Nature Of Operations And Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Accounting Policies [Abstract] |
|
Schedule Of Estimated Useful Life Of Equipment |
As of December 31, 2017, the estimated useful life (in years) of each of the Company’s major classes of new equipment was as follows:
|
|
|
Petroleum and chemical carriers - U.S.-flag |
25 |
Harbor and offshore tugs |
25 |
Ocean liquid tank barges |
25 |
Short-sea container/RORO(1) vessels
|
20 |
Dry bulk carriers - U.S.-flag |
25 |
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 |
______________________
Equipment Additions. The Company’s capital expenditures were $114.6 million, $252.8 million and $203.5 million during the years ended December 31, 2017, 2016, and 2015, respectively. Major owned equipment placed in service for the years ended December 31 were as follows:
|
|
|
|
|
|
|
|
|
|
|
2017(1)
|
|
2016(2)
|
|
2015 |
Petroleum and chemical carriers-U.S.-flag |
3 |
|
|
3 |
|
|
— |
|
Harbor tugs - U.S.-flag |
1 |
|
|
1 |
|
|
— |
|
Harbor tugs - Foreign-flag |
2 |
|
|
— |
|
|
— |
|
Inland river dry-cargo barges |
— |
|
|
46 |
|
|
— |
|
Inland river liquid tank barges |
2 |
|
|
— |
|
|
8 |
|
Inland river specialty barges |
— |
|
|
— |
|
|
4 |
|
Inland river towboats |
3 |
|
|
2 |
|
|
9 |
|
______________________
|
|
(1) |
Excludes two U.S.-flag dry bulk carriers acquired in the ISH acquisition (see Note 2).
|
Major equipment dispositions for the years ended December 31 were as follows:
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Petroleum and chemical carriers-U.S.-flag
|
1 |
|
|
1 |
|
|
— |
|
Harbor tugs - U.S.-flag |
— |
|
|
2 |
|
|
— |
|
Inland river dry-cargo barges |
50 |
|
|
— |
|
|
— |
|
Inland river liquid tank barges |
— |
|
|
19 |
|
|
35 |
|
Inland river specialty barges |
2 |
|
|
— |
|
|
— |
|
Inland river deck barges |
— |
|
|
— |
|
|
12 |
|
Inland river towboats |
2 |
|
|
14 |
|
|
4 |
|
Subsequent to December 31, 2017, the Company entered into an agreement to scrap the Seabulk Trader, which was built in 1981. The limitations on marketing over-age tankers did not justify the expense of a regulatory dry-docking, even though the vessel is in excellent condition for its age.
|
Property Plant And Equipment By Major Class [Text Block] |
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 typically based upon a newly built asset being placed into service and represents the point at 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 that have already exceeded 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 December 31, 2017, the estimated useful life (in years) of each of the Company’s major classes of new equipment was as follows:
|
|
|
Petroleum and chemical carriers - U.S.-flag |
25 |
Harbor and offshore tugs |
25 |
Ocean liquid tank barges |
25 |
Short-sea container/RORO(1) vessels
|
20 |
Dry bulk carriers - U.S.-flag |
25 |
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 |
______________________
The Company’s major classes of property and equipment as of December 31 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical
Cost(1)
|
|
Accumulated
Depreciation
|
|
Net Book
Value
|
2017 |
|
|
|
|
|
Ocean Services: |
|
|
|
|
|
Petroleum and chemical carriers - U.S.-flag |
$ |
652,985 |
|
|
$ |
(215,057 |
) |
|
$ |
437,928 |
|
Harbor and offshore tugs - U.S.-flag |
84,155 |
|
|
(38,984 |
) |
|
45,171 |
|
Harbor tugs - Foreign-flag |
45,338 |
|
|
(11,575 |
) |
|
33,763 |
|
Ocean liquid tank barges - U.S.-flag |
39,238 |
|
|
(13,126 |
) |
|
26,112 |
|
Short-sea container/RORO - Foreign-flag |
20,954 |
|
|
(8,178 |
) |
|
12,776 |
|
Bulk carriers - U.S.-flag |
13,000 |
|
|
(4,733 |
) |
|
8,267 |
|
Other(2)
|
19,420 |
|
|
(7,875 |
) |
|
11,545 |
|
|
875,090 |
|
|
(299,528 |
) |
|
575,562 |
|
Inland Services: |
|
|
|
|
|
Dry-cargo barges |
233,734 |
|
|
(101,087 |
) |
|
132,647 |
|
Specialty barges |
10,648 |
|
|
(4,928 |
) |
|
5,720 |
|
Liquid tank barges |
21,802 |
|
|
(2,684 |
) |
|
19,118 |
|
Towboats |
44,555 |
|
|
(1,765 |
) |
|
42,790 |
|
Harbor boats |
18,158 |
|
|
(6,956 |
) |
|
11,202 |
|
Terminal and fleeting facilities |
95,926 |
|
|
(55,899 |
) |
|
40,027 |
|
Other(2)
|
20,470 |
|
|
(8,254 |
) |
|
12,216 |
|
|
445,293 |
|
|
(181,573 |
) |
|
263,720 |
|
Witt O’Brien’s: |
|
|
|
|
|
Other(2)
|
1,227 |
|
|
(938 |
) |
|
289 |
|
Corporate and Eliminations: |
|
|
|
|
|
Other(2)
|
30,131 |
|
|
(20,505 |
) |
|
9,626 |
|
|
$ |
1,351,741 |
|
|
$ |
(502,544 |
) |
|
$ |
849,197 |
|
______________________
|
|
(1) |
Includes property and equipment acquired in business acquisitions at acquisition date fair value. |
|
|
(2) |
Includes land and buildings, leasehold improvements, fixed-wing aircraft, vehicles and other property and equipment. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical
Cost(1)
|
|
Accumulated
Depreciation
|
|
Net Book
Value
|
2016 |
|
|
|
|
|
Ocean Services: |
|
|
|
|
|
Petroleum and chemical carriers - U.S.-flag |
$ |
546,019 |
|
|
$ |
(189,536 |
) |
|
$ |
356,483 |
|
Harbor and offshore tugs - U.S.-flag |
72,877 |
|
|
(34,606 |
) |
|
38,271 |
|
Harbor tugs - Foreign-flag |
29,689 |
|
|
(9,480 |
) |
|
20,209 |
|
Ocean liquid tank barges - U.S.-flag |
39,238 |
|
|
(11,604 |
) |
|
27,634 |
|
Short-sea container/RORO - Foreign-flag |
20,954 |
|
|
(6,774 |
) |
|
14,180 |
|
Other(2)
|
18,825 |
|
|
(6,004 |
) |
|
12,821 |
|
|
727,602 |
|
|
(258,004 |
) |
|
469,598 |
|
Inland Services: |
|
|
|
|
|
Dry-cargo barges |
246,237 |
|
|
(97,602 |
) |
|
148,635 |
|
Specialty barges |
12,292 |
|
|
(4,869 |
) |
|
7,423 |
|
Liquid tank barges |
16,114 |
|
|
(1,982 |
) |
|
14,132 |
|
Towboats |
14,675 |
|
|
(1,320 |
) |
|
13,355 |
|
Harbor boats |
17,338 |
|
|
(5,715 |
) |
|
11,623 |
|
Terminal and fleeting facilities |
94,913 |
|
|
(48,981 |
) |
|
45,932 |
|
Other(2)
|
18,145 |
|
|
(6,658 |
) |
|
11,487 |
|
|
419,714 |
|
|
(167,127 |
) |
|
252,587 |
|
Witt O’Brien’s: |
|
|
|
|
|
Other(2)
|
1,559 |
|
|
(1,244 |
) |
|
315 |
|
Corporate and Eliminations: |
|
|
|
|
|
Other(2)
|
29,681 |
|
|
(18,184 |
) |
|
11,497 |
|
|
$ |
1,178,556 |
|
|
$ |
(444,559 |
) |
|
$ |
733,997 |
|
______________________
|
|
(1) |
Includes property and equipment acquired in business acquisitions at acquisition date fair value. |
|
|
(2) |
Includes land and buildings, leasehold improvements, fixed-wing aircraft, vehicles and other property and equipment. |
|
Schedule Of Intangible Assets |
The Company’s intangible assets by type were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademark/
Tradenames
|
|
Customer
Relationships
|
|
Software/
Technology
|
|
Acquired
Contractual
Rights
|
|
Total |
|
Gross Carrying Value |
Year Ended December 31, 2015 |
$ |
4,920 |
|
|
$ |
22,211 |
|
|
$ |
1,652 |
|
|
$ |
2,907 |
|
|
$ |
31,690 |
|
Acquired intangible assets |
— |
|
|
1,598 |
|
|
— |
|
|
5,500 |
|
|
7,098 |
|
Foreign currency translation |
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
9 |
|
Impairment of intangible assets |
(1,596 |
) |
|
(7,142 |
) |
|
(1,220 |
) |
|
— |
|
|
(9,958 |
) |
Fully amortized intangible assets |
