Operating Results, Capital Expenditures And Assets By Reporting Segment |
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, 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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— |
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— |
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— |
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|
437 |
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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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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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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 |
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5,237 |
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20 |
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|
145 |
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— |
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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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Historical cost |
930,464 |
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444,609 |
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|
1,246 |
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|
7,037 |
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30,132 |
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1,413,488 |
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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 |
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|
244,093 |
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|
193 |
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6,058 |
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7,549 |
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|
836,352 |
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Operating Lease Right-of-Use Assets |
125,640 |
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|
36,534 |
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|
987 |
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— |
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|
4,164 |
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|
167,325 |
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Investments, at Equity, and Advances to 50% or Less Owned Companies |
74,127 |
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|
56,238 |
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|
419 |
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|
24,506 |
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— |
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|
155,290 |
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Inventories |
2,042 |
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|
2,183 |
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|
366 |
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|
323 |
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— |
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|
4,914 |
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Goodwill |
1,852 |
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|
2,362 |
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|
28,506 |
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— |
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— |
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|
32,720 |
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Intangible Assets |
8,633 |
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|
8,618 |
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|
6,411 |
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— |
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— |
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|
23,662 |
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Other current and long-term assets, excluding cash and near cash assets(1)
|
53,070 |
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|
62,832 |
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91,591 |
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2,383 |
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|
10,231 |
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|
220,107 |
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Segment Assets |
843,823 |
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|
412,860 |
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128,473 |
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33,270 |
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Cash and near cash assets(1)
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|
181,436 |
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Total Assets |
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1,621,806 |
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______________________ (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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Disaggregation of Revenue |
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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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|
16,448 |
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Terminal operations |
— |
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|
5,724 |
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|
— |
|
|
— |
|
|
— |
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|
5,724 |
|
Fleeting operations |
— |
|
|
4,354 |
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|
— |
|
|
— |
|
|
— |
|
|
4,354 |
|
Logistics Services |
— |
|
|
3,287 |
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|
— |
|
|
— |
|
|
— |
|
|
3,287 |
|
Time and material contracts |
— |
|
|
— |
|
|
19,206 |
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|
— |
|
|
— |
|
|
19,206 |
|
Retainer contracts |
— |
|
|
— |
|
|
2,554 |
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|
— |
|
|
— |
|
|
2,554 |
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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.
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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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|
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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.
|