Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 01, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'INTERNATIONAL SHIPHOLDING CORP | ' | ' |
Entity Central Index Key | '0000278041 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $133,084,823 |
Entity Common Stock, Shares Outstanding | ' | 7,252,820 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Income [Abstract] | ' | ' | ' |
Revenues | $310,152 | $243,496 | $263,196 |
Operating Expenses: | ' | ' | ' |
Voyage Expenses | 247,622 | 185,453 | 190,150 |
Amortization Expense | 5,701 | 3,055 | 1,932 |
Vessel Depreciation | 24,363 | 24,366 | 25,388 |
Other Depreciation | 69 | 32 | ' |
Administrative and General Expenses | 22,734 | 23,244 | 20,961 |
Gain on Dry Bulk Transaction | ' | ' | -18,844 |
Loss/(Gain) on Sale of Other Assets | 16 | -16,625 | ' |
Total Operating Expenses | 300,505 | 219,525 | 219,587 |
Operating Income | 9,647 | 23,971 | 43,609 |
Interest and Other: | ' | ' | ' |
Interest Expense | 9,504 | 10,409 | 10,361 |
Derivative Loss | 438 | 485 | 101 |
(Gain)/Loss on Sale of Investment | ' | -580 | 747 |
Other Income from Vessel Financing | -2,122 | -2,387 | -2,653 |
Investment Income | -114 | -470 | -637 |
Foreign Exchange (Gain)/Loss | -5,914 | -5,506 | 3,051 |
Total Interest and Other Income | 1,792 | 1,951 | 10,970 |
Income Before Provision (Benefit) for Income Taxes and Equity in Net Loss of Unconsolidated Entities | 7,855 | 22,020 | 32,639 |
Provision/(Benefit) for Income Taxes | -11,963 | -157 | 680 |
Equity in Net Loss of Unconsolidated Entities (Net of Applicable Taxes) | -1,661 | -215 | -410 |
Net Income | 18,157 | 21,962 | 31,549 |
Preferred Stock Dividends | 3,226 | ' | ' |
Net Income Available to Common Stockholders | $14,931 | $21,962 | $31,549 |
Basic and Diluted Earnings per Common Share: | ' | ' | ' |
Basic Earnings Per Common Share: (in dollars per share) | $2.06 | $3.05 | $4.42 |
Diluted Earnings Per Common Share: (in dollars per share) | $2.05 | $3.04 | $4.40 |
Weighted Average Shares of Common Stock Outstanding: | ' | ' | ' |
Basic (in shares) | 7,237,472 | 7,195,606 | 7,131,820 |
Diluted (in shares) | 7,282,676 | 7,213,288 | 7,176,647 |
Common Stock Dividends Per Share (in dollars per share) | $1 | $1 | $1.50 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $18,157 | $21,962 | $31,549 |
Other Comprehensive Income (Loss): | ' | ' | ' |
Unrealized Foreign Currency Translation (Loss) Gain | -64 | 95 | -247 |
Unrealized Holding Gain on Marketable Securities | ' | -128 | -5 |
Change in Fair Value of Derivatives | 3,073 | 1,243 | 101 |
Change in Funding Status of Defined Benefit Plan | 8,027 | -2,209 | -5,998 |
Comprehensive Income | $29,193 | $20,963 | $25,400 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and Cash Equivalents | $20,010 | $19,868 |
Restricted Cash | 8,499 | 8,000 |
Accounts Receivable, Net of Allowance for Doubtful Accounts | 30,441 | 32,891 |
Net Investment in Direct Financing Leases | ' | 3,540 |
Prepaid Expenses | 8,493 | 7,690 |
Deferred Tax Asset | 3,084 | 323 |
Other Current Assets | 1,304 | 702 |
Notes Receivable | 3,987 | 4,383 |
Material and Supplies Inventory | 11,286 | 11,847 |
Total Current Assets | 87,104 | 89,244 |
Investment in Unconsolidated Entities | 14,818 | 12,676 |
Net Investment in Direct Financing Leases | ' | 13,461 |
Vessels, Property, and Other Equipment, at Cost: | ' | ' |
Vessels | 582,416 | 525,172 |
Building | 1,211 | 1,211 |
Land | 623 | 623 |
Leasehold Improvements | 26,348 | 26,348 |
Construction in Progress | 2,673 | 10 |
Furniture and Equipment | 11,727 | 11,614 |
Property, Plant and Equipment Total, Gross | 624,998 | 564,978 |
Less - Accumulated Depreciation | -175,106 | -151,318 |
Net Vessels, Property, Plant and Equipment | 449,892 | 413,660 |
Other Assets: | ' | ' |
Deferred Charges, Net of Accumulated Amortization | 29,309 | 19,892 |
Intangible Assets, Net of Accumulated Amortization | 28,756 | 45,784 |
Due from Related Parties | 1,699 | 1,709 |
Notes Receivable | 27,659 | 33,381 |
Goodwill | 2,735 | 2,700 |
Deferred Tax Asset | 7,020 | ' |
Other | 7,383 | 5,509 |
Other Assets Total | 104,561 | 108,975 |
TOTAL ASSETS | 656,375 | 638,016 |
Current Liabilities: | ' | ' |
Current Maturities of Long-Term Debt | 19,213 | 26,040 |
Accounts Payable and Other Accrued Expenses | 51,278 | 50,896 |
Total Current Liabilities | 70,491 | 76,936 |
Long-Term Debt, Less Current Maturities | 179,016 | 211,590 |
Other Long-Term Liabilities: | ' | ' |
Lease Incentive Obligation | 5,397 | 6,150 |
Other | 65,306 | 81,041 |
TOTAL LIABILITIES | 320,210 | 375,717 |
Stockholders' Equity: | ' | ' |
Common Stock, $1.00 Par Value, 20,000,000 Shares Authorized, 7,248,350 and 7,203,935 Shares Outstanding at December 31, 2013 and December 31, 2012, Respectively | 8,692 | 8,632 |
Additional Paid-In Capital | 140,115 | 86,362 |
Retained Earnings | 226,105 | 217,654 |
Treasury Stock, 1,388,066 Shares at December 31, 2013 and December 31, 2012, Respectively | -25,403 | -25,403 |
Accumulated Other Comprehensive Loss | -13,910 | -24,946 |
TOTAL STOCKHOLDERS' EQUITY | 336,165 | 262,299 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 656,375 | 638,016 |
9.50% Series A Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, $1.00 Par Value | 250 | ' |
9.00% Series B Preferred Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, $1.00 Par Value | $316 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | 9.50% Series A Preferred Stock [Member] | 9.00% Series B Preferred Stock [Member] | ||
Other Assets: | ' | ' | ' | ' |
Deferred Charges, Accumulated Amortization | $19,434 | $10,985 | ' | ' |
Stockholders' Equity: | ' | ' | ' | ' |
Cumulative Perpetual Preferred Stock, par value (in dollars per share) | ' | ' | $1 | $1 |
Cumulative Perpetual Preferred Stock, coupon rate (in hundredths) | ' | ' | 9.50% | 9.00% |
Cumulative Perpetual Preferred Stock, shares authorized (in shares) | ' | ' | 650,000 | 350,000 |
Cumulative Perpetual Preferred Stock, shares issued (in shares) | ' | ' | 250,000 | 316,250 |
Cumulative Perpetual Preferred Stock, shares outstanding (in shares) | ' | ' | 250,000 | 316,250 |
Common Stock, par value (in dollars per share) | $1 | $1 | ' | ' |
Common Stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | ' | ' |
Common Stock, shares outstanding (in shares) | 7,248,350 | 7,203,935 | ' | ' |
Treasury Stock, (in shares) | 1,388,066 | 1,388,066 | ' | ' |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | ' | $8,564 | $84,846 | $183,541 | ($25,403) | ($17,798) | $233,750 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | 31,549 | ' | ' | 31,549 |
Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | -6,149 | -6,149 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | 25,400 |
Compensation Expense - restricted stock (net of forfeited shares) | ' | 42 | 984 | ' | ' | ' | 1,026 |
Common Stock Dividends | ' | ' | ' | -10,981 | ' | ' | -10,981 |
Balance at Dec. 31, 2011 | ' | 8,606 | 85,830 | 204,109 | -25,403 | -23,947 | 249,195 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | 21,962 | ' | ' | 21,962 |
Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | -999 | -999 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | 20,963 |
Compensation Expense - restricted stock (net of forfeited shares) | ' | 26 | 532 | ' | ' | ' | 558 |
Common Stock Dividends | ' | ' | ' | -8,417 | ' | ' | -8,417 |
Balance at Dec. 31, 2012 | ' | 8,632 | 86,362 | 217,654 | -25,403 | -24,946 | 262,299 |
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | 18,157 | ' | ' | 18,157 |
Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | 11,036 | 11,036 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | 29,193 |
Compensation Expense - restricted stock (net of forfeited shares) | ' | 60 | 986 | ' | ' | ' | 1,046 |
Issuance of Preferred Stock | 566 | ' | 52,767 | ' | ' | ' | 53,333 |
Preferred Stock Dividends | ' | ' | ' | -2,346 | ' | ' | -2,346 |
Accrued Dividends on Restricted Stock Units | ' | ' | ' | -98 | ' | ' | -98 |
Common Stock Dividends | ' | ' | ' | -7,262 | ' | ' | -7,262 |
Balance at Dec. 31, 2013 | $566 | $8,692 | $140,115 | $226,105 | ($25,403) | ($13,910) | $336,165 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income | $18,157,000 | $21,962,000 | $31,549,000 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' | ' |
Depreciation | 24,930,000 | 24,975,000 | 26,391,000 |
Amortization of Deferred Charges | 11,638,000 | 7,979,000 | 7,022,000 |
Amortization of Intangible Assets | 5,701,000 | 3,055,000 | 1,932,000 |
Deferred Tax | -12,046,000 | -776,000 | ' |
Gain on Dry Bulk Transaction | ' | ' | -18,844,000 |
Non-Cash Share Based Compensation | 1,420,000 | 1,216,000 | 1,801,000 |
Equity in Net Loss of Unconsolidated Entities | 1,661,000 | 215,000 | 410,000 |
Distributions from Unconsolidated Entities | ' | ' | 750,000 |
Loss (Gain) on Sale of Assets | 16,000 | -16,625,000 | ' |
(Gain) Loss on Sale of Investments | ' | -580,000 | 747,000 |
(Gain) Loss on Foreign Currency Exchange | -5,914,000 | -5,506,000 | 3,051,000 |