— |
|
|
(1,302 |
) |
|
(432 |
) |
|
— |
|
|
(1,734 |
) |
Year Ended December 31, 2016 |
3,324 |
|
|
15,365 |
|
|
— |
|
|
8,416 |
|
|
27,105 |
|
Acquired intangible assets |
— |
|
|
— |
|
|
— |
|
|
10,957 |
|
|
10,957 |
|
Foreign currency translation |
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
2 |
|
Fully amortized intangible assets |
— |
|
|
— |
|
|
— |
|
|
(1,017 |
) |
|
(1,017 |
) |
Year Ended December 31, 2017 |
$ |
3,324 |
|
|
$ |
15,365 |
|
|
$ |
— |
|
|
$ |
18,358 |
|
|
$ |
37,047 |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Amortization |
Year Ended December 31, 2015 |
$ |
(1,316 |
) |
|
$ |
(3,545 |
) |
|
$ |
(288 |
) |
|
$ |
(1,198 |
) |
|
$ |
(6,347 |
) |
Amortization expense |
(332 |
) |
|
(1,624 |
) |
|
(144 |
) |
|
(314 |
) |
|
(2,414 |
) |
Fully amortized intangible assets |
— |
|
|
1,302 |
|
|
432 |
|
|
— |
|
|
1,734 |
|
Year Ended December 31, 2016 |
(1,648 |
) |
|
(3,867 |
) |
|
— |
|
|
(1,512 |
) |
|
(7,027 |
) |
Amortization expense |
(332 |
) |
|
(1,279 |
) |
|
— |
|
|
(1,320 |
) |
|
(2,931 |
) |
Fully amortized intangible assets |
— |
|
|
— |
|
|
— |
|
|
1,017 |
|
|
1,017 |
|
Year Ended December 31, 2017 |
$ |
(1,980 |
) |
|
$ |
(5,146 |
) |
|
$ |
— |
|
|
$ |
(1,815 |
) |
|
$ |
(8,941 |
) |
Weighted average remaining contractual life, in years |
4.0 |
|
|
8.8 |
|
|
0.0 |
|
|
9.0 |
|
|
8.7 |
|
|
Schedule Of Future Amortization Expense Of Intangible Assets |
Future amortization expense of intangible assets for each of the years ended December 31 is as follows (in thousands):
|
|
|
|
|
|
2018 |
|
$ |
3,555 |
|
2019 |
|
3,555 |
|
2020 |
|
3,555 |
|
2021 |
|
3,571 |
|
2022 |
|
2,866 |
|
Years subsequent to 2022 |
|
11,004 |
|
|
|
$ |
28,106 |
|
|
Schedule of Deferred Gains |
Deferred gain activity related to these transactions for the years ended December 31 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Balance at beginning of year |
$ |
7,649 |
|
|
$ |
9,468 |
|
|
$ |
10,240 |
|
Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net |
(1,715 |
) |
|
(1,819 |
) |
|
(772 |
) |
Balance at end of year |
$ |
5,934 |
|
|
$ |
7,649 |
|
|
$ |
9,468 |
|
Deferred gain activity related to these transactions for the years ended December 31 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Balance at beginning of year |
$ |
74,774 |
|
|
$ |
83,142 |
|
|
$ |
95,601 |
|
Deferred gains arising from equipment sales |
13,336 |
|
|
9,003 |
|
|
5,984 |
|
Amortization of deferred gains included in operating expenses as reduction to rental expense |
(15,035 |
) |
|
(15,072 |
) |
|
(14,322 |
) |
Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net |
(602 |
) |
|
(602 |
) |
|
(2,454 |
) |
Other |
(5,954 |
) |
|
(1,697 |
) |
|
(1,667 |
) |
Balance at end of year |
$ |
66,519 |
|
|
$ |
74,774 |
|
|
$ |
83,142 |
|
|
Schedule of Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive income (loss) were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR Holdings Inc. Stockholders’ Equity |
|
Noncontrolling
Interests
|
|
|
|
Foreign
Currency
Translation
Adjustments
|
|
Derivative
Losses on
Cash Flow
Hedges, net
|
|
Other |
|
Total |
|
Foreign
Currency
Translation
Adjustments
|
|
Derivative
Losses on
Cash Flow
Hedges, net
|
|
Other |
|
Other
Comprehensive
Income (Loss)
|
Year ended December 31, 2014 |
$ |
(3,494 |
) |
|
$ |
(16 |
) |
|
$ |
5 |
|
|
$ |
(3,505 |
) |
|
$ |
(86 |
) |
|
$ |
— |
|
|
$ |
3 |
|
|
|
Other comprehensive income (loss) |
(3,129 |
) |
|
(154 |
) |
|
29 |
|
|
(3,254 |
) |
|
(442 |
) |
|
— |
|
|
13 |
