Segment Information |
15. 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, 2019. 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.
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Ocean Services $’000 |
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Inland Services $’000 |
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Witt O’Brien’s $’000 |
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Other $’000 |
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Corporate and Eliminations $’000 |
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Total $’000 |
For the three months ended March 31, 2020 |
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Operating Revenues: |
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External customers |
106,115 |
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|
61,311 |
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|
22,471 |
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|
2,399 |
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— |
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|
192,296 |
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Intersegment |
— |
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— |
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35 |
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— |
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(35) |
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— |
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106,115 |
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61,311 |
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22,506 |
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2,399 |
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(35) |
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|
192,296 |
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Costs and Expenses: |
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Operating |
77,604 |
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50,919 |
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15,691 |
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|
1,847 |
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(33) |
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|
146,028 |
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Administrative and general |
10,744 |
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3,488 |
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7,679 |
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1,124 |
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5,986 |
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|
29,021 |
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Depreciation and amortization |
10,282 |
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6,212 |
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|
259 |
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|
619 |
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|
357 |
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17,729 |
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98,630 |
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60,619 |
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23,629 |
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3,590 |
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|
6,310 |
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|
192,778 |
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Gains on Asset Dispositions, Net |
9 |
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|
315 |
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— |
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60 |
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— |
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|
384 |
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Operating Income (Loss) |
7,494 |
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|
1,007 |
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(1,123) |
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(1,131) |
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(6,345) |
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(98) |
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Other Income (Expense): |
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Foreign currency gains (losses), net |
(78) |
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(4,478) |
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12 |
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— |
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(38) |
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(4,582) |
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Other, net |
22 |
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— |
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70 |
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— |
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— |
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92 |
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Equity in Losses of 50% or Less Owned Companies, Net of Tax |
(1,357) |
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(3,376) |
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(8) |
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(52) |
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— |
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(4,793) |
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Segment Profit (Loss) |
6,081 |
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(6,847) |
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(1,049) |
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(1,183) |
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Other Income (Expense) not included in Segment Loss |
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(3,292) |
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Less Equity Losses included in Segment Loss |
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4,793 |
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Loss Before Taxes and Equity Losses |
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(7,880) |
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Capital Expenditures |
3,177 |
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2,196 |
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— |
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|
839 |
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|
165 |
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6,377 |
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As of March 31, 2020 |
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Property and Equipment: |
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Historical cost |
935,400 |
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463,291 |
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1,142 |
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10,547 |
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31,129 |
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1,441,509 |
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Accumulated depreciation |
(390,481) |
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(220,798) |
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(1,024) |
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(3,032) |
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(24,089) |
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(639,424) |
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Net property and equipment |
544,919 |
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242,493 |
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118 |
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7,515 |
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7,040 |
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802,085 |
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Operating Lease Right-of-Use Assets |
103,725 |
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29,564 |
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2,626 |
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— |
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265 |
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136,180 |
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Investments, at Equity, and Advances to 50% or Less Owned Companies |
75,357 |
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52,443 |
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|
987 |
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22,781 |
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— |
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151,568 |
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Inventories |
1,605 |
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1,988 |
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|
211 |
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|
246 |
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— |
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4,050 |
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Goodwill |
1,852 |
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2,228 |
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28,506 |
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— |
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— |
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32,586 |
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Intangible Assets |
7,305 |
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7,123 |
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8,524 |
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— |
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— |
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22,952 |
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Other current and long-term assets, excluding cash and near cash assets(1)
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62,775 |
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55,794 |
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110,415 |
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5,043 |
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40,263 |
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274,290 |
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Segment Assets |
797,538 |
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391,633 |
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151,387 |
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35,585 |
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Cash and near cash assets(1)
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85,162 |
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Total Assets |
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1,508,873 |
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______________________
(1)Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities.
