SEACOR Holdings Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Segment Information

Segment Information

3 Months Ended

Mar. 31, 2020

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.


	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, 2020
Operating Revenues:
External customers	106,115	61,311	22,471	2,399	—	192,296
Intersegment	—	—	35	—	(35)	—
	106,115	61,311	22,506	2,399	(35)	192,296
Costs and Expenses:
Operating	77,604	50,919	15,691	1,847	(33)	146,028
Administrative and general	10,744	3,488	7,679	1,124	5,986	29,021
Depreciation and amortization	10,282	6,212	259	619	357	17,729
	98,630	60,619	23,629	3,590	6,310	192,778
Gains on Asset Dispositions, Net	9	315	—	60	—	384
Operating Income (Loss)	7,494	1,007	(1,123)	(1,131)	(6,345)	(98)
Other Income (Expense):

Foreign currency gains (losses), net	(78)	(4,478)	12	—	(38)	(4,582)
Other, net	22	—	70	—	—	92
Equity in Losses of 50% or Less Owned Companies, Net of Tax	(1,357)	(3,376)	(8)	(52)	—	(4,793)
Segment Profit (Loss)	6,081	(6,847)	(1,049)	(1,183)
Other Income (Expense) not included in Segment Loss							(3,292)
Less Equity Losses included in Segment Loss							4,793
Loss Before Taxes and Equity Losses							(7,880)

Capital Expenditures	3,177	2,196	—	839	165	6,377

As of March 31, 2020
Property and Equipment:
Historical cost	935,400	463,291	1,142	10,547	31,129	1,441,509
Accumulated depreciation	(390,481)	(220,798)	(1,024)	(3,032)	(24,089)	(639,424)



Net property and equipment	544,919	242,493	118	7,515	7,040	802,085
Operating Lease Right-of-Use Assets	103,725	29,564	2,626	—	265	136,180
Investments, at Equity, and Advances to 50% or Less Owned Companies	75,357	52,443	987	22,781	—	151,568
Inventories	1,605	1,988	211	246	—	4,050
Goodwill	1,852	2,228	28,506	—	—	32,586
Intangible Assets	7,305	7,123	8,524	—	—	22,952
Other current and long-term assets, excluding cash and near cash assets⁽¹⁾	62,775	55,794	110,415	5,043	40,263	274,290
Segment Assets	797,538	391,633	151,387	35,585
Cash and near cash assets⁽¹⁾						85,162

Total Assets						1,508,873

______________________

(1)Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities.


	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, 2020
Revenues from Contracts with Customers:
Voyage charters	16,037	—	—	—	—	16,037
Contracts of affreightment	4,496	43,703	—	—	—	48,199
Tariff	22,571	—	—	—	—	22,571
Unit freight	16,448	—	—	—	—	16,448
Terminal operations	—	5,724	—	—	—	5,724
Fleeting operations	—	4,354	—	—	—	4,354
Logistics Services	—	3,287	—	—	—	3,287
Time and material contracts	—	—	19,206	—	—	19,206
Retainer contracts	—	—	2,554	—	—	2,554
Product sales⁽¹⁾	—	—	—	1,657	—	1,657
Other	950	1,257	746	640	(35)	3,558
Lease Revenues:
Time charter, bareboat charter and rental income	45,613	2,986	—	102	—	48,701
	106,115	61,311	22,506	2,399	(35)	192,296

______________________

(1)Cost of goods sold related to product sales was $1.4 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, 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							(938)
Less Equity Losses included in Segment Profit						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)Cost of goods sold related to product sales was $1.1 million.