 
(1,570
)
Foreign currency gains (losses), net
1,890

 
(913
)
 
(3
)
 

 
(4
)
 
(527
)
 
443

Other, net
(103
)
 

 
216

 
4,112

 
48

 
116

 
4,389

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
5,801

 
(3,991
)
 
3,504

 

 
(351
)
 

 
4,963

Segment Profit (Loss)
(9,240
)
 
4,112

 
11,232

 
14,567

 
100

 
 
 
 
Other Income (Expense) not included in Segment Profit (Loss)
 
 
 
 
 
 
 
 
 
(40,258
)
Less Equity Earnings included in Segment Profit (Loss)
 
 
 
 
 
 
 
 
 
(4,963
)
Loss Before Taxes and Equity Earnings
 
 
 
 
 
 
 
(43,164
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
53,118

 
12,702

 
63,421

 
2,519

 
26

 
342

 
132,128

 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
 
 
 
 
 
 
 
 
 
 
 
 


Historical cost
1,072,937

 
492,508

 
454,076

 
47,256

 
3,146

 
30,386

 
2,100,309

Accumulated depreciation
(525,937
)
 
(169,677
)
 
(226,127
)
 
(17,447
)
 
(2,901
)
 
(12,842
)
 
(954,931
)
 
547,000

 
322,831

 
227,949

 
29,809

 
245

 
17,544

 
1,145,378

Construction in progress
103,992

 
27,352

 
264,191

 
3,237

 

 
261

 
399,033

 
650,992

 
350,183

 
492,140

 
33,046

 
245

 
17,805

 
1,544,411

Investments, at Equity, and Advances to 50% or Less Owned Companies
126,601

 
100,700

 
206,889

 

 
48,112

 

 
482,302

Inventories
5,583

 
2,085

 
878

 
11,190

 

 

 
19,736

Goodwill
13,367

 
2,500

 
1,852

 

 
44,967

 

 
62,686

Intangible Assets
1,113

 
6,461

 

 

 
23,168

 

 
30,742

Other current and long-term assets, excluding cash and near cash assets(3)
103,444

 
70,975

 
32,208

 
10,345

 
61,592

 
20,670

 
299,234

Segment Assets
901,100

 
532,904

 
733,967

 
54,581

 
178,084

 
 
 
 
Cash and near cash assets(3)
 
 
 
 
 
 
 
 
 
 
 
 
738,369

Total Assets
 
 
 
 
 
 
 
 
 
 
 
 
3,177,480

______________________
(1)
Operating revenues includes $82.3 million of tangible product sales and operating expenses includes $68.0 million of costs of goods sold.
(2)
Inventories includes raw materials of $1.7 million and work in process of $1.6 million.
(3)
Cash and near cash assets includes cash, cash equivalents, marketable securities, and construction reserve funds.
 
Offshore
Marine
Services
$’000
 
Inland
River
Services
$’000
 
Shipping
Services
$’000
 
ICP
$’000
 
Other
$’000
 
Corporate
and
Eliminations
$’000
 
Total
$’000
For the three months ended
June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
External customers
138,214

 
55,200

 
53,575

 
72,798

 
8,437

 

 
328,224

Intersegment
33

 
807

 

 

 

 
(840
)
 

 
138,247

 
56,007

 
53,575

 
72,798

 
8,437

 
(840
)
 
328,224

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
93,755

 
45,047

 
28,018

 
56,429

 
9,464

 
(807
)
 
231,906

Administrative and general
13,426

 
3,835

 
5,421

 
594

 
3,449

 
7,961

 
34,686

Depreciation and amortization
16,448

 
7,564

 
7,115

 
1,010

 
82

 
1,001

 
33,220

 
123,629

 
56,446

 
40,554

 
58,033

 
12,995

 
8,155

 
299,812

Gains (Losses) on Asset Dispositions and Impairments, Net
3,526

 
810

 
(41
)
 

 

 

 
4,295

Operating Income (Loss)
18,144

 
371

 
12,980

 
14,765

 
(4,558
)
 
(8,995
)
 
32,707

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative gains (losses), net
(70
)
 

 

 
(1,519
)
 
1,500

 
183

 
94

Foreign currency gains (losses), net
1,322

 
474

 
1

 

 
53

 
(130
)
 
1,720

Other, net
14,739

 

 
158

 
300

 
(5,013
)
 
29

 
10,213

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
2,244

 
(3,335
)
 
1,564

 

 
(985
)
 

 
(512
)
Segment Profit (Loss)
36,379

 
(2,490
)
 
