Annual report pursuant to Section 13 and 15(d)

Nature Of Operations And Accounting Policies (Tables)

v3.19.3.a.u2
Nature Of Operations And Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Contract with Customer, Asset and Liability The Company’s contract liability activity for the years ended December 31, were as follows (in thousands):
2019 2018
Balance at beginning of period $ 968    $ 983   
Previously deferred revenues recognized upon completion of performance obligations during the period (968)   (983)  
Net contract liabilities arising during the period 794    968   
Balance at end of period $ 794    $ 968   
Schedule of Property, Plant and Equipment
As of December 31, 2019, 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
Bulk carriers - U.S.-flag 25
Harbor and offshore tugs 25
Ocean liquid tank barges 25
Short-sea container/RORO(1) vessels
20
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
______________________
(1)Roll On/Roll Off.
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
2019
Ocean Services:
Petroleum and chemical carriers - U.S.-flag $ 649,795    $ (267,894)   $ 381,901   
Harbor and offshore tugs - U.S.-flag 133,419    (47,637)   85,782   
Harbor tugs - Foreign-flag 45,379    (16,067)   29,312   
Ocean liquid tank barges - U.S.-flag 39,238    (16,171)   23,067   
Short-sea container/RORO - Foreign-flag 27,073    (11,990)   15,083   
Bulk carriers - U.S.-flag 13,000    (9,800)   3,200   
Other(2)
21,516    (10,994)   10,522   
Construction in Progress 2,847    —    2,847   
932,267    (380,553)   551,714   
Inland Services:
Dry-cargo barges 225,278    (118,615)   106,663   
Specialty barges 3,828    (2,344)   1,484   
Liquid tank barges 19,784    (3,684)   16,100   
Towboats 62,207    (4,981)   57,226   
Harbor boats 19,296    (9,324)   9,972   
Terminal and fleeting facilities 103,455    (65,960)   37,495   
Other(2)
27,536    (11,388)   16,148   
Construction in Progress 7,736    —    7,736   
469,120    (216,296)   252,824   
Witt O’Brien’s:
Other(2)
1,134    (993)   141   
Other:
Other(3)
8,897    (2,450)   6,447   
Corporate and Eliminations:
Other(2)
30,964    (23,732)   7,232   
$ 1,442,382    $ (624,024)   $ 818,358   
______________________
(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.
(3)Includes LNG Equipment and other property and equipment.
Historical
Cost(1)
Accumulated
Depreciation
Net Book
Value
2018
Ocean Services:
Petroleum and chemical carriers - U.S.-flag $ 649,795    $ (241,604)   $ 408,191   
Harbor and offshore tugs - U.S.-flag 132,697    (41,764)   90,933   
Harbor tugs - Foreign-flag 45,379    (13,822)   31,557   
Ocean liquid tank barges - U.S.-flag 39,238    (14,649)   24,589   
Short-sea container/RORO - Foreign-flag 29,846    (10,644)   19,202   
Bulk carriers - U.S.-flag 13,000    (9,800)   3,200   
Other(2)
20,073    (9,716)   10,357   
Construction in Progress 202    —    202   
930,230    (341,999)   588,231   
Inland Services:
Dry-cargo barges 222,539    (106,157)   116,382   
Specialty barges 3,828    (1,904)   1,924   
Liquid tank barges 20,011    (3,054)   16,957   
Towboats 43,998    (3,294)   40,704   
Harbor boats 18,695    (8,047)   10,648   
Terminal and fleeting facilities 99,696    (62,274)   37,422   
Other(2)
22,213    (10,364)   11,849   
Construction in Progress 7,868    —    7,868   
438,848    (195,094)   243,754   
Witt O’Brien’s:
Other(2)
1,227    (1,031)   196   
Other:
Other(3)
6,892    (490)   6,402   
Corporate and Eliminations:
Other(2)
30,132    (22,205)   7,927   
$ 1,407,329    $ (560,819)   $ 846,510   
______________________
(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.