Changes in: | ' | ' | ' |
Deferred Drydocking Charges | -18,176,000 | -11,304,000 | -6,803,000 |
Accounts Receivable | 2,014,000 | -3,533,000 | -1,290,000 |
Inventories and Other Current Assets | -767,000 | -2,734,000 | -1,200,000 |
Other Assets | 840,000 | 2,121,000 | 669,000 |
Accounts Payable and Accrued Liabilities | -9,478,000 | -6,481,000 | 3,133,000 |
Other Long-Term Liabilities | 3,779,000 | -4,150,000 | -3,045,000 |
Net Cash Provided by Operating Activities | 23,775,000 | 9,834,000 | 46,273,000 |
Cash Flows from Investing Activities: | ' | ' | ' |
Principal payments received under Direct Financing Leases | 558,000 | 3,877,000 | 5,583,000 |
Acquisition of Frascati Shops Inc and Tower, LLC | ' | -620,000 | ' |
Capital Improvements to Vessels and Other Assets | -32,543,000 | -50,729,000 | -109,631,000 |
Proceeds from Sale of Assets | ' | 225,315,000 | ' |
Purchase of Marketable Securities | ' | ' | -74,000 |
Proceeds from Sale of Marketable Securities | ' | 12,433,000 | 2,413,000 |
Investment in Unconsolidated Entities | -3,520,000 | -1,000,000 | -2,545,000 |
Acquisition of Unconsolidated Entity | ' | ' | 7,092,000 |
Net Increase in Restricted Cash Account | -499,000 | -1,093,000 | -8,907,000 |
Proceeds from Sale of Unconsolidated Entities | ' | ' | 526,000 |
Acquisition of United Ocean Services, LLC, net of cash acquired | -2,475,000 | -112,242,000 | ' |
Proceeds from Payments on Note Receivables | 5,954,000 | 4,754,000 | 4,735,000 |
Net Cash (Used In) Provided by Investing Activities | -32,525,000 | 80,695,000 | -100,808,000 |
Cash Flows from Financing Activities: | ' | ' | ' |
Issuance of Preferred Stock | 53,333,000 | ' | ' |
Proceeds from Issuance of Debt | 76,000,000 | 137,930,000 | 135,330,000 |
Repayment of Debt | -108,711,000 | -220,337,000 | -66,498,000 |
Additions to Deferred Financing Charges | -2,122,000 | -1,274,000 | -1,788,000 |
Dividends Paid | -9,608,000 | -8,417,000 | -10,981,000 |
Net Cash Provided by (Used In) Financing Activities | 8,892,000 | -92,098,000 | 56,063,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 142,000 | -1,569,000 | 1,528,000 |
Cash and Cash Equivalents at Beginning of Period | 19,868,000 | 21,437,000 | 19,909,000 |
Cash and Cash Equivalents at End of Period | $20,010,000 | $19,868,000 | $21,437,000 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||
Summary Of Significant Accounting Policies | ' | ||||||
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||
Organization and Basis of Presentation - International Shipholding Corporation (a Delaware corporation) and its majority-owned subsidiaries, referred to in this report using the terms “we,” “us,” “our,” and “the Company”, operate a diversified fleet of U.S. and International Flag vessels that provide domestic and international maritime transportation services to commercial customers and agencies of the United States government primarily under medium to long-term charters or contracts of affreightment. At December 31, 2013, our fleet consisted of 50 ocean-going vessels and related shoreside facilities. Our core business strategy consists of identifying growth opportunities in niche markets as market needs change, utilizing our extensive experience to meet those needs, and continuing to maintain a diverse portfolio of medium to long-term contracts, as well as protect our long-standing customer base by providing quality transportation services. From time to time, we augment our core business strategy with opportunistic transactions involving short term spot market contracts. The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. | |||||||
Consolidation - The accompanying financial statements include the accounts of International Shipholding Corporation and its’ majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Our policy is to consolidate all subsidiaries in which we hold a greater than 50% voting interest or otherwise control its operating and financial activities. We use the equity method to account for investments in entities in which we hold a 20% to 50% voting interest and have the ability to exercise significant influence over their operating and financial activities. | |||||||
Financial Statement Preparation - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||