14,703

 
13,546

 
(9,003
)
 
 
 
 
Other Income (Expense) not included in Segment Profit (Loss)
 
(3,697
)
Less Equity Earnings included in Segment Profit (Loss)
 
512

Income Before Taxes and Equity Earnings
 
41,037

 
Offshore
Marine
Services
$’000
 
Inland
River
Services
$’000
 
Shipping
Services
$’000
 
ICP(1)(2)
$’000
 
Other
$’000
 
Corporate
and
Eliminations
$’000
 
Total
$’000
For the six months ended
June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
External customers
267,171

 
112,211

 
105,976

 
131,454

 
21,429

 

 
638,241

Intersegment
77

 
1,755

 

 

 

 
(1,832
)
 

 
267,248

 
113,966

 
105,976

 
131,454

 
21,429

 
(1,832
)
 
638,241

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating
187,798

 
84,721

 
55,015

 
103,703

 
21,400

 
(1,755
)
 
450,882

Administrative and general
28,586

 
8,172

 
11,317

 
1,105

 
6,560

 
17,023

 
72,763

Depreciation and amortization
32,752

 
14,934

 
14,869

 
2,000

 
167

 
1,890

 
66,612

 
249,136

 
107,827

 
81,201

 
106,808

 
28,127

 
17,158

 
590,257

Gains (Losses) on Asset Dispositions and Impairments, Net
11,264

 
1,663

 
(41
)
 

 
(409
)
 
(3,504
)
 
8,973

Operating Income (Loss)
29,376

 
7,802

 
24,734

 
24,646

 
(7,107
)
 
(22,494
)
 
56,957

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative gains (losses), net
(131
)
 

 

 
(801
)
 
767

 
22

 
(143
)
Foreign currency gains (losses), net
1,429

 
147

 
(9
)
 

 
62

 
(108
)
 
1,521

Other, net
14,739

 
(38
)
 
(3,775
)
 
493

 
(4,838
)
 
(23
)
 
6,558

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
4,885

 
(3,747
)
 
2,317

 

 
(1,746
)
 

 
1,709

Segment Profit (Loss)
50,298

 
4,164

 
23,267

 
24,338

 
(12,862
)
 
 
 
 
Other Income (Expense) not included in Segment Profit (Loss)
 
 
 
 
 
 
 
 
 
(5,987
)
Less Equity Earnings included in Segment Profit (Loss)
 
 
 
 
 
 
 
 
 
(1,709
)
Income Before Taxes and Equity Earnings
 
 
 
 
 
 
 
58,906

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
46,621

 
44,086

 
165,160

 
2,098

 
123

 
15,581

 
273,669

 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
 
 
 
 
 
 
 
 
 
 
 
 


Historical cost
1,154,174

 
519,586

 
451,123

 
44,808

 
3,760

 
43,176

 
2,216,627

Accumulated depreciation
(499,092
)
 
(161,091
)
 
(200,908
)
 
(13,369
)
 
(769
)
 
(13,213
)
 
(888,442
)
 
655,082

 
358,495

 
250,215

 
31,439

 
2,991

 
29,963

 
1,328,185

Construction in progress
91,824

 
32,175

 
171,204

 
2,156

 
224

 
(60
)
 
297,523

 
746,906

 
390,670

 
421,419

 
33,595

 
3,215

 
29,903

 
1,625,708

Investments, at Equity, and Advances to 50% or Less Owned Companies
129,775

 
61,653

 
205,110

 

 
87,626

 

 
484,164

Inventories
5,571

 
2,309

 
1,438

 
9,926

 
963

 

 
20,207

Goodwill
13,367

 
2,793

 
1,852

 

 

 

 
18,012

Intangible Assets
2,784

 
7,085

 
575

 

 
310

 

 
10,754

Other current and long-term assets, excluding cash and near cash assets(3)
154,188

 
55,819

 
19,816

 
13,559

 
49,232

 
18,642

 
311,256

Segment Assets
1,052,591

 
520,329

 
650,210

 
57,080

 
141,346

 
 
 
 
Cash and near cash assets(3)
 
 
 
 
 
 
 
 
 
 
 
 
825,892

Total Assets
 
 
 
 
 
 
 
 
 
 
 
 
3,295,993


______________________
(1)
Operating revenues includes $126.1 million of tangible product sales and operating expenses includes $98.2 million of costs of goods sold.
(2)
Inventories includes raw materials of $2.2 million and work in process of $1.3 million.
(3)
Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds.