Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.8.0.1
Segment Information
3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Segment Information
14. SEGMENT INFORMATION
Accounting standards require public business enterprises to report information about each of their operating business segments that exceed certain quantitative thresholds or meet certain other reporting requirements. Operating business segments have been defined as components of an enterprise about which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Certain reclassifications and adjustments of prior period information have been made to conform the current period’s reportable segment presentation as a result of the Company’s presentation of discontinued operations and the adoption of Topic 606 (see Notes 1 and 15). The Company’s basis of measurement of segment profit or loss is as previously defined in the Company’s Annual report on Form 10-K for the year ended December 31, 2017. Accounting standards also require companies to disaggregate revenues from contracts with customers into categories to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments.
 
Ocean
Services
$’000
 
Inland
Services
$’000
 
Witt
O’Brien’s
$’000
 
Other
$’000
 
Corporate
and
Eliminations
$’000
 
Total
$’000
For the three months ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
External customers
102,384

 
55,921

 
26,403

 
116

 

 
184,824

Intersegment

 

 
29

 

 
(29
)
 

 
102,384

 
55,921

 
26,432

 
116

 
(29
)
 
184,824

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Operating
65,333

 
48,181

 
18,306

 

 
(43
)
 
131,777

Administrative and general
10,549

 
3,312

 
5,367

 
186

 
6,381

 
25,795

Depreciation and amortization
12,645

 
6,234

 
301

 

 
429

 
19,609

 
88,527

 
57,727

 
23,974

 
186

 
6,767

 
177,181

Gains on Asset Dispositions, Net
1,883

 
5,162

 

 

 

 
7,045

Operating Income (Loss)
15,740

 
3,356

 
2,458

 
(70
)
 
(6,796
)
 
14,688

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
(51
)
 
1,703

 
2

 

 
36

 
1,690

Other, net
283

 

 

 

 

 
283

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
315

 
(2,454
)
 
135

 
1,167

 

 
(837
)
Segment Profit
16,287

 
2,605

 
2,595

 
1,097

 
 
 
 
Other Income (Expense) not included in Segment Profit
 
 
 
 
 
 
 
 
 
(10,547
)
Less Equity Losses included in Segment Profit
 
 
 
 
 
 
 
 
 
 
837

Income Before Taxes, Equity Losses and Discontinued Operations
 
 
 
 
 
 
 
 
 
6,114

 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
7,516

 
1,899

 

 

 
127

 
9,542

 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
 
 
 
 
 
 
 
 
 
 


Historical cost
890,040

 
433,590

 
1,227

 

 
30,132

 
1,354,989

Accumulated depreciation
(309,371
)
 
(179,152
)
 
(961
)
 

 
(20,934
)
 
(510,418
)
 
580,669

 
254,438

 
266

 

 
9,198

 
844,571

Construction in progress
11,707

 
3,821

 

 

 

 
15,528

Net property and equipment
592,376

 
258,259

 
266

 

 
9,198

 
860,099

Investments, at Equity, and Advances to 50% or Less Owned Companies
53,620

 
64,744

 
734

 
51,207

 

 
170,305

Inventories
1,732

 
2,039

 
50

 

 

 
3,821

Goodwill
1,852

 
2,449

 
28,506

 

 

 
32,807

Intangible Assets
9,961

 
10,112

 
7,999

 

 

 
28,072

Other current and long-term assets, excluding cash and near cash assets(1)
57,593

 
54,531

 
43,563

 
1,770

 
8,655

 
166,112

Segment Assets
717,134

 
392,134

 
81,118

 
52,977

 
 
 
 
Cash and near cash assets(1)
 
 
 
 
 
 
 
 
 
 
351,257

Total Assets
 
 
 
 
 
 
 
 
 
 
1,612,473

______________________
(1)
Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities and construction reserve funds.
 
Ocean
Services
$’000
 
Inland
Services
$’000
 
Witt
O’Brien’s
$’000
 
Other
$’000
 
Corporate
and
Eliminations
$’000
 
Total
$’000
For the three months ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Revenues from Contracts with Customers:
 
 
 
 
 
 
 
 
 
 


Voyage charters
16,501

 

 

 

 

 
16,501

Contracts of affreightment
5,006

 
40,710

 

 

 

 
45,716

Harbor & ocean towing
18,001

 

 

 

 

 
18,001

Unit freight
13,384

 

 

 

 

 
13,384

Terminal operations

 
8,561

 

 

 

 
8,561

Fleeting operations

 
4,164

 

 

 

 
4,164

Time and material contracts

 

 
23,625

 

 

 
23,625

Retainer contracts

 

 
2,383

 

 

 
2,383

Other
852

 
588

 
424

 
116

 
(29
)
 
1,951

Lease Revenues:
 
 
 
 
 
 
 
 
 
 