Revenue and Expense Recognition - Revenue for our Rail-Ferry, Jones Act, and Specialty segments’ voyages is recorded over the duration of the voyage. Our voyage expenses are estimated at the beginning of the voyages based on historical actual costs or from industry sources familiar with those types of charges. As the voyage progresses, these estimated costs are revised with actual charges and timely adjustments made. The expenses are ratably expensed over the voyage based on the number of days in progress at the end of the period. Based on our experience, we believe there is not a material difference between recording estimated expenses ratably over the voyage versus recording expenses as incurred. Revenues and expenses relating to our other segments’ voyages, which require limited estimates or assumptions, are recorded when earned or incurred during the reporting period. | |||||||
The Maritime Security Act, which established the MSP, was signed into law in October of 1996 and has been extended to 2025. We recognize MSP revenue on a monthly basis over the duration of the qualifying contracts. The carrying amount approximates fair value for these instruments. As of December 31, 2013, five of our PCTCs, two of our Container vessels, and one Multi-Purpose vessel were qualified and received contracts for MSP participation. These vessels earned $2.8 million in 2013, $3.1 million in 2012, and $2.95 million in 2011. | |||||||
Income Taxes - Income taxes are accounted for in accordance with ASC Topic 740. Provisions for income taxes include deferred income taxes for temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. Deferred income taxes are computed using enacted tax rates that are expected to be in effect when the temporary differences reverse. A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some portion or the entire deferred tax asset will not be realized. The Company records uncertain tax positions within income tax expense and classifies interest and penalties related to income taxes as income tax expense. | |||||||
Certain foreign operations are not subject to income taxation under pertinent provisions of the laws of the country of incorporation or operation. However, pursuant to existing U.S. tax laws, earnings from certain of our foreign operations are subject to U.S. income taxes when those earnings are repatriated to the U.S. | |||||||
The Jobs Creation Act, which first applied to us on January 1, 2005, changed the U.S. tax treatment of the foreign operations of our U.S. flag vessels and our International Flag shipping operations. We made an election under the Jobs Creation Act to have our qualifying U.S. Flag operations taxed under the “tonnage tax” regime rather than under the usual U.S. corporate income tax regime (See Note J – Income Taxes). | |||||||
Cash and Cash Equivalents - We consider highly liquid debt instruments and money market funds with an original maturity of three months or less to be cash equivalents. | |||||||
Accounts Receivable - We provide an allowance for doubtful accounts for accounts receivable balances estimated to be non-collectible. These provisions are maintained based on identified specific accounts, past experiences, and current trends, and require management’s estimates with respect to the amounts that are non-collectible. Accounts receivable balances are written off against our allowance for doubtful accounts when deemed non-collectible. | |||||||
Inventories - The Company values spare parts and warehouse inventories at the lower of cost or market, using the first-in, first-out (FIFO) method of accounting. Fuel inventory is based on the average inventory method of accounting. As of December 31, 2013 and 2012, our inventory balances were approximately $11.3 million and $11.8 million, respectively. Our inventory consists of three major classes, the break out of which is included in the following table: | |||||||
(All Amounts in Thousands) | For the Years Ended December 31, | ||||||
Inventory Classes | 2013 | 2012 | |||||
Spare Parts Inventory | $ | 3,968 | $ | 3,652 | |||
Fuel Inventory | 4,627 | 4,633 | |||||
Warehouse Inventory | 2,691 | 3,562 | |||||
$ | 11,286 | $ | 11,847 | ||||
Vessels, Property and Other Equipment - For financial reporting purposes, vessels are depreciated over their estimated useful lives using the straight-line method to the estimated salvage value. | |||||||
Estimated useful lives (in years) of Vessels, Leasehold Improvements, and Furniture and Equipment from now or when built are as follows: | |||||||
Jones Act | |||||||
1 | Coal Carrier | 15 | |||||
2 | Bulk Carriers | 25 | |||||
1 | Harbor Tug | 20 | |||||
3 | ATB Barge and Tug Units | 30-Sep | |||||