|
|
$ |
(3,683 |
) |
Income tax (expense) benefit |
1,095 |
|
|
54 |
|
|
(10 |
) |
|
1,139 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,139 |
|
Year ended December 31, 2015 |
(5,528 |
) |
|
(116 |
) |
|
24 |
|
|
(5,620 |
) |
|
(528 |
) |
|
— |
|
|
16 |
|
|
$ |
(2,544 |
) |
Other comprehensive income (loss) |
(9,331 |
) |
|
294 |
|
|
(31 |
) |
|
(9,068 |
) |
|
(1,085 |
) |
|
(17 |
) |
|
(13 |
) |
|
$ |
(10,183 |
) |
Income tax (expense) benefit |
3,266 |
|
|
(103 |
) |
|
11 |
|
|
3,174 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,174 |
|
Year ended December 31, 2016 |
(11,593 |
) |
|
75 |
|
|
4 |
|
|
(11,514 |
) |
|
(1,613 |
) |
|
(17 |
) |
|
3 |
|
|
$ |
(7,009 |
) |
Distribution of SEACOR Marine stock to shareholders |
10,031 |
|
|
94 |
|
|
— |
|
|
10,125 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Other comprehensive income (loss) |
1,812 |
|
|
(260 |
) |
|
(6 |
) |
|
1,546 |
|
|
153 |
|
|
13 |
|
|
(5 |
) |
|
$ |
1,707 |
|
Income tax (expense) benefit |
(795 |
) |
|
91 |
|
|
2 |
|
|
(702 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(702 |
) |
Year ended December 31, 2017 |
$ |
(545 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(545 |
) |
|
$ |
(1,460 |
) |
|
$ |
(4 |
) |
|
$ |
(2 |
) |
|
$ |
1,005 |
|
|
Schedule Of Earnings Per Share |
Computations of basic and diluted earnings (loss) per common share of SEACOR for the years ended December 31 were as follows (in thousands, except share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
Average o/s Shares |
|
Per Share |
2017 |
|
|
|
|
|
Basic Weighted Average Common Shares Outstanding |
$ |
61,643 |
|
|
17,368,081 |
|
|
$ |
3.55 |
|
Effect of Dilutive Securities: |
|
|
|
|
|
Options and Restricted Stock(1)
|
— |
|
|
308,012 |
|
|
|
Convertible Securities |
14,346 |
|
|
5,258,065 |
|
|
|
Diluted Weighted Average Common Shares Outstanding |
$ |
75,989 |
|
|
22,934,158 |
|
|
$ |
3.31 |
|
2016 |
|
|
|
|
|
Basic Weighted Average Common Shares Outstanding |
$ |
(215,897 |
) |
|
16,914,928 |
|
|
$ |
(12.76 |
) |
Effect of Dilutive Securities: |
|
|
|
|
|
Options and Restricted Stock(1)
|
— |
|
|
— |
|
|
|
Convertible Securities(2)(3)
|
— |
|
|
— |
|
|
|
Diluted Weighted Average Common Shares Outstanding |
$ |
(215,897 |
) |
|
16,914,928 |
|
|
$ |
(12.76 |
) |
2015 |
|
|
|
|
|
Basic Weighted Average Common Shares Outstanding |
$ |
(68,782 |
) |
|
17,446,137 |
|
|
$ |
(3.94 |
) |
Effect of Dilutive Securities: |
|
|
|
|
|
Options and Restricted Stock(1)
|
— |
|
|
— |
|
|
|
Convertible Securities(2)(3)
|
— |
|
|
— |
|
|
|
Diluted Weighted Average Common Shares Outstanding |
$ |
(68,782 |
) |
|
17,446,137 |
|
|
$ |
(3.94 |
) |
______________________
|
|
(1) |
For the years ended December 31, 2017, 2016, and 2015, diluted earnings per common share of SEACOR excluded 1,924,217, 2,020,677 and 2,078,777, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
|
|
|
(2) |
For the years ended December 31, 2016 and 2015, diluted earnings per common share of SEACOR excluded 2,664,208 and 4,148,327 shares, respectively, issuable pursuant to the Company’s 2.5% Convertible Senior Notes (see Note 7) as the effect of their inclusion in the computation would be anti-dilutive.
|
|
|
(3) |
For the years ended December 31, 2016 and 2015 diluted earnings per common share of SEACOR excluded 1,825,326 and 1,825,326 shares, respectively, issuable pursuant to the Company’s 3.0% Convertible Senior Notes (see Note 7) as the effect of their inclusion in the computation would be anti-dilutive.
|
|