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Ocean Services $’000 |
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Inland Services $’000 |
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Witt O’Brien’s $’000 |
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Other $’000 |
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Corporate and Eliminations $’000 |
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Total $’000 |
For the three months ended March 31, 2020 |
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Revenues from Contracts with Customers: |
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Voyage charters |
16,037 |
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— |
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— |
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— |
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— |
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16,037 |
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Contracts of affreightment |
4,496 |
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43,703 |
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— |
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— |
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— |
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48,199 |
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Tariff |
22,571 |
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— |
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— |
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— |
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— |
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22,571 |
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Unit freight |
16,448 |
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— |
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— |
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— |
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— |
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16,448 |
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Terminal operations |
— |
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5,724 |
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— |
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— |
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— |
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5,724 |
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Fleeting operations |
— |
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4,354 |
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— |
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— |
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— |
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|
4,354 |
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Logistics Services |
— |
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|
3,287 |
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— |
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— |
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— |
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3,287 |
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Time and material contracts |
— |
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— |
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19,206 |
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— |
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— |
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19,206 |
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Retainer contracts |
— |
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— |
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2,554 |
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— |
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— |
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2,554 |
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Product sales(1)
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— |
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— |
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— |
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1,657 |
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— |
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|
1,657 |
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Other |
950 |
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|
1,257 |
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|
746 |
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|
640 |
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(35) |
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3,558 |
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Lease Revenues: |
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Time charter, bareboat charter and rental income |
45,613 |
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|
2,986 |
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— |
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|
102 |
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— |
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|
48,701 |
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106,115 |
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61,311 |
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|
22,506 |
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2,399 |
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(35) |
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|
192,296 |
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______________________
(1)Cost of goods sold related to product sales was $1.4 million.
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Ocean Services $’000 |
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Inland Services $’000 |
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Witt O’Brien’s $’000 |
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Other $’000 |
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Corporate and Eliminations $’000 |
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Total $’000 |
For the three months ended March 31, 2019 |
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Operating Revenues: |
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External customers |
109,272 |
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65,602 |
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32,845 |
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|
1,805 |
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— |
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|
209,524 |
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Intersegment |
— |
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— |
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|
98 |
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— |
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(98) |
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— |
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|
109,272 |
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|
65,602 |
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|
32,943 |
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|
1,805 |
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(98) |
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|
209,524 |
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Costs and Expenses: |
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Operating |
69,932 |
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|
54,245 |
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|
21,772 |
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|
1,253 |
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(91) |
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|
147,111 |
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Administrative and general |
10,198 |
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|
3,356 |
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|
6,402 |
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|
839 |
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|
5,951 |
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|
26,746 |
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Depreciation and amortization |
10,337 |
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|
5,725 |
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|
206 |
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|
489 |
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|
379 |
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|
17,136 |
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|
90,467 |
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|
63,326 |
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|
28,380 |
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|
2,581 |
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|
6,239 |
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|
190,993 |
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Gains on Asset Dispositions |
17 |
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|
420 |
|
|
— |
|
|
— |
|
|
— |
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|
437 |
|
Operating Income (Loss) |
18,822 |
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|
2,696 |
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|
4,563 |
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(776) |
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(6,337) |
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|
18,968 |
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Other Income (Expense): |
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|
|
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|
|
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Foreign currency gains (losses), net |
(47) |
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|
459 |
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|
— |
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|
— |
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|
(7) |
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|
405 |
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Other, net |
(651) |
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— |
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(3) |
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— |
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10 |
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(644) |
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Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax |
111 |
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(2,472) |
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(67) |
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(90) |
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— |
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(2,518) |
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Segment Profit (Loss) |
18,235 |
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|
683 |
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|
4,493 |
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(866) |
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Other Income (Expense) not included in Segment Profit |
|
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(938) |
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Less Equity Losses included in Segment Profit |
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|
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|
2,518 |
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Income Before Taxes and Equity Losses |
|
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|
17,791 |
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Capital Expenditures |
247 |
|
|
5,237 |
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|
20 |
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|
145 |
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|
— |
|
|
5,649 |
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|
|
|
|
|
|
|
|
|
|
As of March 31, 2019 |
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Property and Equipment: |
|
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|
|
|
|
|
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Historical cost |
930,464 |
|
|
444,609 |
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|
1,246 |
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|
7,037 |
|
|
30,132 |
|
|
1,413,488 |
|
Accumulated depreciation |
(352,005) |
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|
(200,516) |
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|
(1,053) |
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|
(979) |
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|
(22,583) |
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|
(577,136) |
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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.
|
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|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
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 |
|
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|
|
|
|
|
|
|
|
|
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)Cost of goods sold related to product sales was $1.1 million.
|