Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.19.3
Segment Information
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Segment Information
13. 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 September 30, 2019
Operating Revenues:
External customers 102,661    72,020    24,342    1,635    —    200,658   
Intersegment —    —      —    (3)   —   
102,661    72,020    24,345    1,635    (3)   200,658   
Costs and Expenses:
Operating 66,888    62,775    16,323    1,404    (4)   147,386   
Administrative and general 9,404    3,327    5,718    846    5,628    24,923   
Depreciation and amortization 10,191    5,694    210    501    379    16,975   
86,483    71,796    22,251    2,751    6,003    189,284   
Gains (Losses) on Asset Dispositions, Net 804    330    10    34    (33)   1,145   
Operating Income (Loss) 16,982    554    2,104    (1,082)   (6,039)   12,519   
Other Income (Expense):
Foreign currency losses, net (104)   (1,729)   —    —    (44)   (1,877)  
Other, net 505    —    (1)   —      505   
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (242)   (1,084)   764    (56)   —    (618)  
Segment Profit (Loss) 17,141    (2,259)   2,867    (1,138)  
Other Income (Expense) not included in Segment Profit (Loss) (3,251)  
Less Equity Losses included in Segment Profit (Loss) 618   
Income Before Taxes and Equity Losses 7,896   
Ocean
Services
$’000
Inland
Services
$’000
Witt
O’Brien’s
$’000
Other
$’000
Corporate
and
Eliminations
$’000
Total
$’000
For the nine months ended September 30, 2019
Operating Revenues:
External customers 321,614    199,077    80,932    5,582    —    607,205   
Intersegment —    —    109    —    (109)   —   
321,614    199,077    81,041    5,582    (109)   607,205   
Costs and Expenses:
Operating 208,050    171,506    53,786    4,129    (103)   437,368   
Administrative and general 29,025    9,816    18,951    2,522    18,069    78,383   
Depreciation and amortization 30,758    17,118    625    1,483    1,136    51,120   
267,833    198,440    73,362    8,134    19,102    566,871   
Gains (Losses) on Asset Dispositions, Net 1,170    1,080    10    32    (33)   2,259   
Operating Income (Loss) 54,951    1,717    7,689    (2,520)   (19,244)   42,593   
Other Income (Expense):
Foreign currency losses, net (150)   (1,461)   —    —    (52)   (1,663)  
Other, net (118)   —    (6)   —    10    (114)  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 569    (4,174)   569    (412)   —    (3,448)  
Segment Profit (Loss) 55,252    (3,918)   8,252    (2,932)  
Other Income (Expense) not included in Segment Profit (Loss) 5,574   
Less Equity Losses included in Segment Profit (Loss) 3,448   
Income Before Taxes and Equity Losses 46,390   
Capital Expenditures 866    15,408    47    1,030    —    17,351   
As of September 30, 2019
Property and Equipment:
Historical cost 928,321    457,263    1,274    7,928    30,121    1,424,907   
Accumulated depreciation (370,679)   (210,629)   (1,106)   (1,951)   (23,362)   (607,727)  
Net property and equipment 557,642    246,634    168    5,977    6,759    817,180   
Operating Lease Right-of-Use Assets 115,840    33,059    3,442    —    1,123    153,464   
Investments, at Equity, and Advances to 50% or Less Owned Companies 77,203    55,777    904    21,084    —    154,968   
Inventories 2,056    2,729    193    246    —    5,224   
Goodwill 1,852    2,310    28,506    —    —    32,668   
Intangible Assets 7,969    7,870    6,045    —    —    21,884   
Other current and long-term assets, excluding cash and near cash assets(1)
65,069    73,818    104,206    3,377    10,406    256,876   
Segment Assets 827,631    422,197    143,464    30,684   
Cash and near cash assets(1)
87,982   
Total Assets 1,530,246   
______________________
(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 nine months ended September 30, 2019
Revenues from Contracts with Customers:
Voyage charters 37,722    —    —    —    —    37,722   
Contracts of affreightment 17,835    149,841    —    —    —    167,676   
Tariff 60,877    —    —    —    —    60,877   
Unit freight 46,230    —    —    —    —    46,230   
Terminal operations —    12,998    —    —    —    12,998   
Fleeting operations —    13,146    —    —    —    13,146   
Logistics Services —    11,574    —    —    —    11,574   
Time and material contracts —    —    69,977    —    —    69,977   
Retainer contracts —    —    7,392    —    —    7,392   
Product sales(1)
—    —    —    4,104    —    4,104   
Other 2,888    3,539    3,672    794    (109)   10,784   
Lease Revenues:
Time charter, bareboat charter and rental income 156,062    7,979    —    684    —    164,725   
