Annual report pursuant to Section 13 and 15(d)

Nature Of Operations And Accounting Policies (Tables)

v3.20.4
Nature Of Operations And Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
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):
2020 2019
Balance at beginning of period $ 794  $ 968 
Previously deferred revenues recognized upon completion of performance obligations during the period (794) (968)
Net contract liabilities arising during the period 596  794 
Balance at end of period $ 596  $ 794 
Schedule of Property, Plant and Equipment
As of December 31, 2020, 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
2020
Ocean Services:
Petroleum and chemical carriers - U.S.-flag $ 649,795  $ (294,182) $ 355,613 
Harbor tugs - U.S.-flag 127,709  (51,681) 76,028 
Harbor tugs - Foreign-flag 45,379  (18,313) 27,066 
Ocean liquid tank barges - U.S.-flag 39,238  (17,694) 21,544 
Short-sea container/RORO - Foreign-flag 27,073  (14,121) 12,952 
Bulk carriers - U.S.-flag 6,300  (4,700) 1,600 
Other(2)
18,632  (6,595) 12,037 
Construction in Progress 14,824  —  14,824 
928,950  (407,286) 521,664 
Inland Services:
Dry-cargo barges 216,032  (120,825) 95,207 
Specialty barges 3,828  (2,783) 1,045 
Liquid tank barges 18,898  (4,087) 14,811 
Towboats 66,231  (7,329) 58,902 
Harbor boats 26,765  (10,762) 16,003 
Launch support boats 5,920  (178) 5,742 
Terminal and fleeting facilities 108,264  (68,797) 39,467 
Other(2)
28,706  (9,335) 19,371 
Construction in Progress 4,944  —  4,944 
479,588  (224,096) 255,492 
Witt O’Brien’s:
Other(2)
493  (442) 51 
Other:
Other(3)
12,139  (4,535) 7,604 
Corporate and Eliminations:
Other(2)
20,701  (11,320) 9,381 
$ 1,441,871  $ (647,679) $ 794,192 
______________________
(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
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.
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, 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 
Acquired intangible assets —  3,078  —  3,078 
Foreign currency translation —  111  —  111 
Year Ended December 31, 2020 $ 3,324  $ 18,554  $ 18,358  $ 40,236 
Accumulated Amortization
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)
Amortization expense (332) (1,789) (1,941) (4,062)
Year Ended December 31, 2020 $ (2,976) $ (9,499) $ (7,638) $ (20,113)
Weighted average remaining contractual life, in years 1.0 5.7 6.2 5.9
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):
2021 $ 4,215 
2022 3,510 
2023 3,496 
2024 3,477 
2025 2,485 
Years subsequent to 2025 2,940 
$ 20,123 
Schedule of Deferred Gains Deferred gain activity related to these transactions for the years ended December 31, was as follows (in thousands):
2020 2019 2018
Balance at beginning of year $ 8,768  $ 39,102  $ 66,519 
Impact of adoption of accounting principle(1)
—  (29,207) — 
Amortization of deferred gains included in operating expenses as a reduction to rental expense —  —  (12,774)
Amortization of deferred gains included in gains on asset dispositions, net —  (1,127) (11,591)
Reclassification of deferred gains into historical cost on reacquired property and equipment —  —  (3,052)
Balance at end of year
$ 8,768  $ 8,768  $ 39,102 
______________________
(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):
2020 2019 2018
Balance at beginning of year $ 3,240  $ 4,562  $ 5,934 
Amortization of deferred gains included in gains on asset dispositions, net (1,322) (1,322) (1,372)
Balance at end of year
$ 1,918  $ 3,240  $ 4,562 
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
Foreign
Currency
Translation
Adjustments
Derivative Gains
(Losses) on
Cash Flow
Hedges, net
Total Other
Comprehensive
Loss
Year ended December 31, 2017 $ (545) $ —  $ (545)
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)
Other comprehensive loss (194) (957) (1,151) $ (1,151)
Income tax benefit — 
Year ended December 31, 2020 $ (1,258) $ (890) $ (2,148) $ (1,150)
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
2020
Basic Weighted Average Common Shares Outstanding $ 23,311  19,992,375  $ 1.17 
Effect of Dilutive Securities:
Options and Restricted Stock(1)
—  38,037 
Convertible Securities(2)(3)
1,120  1,076,333 
Diluted Weighted Average Common Shares Outstanding $ 24,431  21,106,745  $ 1.16 
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 
______________________
(1)For the years ended December 31, 2020, 2019 and 2018, diluted earnings per common share of SEACOR excluded 1,575,867, 827,222 and 333,510, 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, 2020, 2019 and 2018, diluted earnings per common share of SEACOR excluded 339,505, 928,464 and 1,946,917 shares, respectively, issuable pursuant to the Company’s 3.0% Convertible Senior Notes (see Note 6) as the effect of their inclusion in the computation would be anti-dilutive.
(3)For the years ended December 31, 2020, 2019 and 2018, diluted earnings per share of SEACOR excluded 1,553,780, 1,553,780 and 983,351 shares, respectively, issuable pursuant to the Company’s 3.25% Convertible Senior Notes (see Note 6) as the effect of their inclusion in the computation would be anti-dilutive.