Annual report pursuant to Section 13 and 15(d)

Equipment Acquisitions And Dispositions

v3.20.4
Equipment Acquisitions And Dispositions
12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Equipment Acquisitions And Dispositions
3. EQUIPMENT ACQUISITIONS AND DISPOSITIONS
Equipment Additions. The Company’s capital expenditures were $31.5 million, $37.8 million and $50.3 million during the years ended December 31, 2020, 2019, and 2018, respectively. Major owned equipment placed in service for the years ended December 31, were as follows:
2020(1)
2019 2018
Harbor tugs - U.S.-flag — 
Short-sea container/RORO - Foreign-flag —  — 
Inland river dry-cargo barges —  — 
Inland river towboats — 
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(1)Excludes eight harbor boats and 22 launch support boats acquired in the Weber acquisition (see Note 2).
Equipment Dispositions. During the year ended December 31, 2020, the Company sold property and equipment for net proceeds of $16.5 million and gains of $9.4 million. In addition, the Company recognized previously deferred gains of $1.3 million. The Company also sold and leased back three U.S.-flag harbor tugs for $33.7 million with original leaseback terms ranging from 72-84 months. The Company determined that these transactions resulted in "failed" sale-leasebacks in accordance with Topic 842 and Topic 606 and, as a result, did not qualify for sale or lease accounting (see Note 8).
During the year ended December 31, 2019, the Company sold property and equipment for net proceeds of $2.5 million and gains of $0.5 million. In addition, the Company recognized previously deferred gains of $2.4 million.
During the year ended December 31, 2018, the Company sold property and equipment for net proceeds of $16.1 million and gains of $6.6 million. In addition, the Company recognized previously deferred gains of $13.0 million.
Major equipment dispositions for the years ended December 31, were as follows:
2020(1)
2019 2018
Petroleum and chemical carriers - U.S.-flag —  — 
Bulk carriers - U.S.-flag —  — 
Harbor tugs - U.S.-flag —  — 
Offshore tugs - U.S.-flag —  — 
Short-sea container/RORO - Foreign-flag —  — 
Inland river dry-cargo barges 39  —  32 
Inland river specialty barges —  — 
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(1)Excludes three U.S.-flag harbor tugs that were disposed of through "failed" sale-leaseback transactions in accordance with Topic 842 and Topic 606 and as a result, do not qualify for sale or lease accounting (see Note 8).