321,614    199,077    81,041    5,582    (109)   607,205   
______________________
(1)Cost of goods sold related to product sales was $3.5 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 September 30, 2018
Operating Revenues:
External customers 109,939    78,845    30,259    1,214    —    220,257   
Intersegment —    —      —    (8)   —   
109,939    78,845    30,267    1,214    (8)   220,257   
Costs and Expenses:
Operating 64,683    65,667    16,240    957    (18)   147,529   
Administrative and general 9,170    3,230    7,389    606    5,688    26,083   
Depreciation and amortization 11,298    6,197    492    202    427    18,616   
85,151    75,094    24,121    1,765    6,097    192,228   
Gains on Asset Dispositions 5,505    513    —    —    —    6,018   
Operating Income (Loss) 30,293    4,264    6,146    (551)   (6,105)   34,047   
Other Income (Expense):
Foreign currency losses, net (24)   (282)   (12)   —    (10)   (328)  
Other, net (96)   —    —    452      357   
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 2,073    (1,245)   (13)     —    821   
Segment Profit (Loss) 32,246    2,737    6,121    (93)  
Other Income (Expense) not included in Segment Profit (Loss) (4,332)  
Less Equity Earnings included in Segment Profit (Loss) (821)  
Income Before Taxes and Equity Earnings 29,744   
Ocean
Services
$’000
Inland
Services
$’000
Witt
O’Brien’s
$’000
Other
$’000
Corporate
and
Eliminations
$’000
Total
$’000
For the nine months ended September 30, 2018
Operating Revenues:
External customers 317,478    208,175    93,960    2,299    —    621,912   
Intersegment —    —    47    —    (47)   —   
317,478    208,175    94,007    2,299    (47)   621,912   
Costs and Expenses:
Operating 205,060    176,209    58,945    1,349    (89)   441,474   
Administrative and general 30,047    9,758    17,896    1,290    17,198    76,189   
Depreciation and amortization 35,563    18,674    1,284    264    1,284    57,069   
270,670    204,641    78,125    2,903    18,393    574,732   
Gains on Asset Dispositions 7,391    6,178    —    —    —    13,569   
Operating Income (Loss) 54,199    9,712    15,882    (604)   (18,440)   60,749   
Other Income (Expense):
Foreign currency gains (losses), net (151)   238    (27)     (45)   16   
Other, net 585    14    —    54,354    (2)   54,951   
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 3,655    (3,115)   90    1,285    —    1,915   
Segment Profit 58,288    6,849    15,945    55,036   
Other Income (Expense) not included in Segment Profit (25,929)  
Less Equity Earnings included in Segment Profit (1,915)  
Income Before Taxes and Equity Earnings 89,787   
Capital Expenditures 38,786    4,075    —    747    128    43,736   
As of September 30, 2018
Property and Equipment:
Historical cost 929,825    437,510    1,227    5,192    30,132    1,403,886   
Accumulated depreciation (331,625)   (190,493)   (1,007)   (265)   (21,789)   (545,179)  
Net property and equipment 598,200    247,017    220    4,927    8,343    858,707   
Investments, at Equity, and Advances to 50% or Less Owned Companies 62,999    61,304    345    24,536    —    149,184   
Inventories 2,509    2,258    214    158    —    5,139   
Goodwill 1,852    2,409    28,506    —    —    32,767   
Intangible Assets 9,297    9,365    7,062    —    —    25,724   
Other current and long-term assets, excluding cash and near cash assets(1)
54,416    78,461    63,578    2,177    12,807    211,439   
Segment Assets 729,273    400,814    99,925    31,798   
Cash and near cash assets(1)
374,907   
Total Assets 1,657,867   
______________________
(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 nine months ended September 30, 2018
Revenues from Contracts with Customers:
Voyage charters 66,496    —    —    —    —    66,496   
Contracts of affreightment 9,101    158,134    —    —    —    167,235   
Tariff 53,777    —    —    —    —    53,777   
Unit freight 43,384    —    —    —    —    43,384   
Terminal operations —    16,784    —    —    —    16,784   
Fleeting operations —    13,464    —    —    —    13,464   
Logistics Services —    10,506    —    —    —    10,506   
Time and material contracts —    —    84,896    —    —    84,896   
Retainer contracts —    —    7,456    —    —    7,456   
Product sales(1)
—    —    —    1,618    —    1,618   
Other 2,414    3,751    1,655    425    (47)   8,198   
Lease Revenues:
Time charter, bareboat charter and rental income 142,306    5,536    —    256    —    148,098   
317,478    208,175    94,007    2,299    (47)   621,912   
______________________
(1)Cost of goods sold related to product sales was $1.2 million.