(3)Includes LNG Equipment 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
Acquired
Contractual
Rights
Total
Gross Carrying Value
Year Ended December 31, 2017 $ 3,324    $ 15,365    $ 18,358    $ 37,047   
Acquired intangible assets —    1,120    —    1,120   
Fully amortized intangible assets —    (1,120)   —    (1,120)  
Year Ended December 31, 2018 3,324    15,365    18,358    37,047   
Acquired intangible assets —    —    —    —   
Year Ended December 31, 2019 $ 3,324    $ 15,365    $ 18,358    $ 37,047   
Accumulated Amortization   
Year Ended December 31, 2017 $ (1,980)   $ (5,146)   $ (1,815)   $ (8,941)  
Amortization expense (332)   (2,402)   (1,941)   (4,675)  
Fully amortized intangible assets —    1,120    —    1,120   
Year Ended December 31, 2018 (2,312)   (6,428)   (3,756)   (12,496)  
Amortization expense (332)   (1,282)   (1,941)   (3,555)  
Year Ended December 31, 2019 $ (2,644)   $ (7,710)   $ (5,697)   $ (16,051)  
Weighted average remaining contractual life, in years 2.0 7.1 7.1 6.9
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):
2020 $ 3,555   
2021 3,571   
2022 2,866   
2023 2,852   
2024 2,833   
Years subsequent to 2024 5,319   
$ 20,996   
Schedule of Deferred Gains Deferred gain activity related to these transactions for the years ended December 31, was as follows (in thousands):
2019 2018 2017
Balance at beginning of year $ 39,102    $ 66,519    $ 74,774   
Impact of adoption of accounting principle(1)
(29,207)   —    —   
Deferred gains arising from equipment sales —    —    13,336   
Amortization of deferred gains included in operating expenses as a reduction to rental expense —    (12,774)   (15,035)  
Amortization of deferred gains included in gains on asset dispositions and impairments, net (1,127)   (11,591)   (602)  
Reclassification of deferred gains into historical cost on reacquired property and equipment —    (3,052)   (5,954)  
Balance at end of year
$ 8,768    $ 39,102    $ 66,519   
______________________
(1)On January 1, 2019 the Company adopted Topic 842 and reduced deferred gains associated with sale-leaseback transactions through a beginning period retained earnings adjustment.
Deferred gain activity related to these transactions for the years ended December 31, was as follows (in thousands):
2019 2018 2017
Balance at beginning of year $ 4,562    $ 5,934    $ 7,649   
Amortization of deferred gains included in gains on asset dispositions and impairments, net (1,322)   (1,372)   (1,715)  
Balance at end of year
$ 3,240    $ 4,562    $ 5,934   
Schedule of Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss. The components of accumulated other comprehensive loss were as follows (in thousands):
SEACOR Holdings Inc. Stockholders’ Equity Noncontrolling
Interests
Foreign
Currency
Translation
Adjustments
Derivative Gains
(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, 2016 $ (11,593)   $ 75    $   $ (11,514)   $ (1,613)   $ (17)   $  
Discontinued Operations 10,031    94    —    10,125    1,460       
Other comprehensive income (loss) 1,812    (260)   (6)   1,546    153    13    (5)   $ 1,707   
Income tax (expense) benefit (795)   91      (702)   —    —    —    (702)  
Year ended December 31, 2017 (545)   —    —    (545)   —    —    —    $ 1,005   
Other comprehensive loss (391)   —    —    (391)   —    —    —    $ (391)  
Income tax benefit 22    —    —    22    —    —    —    22   
Year ended December 31, 2018 (914)   —    —    (914)   —    —    —    $ (369)  
Other comprehensive income (loss) (83)   67    —    (16)   —    —    —    $ (16)  
Income tax expense (68)   —    —    (68)   —    —    —    (68)  
Year ended December 31, 2019 $ (1,065)   $ 67    $ —    $ (998)   $ —    $ —    $ —    $ (84)  
Schedule of Earnings Per Share
Computations of basic and diluted earnings per common share of SEACOR for the years ended December 31, were as follows (in thousands, except share data):
Net Income Average o/s Shares Per Share
2019
Basic Weighted Average Common Shares Outstanding $ 26,774    18,949,981    $ 1.41   
Effect of Dilutive Securities:
Options and Restricted Stock(1)
—    129,250   
Convertible Securities(2)(3)
1,273    1,227,101   
Diluted Weighted Average Common Shares Outstanding $ 28,047    20,306,332    $ 1.38   
2018
Basic Weighted Average Common Shares Outstanding $ 58,148    18,080,778    $ 3.22   
Effect of Dilutive Securities:
Options and Restricted Stock(1)
—    267,810   
Convertible Securities(2)(3)
1,273    1,227,101   
Diluted Weighted Average Common Shares Outstanding $ 59,421    19,575,689    $ 3.04   
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   
______________________
(1)For the years ended December 31, 2019, 2018 and 2017, diluted earnings per common share of SEACOR excluded 827,222, 333,510 and 1,924,217, 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, 2019 and 2018 diluted earnings per common share of SEACOR excluded 928,464 and 1,946,917 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.
(3)For the years ended December 31, 2019 and 2018 diluted earnings per share of SEACOR excluded 1,553,780 and 983,351 shares, respectively, issuable pursuant to the Company’s 3.25% Convertible Senior Notes (see Note 7) as the effect of their inclusion in the computation would be anti-dilutive.