Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.19.1
Segment Information
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Segment Information
12. 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. 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, 2018. 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 assets and disaggregated revenues 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, 2019
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
External customers
109,272

 
65,602

 
32,845

 
1,805

 

 
209,524

Intersegment

 

 
98

 

 
(98
)
 

 
109,272

 
65,602

 
32,943

 
1,805

 
(98
)
 
209,524

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Operating
69,932

 
54,245

 
21,772

 
1,253

 
(91
)
 
147,111

Administrative and general
10,198

 
3,356

 
6,402

 
839

 
5,951

 
26,746

Depreciation and amortization
10,337

 
5,725

 
206

 
489

 
379

 
17,136

 
90,467

 
63,326

 
28,380

 
2,581

 
6,239

 
190,993

Gains on Asset Dispositions
17

 
420

 

 

 

 
437

Operating Income (Loss)
18,822

 
2,696

 
4,563

 
(776
)
 
(6,337
)
 
18,968

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency gains (losses), net
(47
)
 
459

 

 

 
(7
)
 
405

Other, net
(651
)
 

 
(3
)
 

 
10

 
(644
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
111

 
(2,472
)
 
(67
)
 
(90
)
 

 
(2,518
)
Segment Profit (Loss)
18,235

 
683

 
4,493

 
(866
)
 
 
 
 
Other Income (Expense) not included in Segment Profit (Loss)
 
 
 
 
 
 
 
 
 
(938
)
Less Equity Losses included in Segment Profit (Loss)
 
 
 
 
 
 
 
 
 
 
2,518

Income Before Taxes and Equity Losses
 
 
 
 
 
 
 
 
 
17,791

 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
247

 
5,237

 
20

 
145

 

 
5,649

 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
 
 
 
 
 
 
 
 
 
 


Historical cost
930,464

 
444,609

 
1,246

 
7,037

 
30,132

 
1,413,488

Accumulated depreciation
(352,005
)
 
(200,516
)
 
(1,053
)
 
(979
)
 
(22,583
)
 
(577,136
)
Net property and equipment
578,459

 
244,093

 
193

 
6,058

 
7,549

 
836,352

Operating Lease Right-of-Use Assets
125,640

 
36,534

 
987

 

 
4,164

 
167,325

Investments, at Equity, and Advances to 50% or Less Owned Companies
74,127

 
56,238

 
419

 
24,506

 

 
155,290

Inventories
2,042

 
2,183

 
366

 
323

 

 
4,914

Goodwill
1,852

 
2,362

 
28,506

 

 

 
32,720

Intangible Assets
8,633

 
8,618

 
6,411

 

 

 
23,662

Other current and long-term assets, excluding cash and near cash assets(1)
53,070

 
62,832

 
91,591

 
2,383

 
10,231

 
220,107

Segment Assets
843,823

 
412,860

 
128,473

 
33,270

 
 
 
 
Cash and near cash assets(1)
 
 
 
 
 
 
 
 
 
 
181,436

Total Assets
 
 
 
 
 
 
 
 
 
 
1,621,806

______________________
(1)
Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents, 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, 2019
 
 
 
 
 
 
 
 
 
 
 
Revenues from Contracts with Customers:
 
 
 
 
 
 
 
 
 
 


Voyage charters
9,314

 

 

 

 

 
9,314

Contracts of affreightment
3,730

 
48,984

 

 

 

 
52,714

Tariff
20,996

 

 

 

 

 
20,996

Unit freight
16,012

 

 

 

 

 
16,012

Terminal operations

 
5,480

 

 

 

 
5,480

Fleeting operations

 
4,070

 

 

 

 
4,070

Logistics Services

 
3,538

 

 

 

 
3,538

Time and material contracts

 

 
29,946

 

 

 
29,946

Retainer contracts

 

 
2,405

 

 

 
2,405

Product sales(1)

 

 

 
1,310

 

 
1,310

Other
934

 
902

 
592

 
255

 
(98
)
 
2,585

Lease Revenues:
 
 
 
 
 
 
 
 
 
 


Time charter, bareboat charter and rental income
58,286

 
2,628

 

 
240

 

 
61,154

 
109,272


65,602

 
32,943

 
1,805

 
(98
)
 
209,524

______________________
(1)
Costs of goods sold related to product sales was $1.1 million.
 
 
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
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 and Equity Losses
 
 
 
 
 
 
 
 
 
6,114

 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
7,516

 
1,899

 

 

 
127

 
9,542

 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
 
 
 
 
 
 
 
 
 
 


Historical cost
901,747

 
437,411

 
1,227

 

 
30,132

 
1,370,517

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

 
(20,934
)
 
(510,418
)
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, restricted cash equivalents, 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

 
40,290

 

 

 

 
45,296

Tariff
18,001

 

 

 

 

 
18,001

Unit freight
13,384

 

 

 

 

 
13,384

Terminal operations

 
5,746

 

 

 

 
5,746

Fleeting operations

 
4,211

 

 

 

 
4,211

Logistics Services

 
2,815

 

 

 

 
2,815

Time and material contracts

 

 
23,625

 

 

 
23,625

Retainer contracts

 

 
2,383

 

 

 
2,383

Other
852

 
960

 
424

 
116

 
(29
)
 
2,323

Lease Revenues:
 
 
 
 
 
 
 
 
 
 


Time charter, bareboat charter and rental income
48,640

 
1,899

 

 

 

 
50,539

 
102,384

 
55,921

 
26,432

 
116

 
(29
)
 
184,824