Time charter, bareboat charter and rental income
48,640

 
1,898

 

 

 

 
50,538

 
102,384


55,921

 
26,432

 
116

 
(29
)
 
184,824

 
Ocean
Services
$’000
 
Inland
Services
$’000
 
Witt
O’Brien’s
$’000
 
Other
$’000
 
Corporate
and
Eliminations
$’000
 
Total
$’000
 
 
 
As Adjusted
 
 
 
 
 
 
 
As Adjusted
For the three months ended March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
External customers
67,639

 
60,574

 
7,990

 
116

 

 
136,319

Intersegment

 

 
18

 

 
(18
)
 

 
67,639

 
60,574

 
8,008

 
116

 
(18
)
 
136,319

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Operating
37,354

 
50,474

 
5,372

 

 
(83
)
 
93,117

Administrative and general
7,088

 
3,792

 
3,219

 
154

 
8,625

 
22,878

Depreciation and amortization
9,161

 
6,592

 
202

 

 
764

 
16,719

 
53,603

 
60,858

 
8,793

 
154

 
9,306

 
132,714

Gains (Losses) on Asset Dispositions and Impairments, Net
(421
)
 
233

 

 

 

 
(188
)
Operating Income (Loss)
13,615

 
(51
)
 
(785
)
 
(38
)
 
(9,324
)
 
3,417

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
Derivative gains, net

 

 

 

 
2,830

 
2,830

Foreign currency gains (losses), net
(5
)
 
1,368

 
10

 

 
26

 
1,399

Other, net
(362
)
 

 

 
(300
)
 
242

 
(420
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
1,036

 
(2,378
)
 
157

 
1,293

 

 
108

Segment Profit (Loss)
14,284

 
(1,061
)
 
(618
)
 
955

 
 
 
 
Other Income (Expense) not included in Segment Profit (Loss)
 
 
 
 
 
 
 
 
 
12,666

Less Equity Earnings included in Segment Profit (Loss)
 
 
 
 
 
 
 
 
 
 
(108
)
Income Before Taxes, Equity Earnings and Discontinued Operations
 
 
 
 
 
 
 
 
 
19,892

 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
52,619

 
12,819

 
35

 

 
1,337

 
66,810

 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
 
 
 
 
 
 
 
 
 
 


Historical cost
872,285

 
433,382

 
1,559

 

 
29,493

 
1,336,719

Accumulated depreciation
(267,163
)
 
(173,249
)
 
(1,262
)
 

 
(18,949
)
 
(460,623
)
 
605,122

 
260,133

 
297

 

 
10,544

 
876,096

Construction in progress
127,734

 
12,014

 
34

 

 

 
139,782

Net property and equipment
732,856

 
272,147


331




10,544

 
1,015,878

Investments, at Equity, and Advances to 50% or Less Owned Companies
54,514

 
68,193

 
758

 
58,930

 

 
182,395

Inventories
1,086

 
1,812

 
153

 

 

 
3,051

Goodwill
1,852

 
2,429

 
28,506

 

 

 
32,787

Intangible Assets

 
11,642

 
7,877

 

 

 
19,519

Other current and long-term assets, excluding cash and near cash assets(1)
23,999

 
57,575

 
17,665

 
11,988

 
43,532

 
154,759

Segment Assets
814,307

 
413,798

 
55,290

 
70,918

 
 
 
 
Cash and near cash assets(1)
 
 
 
 
 
 
 
 
 
 
371,681

Discontinued Operations
 
 
 
 
 
 
 
 
 
 
1,174,908

Total Assets
 
 
 
 
 
 
 
 
 
 
2,954,978


______________________
(1)
Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities and construction reserve funds.
 
Ocean
Services
$’000
 
Inland
Services
$’000
 
Witt
O’Brien’s
$’000
 
Other
$’000
 
Corporate
and
Eliminations
$’000
 
Total
$’000
For the three months ended March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Revenues from Contracts with Customers:
 
 
 
 
 
 
 
 
 
 
 
Voyage charters
267

 

 

 

 

 
267

Contracts of affreightment

 
45,898

 

 

 

 
45,898

Harbor & ocean towing
17,273

 

 

 

 

 
17,273

Unit freight
11,368

 

 

 

 

 
11,368

Terminal operations

 
8,279

 

 

 

 
8,279

Fleeting operations

 
3,663

 

 

 

 
3,663

Time and material contracts

 

 
4,074

 

 

 
4,074

Retainer contracts

 

 
2,470

 

 

 
2,470

Other
171

 
752

 
1,464

 
116

 
(18
)
 
2,485

Lease Revenues:
 
 
 
 
 
 
 
 
 
 


Time charter, bareboat charter and rental income
38,560

 
1,982

 

 

 

 
40,542

 
67,639

 
60,574

 
8,008

 
116

 
(18
)
 
136,319