1 | ITB Barge and Tug Unit | 30-Sep | |||||
Pure Car Truck Carriers | |||||||
4 | Pure Car/Truck Carriers | 20-25 | |||||
Rail-Ferry | |||||||
2 | Special Purpose Vessels | 25 | |||||
Building | 15-25 | ||||||
Dry Bulk Carriers | |||||||
5 | Bulk Carriers | 25 | |||||
Specialty Contracts | |||||||
1 | Tanker | 25 | |||||
1 | Multi-Purpose Ice Strengthened | 25 | |||||
Other | |||||||
Leasehold Improvements | 20-Oct | ||||||
Other Equipment | 12-Mar | ||||||
Furniture and Equipment | 10-Mar | ||||||
At December 31, 2013, our fleet of 50 vessels also included (i) a Molten Sulphur Carrier, two Multi-Purpose vessels, five Container vessels, which we charter in one of our services, (ii) one Tanker, (iii) three Pure Car Truck Carriers, (iv) one Bulk Carrier, (v) fifteen Mini-Bulker Carriers, (vi) and one Multi-Purpose heavy lift vessel. | |||||||
Costs of all major property additions and betterments are capitalized. Ordinary maintenance and repair costs are expensed as incurred. Interest and finance costs relating to vessels and other equipment under construction are capitalized to properly reflect the cost of assets acquired. Capitalized interest totaled $52,000, $120,045 and $339,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Capitalized interest was calculated based on our weighted-average interest rate on our outstanding debt. | |||||||
We monitor our fixed assets for impairment and perform an impairment analysis in accordance with Accounting Standards Codification (“ASC”) Topic 360 when triggering events or circumstances indicate a fixed asset or asset group may be impaired. Such events or circumstances may include a decrease in the market price of the long-lived asset or asset group or a significant change in the way the asset is being used. Once a triggering event or circumstance is identified, an analysis is done which shows the net book value of the asset as compared to the estimated undiscounted future cash flows the asset will generate over its remaining useful life. It is possible that our asset impairment review would include a determination of the asset’s fair value based on a third-party evaluation or appraisal. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. We believe that no impairment existed at December 31, 2013 and 2012 (See Note Y – Impairment of Long Lived Assets). | |||||||
Drydocking Costs - We defer certain costs related to the drydocking of our vessels. Deferred drydocking costs are capitalized as incurred and amortized on a straight-line basis over the period between drydockings (generally two to five years). Because drydocking charges can be material in any one period, we believe that the capitalization and amortization of these costs over the drydocking period provides a better matching with the future revenue generated by our vessels. We capitalize only those costs that are incurred to meet regulatory requirements. Normal repairs, whether incurred as part of the drydocking or not, are expensed as incurred (See Note N – Deferred Charges and Intangible Assets). | |||||||
Goodwill and Intangible Assets - Under FASB ASC 350, Intangibles – Goodwill and Other, goodwill and indefinite-lived intangible assets are reviewed at least annually for impairment. Intangible assets with definite lives are amortized using the straight line method over their individual useful lives. Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. On August 6, 2012, the Company acquired companies FSI and Tower, resulting in Goodwill of $828,000. On November 30, 2012, the Company acquired UOS, resulting in Goodwill of approximately $1.9 million. At December 31, 2013 and 2012, our Goodwill balances were $2.7 million. Goodwill is monitored for impairment and we perform an impairment analysis on an annual basis, or whenever events or circumstances indicate that interim impairment testing is necessary (See Note B–Acquisition). | |||||||
Deferred Financing Charges - We amortize our deferred financing charges over the terms of the related financing agreements and contracts using the effective interest method (See Note N – Deferred Charges and Intangible Assets). | |||||||
Self-Retention Insurance - We maintain provisions for estimated losses under our self-retention insurance program based on estimates of the eventual claims settlement costs. The measurement of our exposure for self-insurance liability requires management to make estimates and assumptions that affect the amount of loss provisions recorded during the reporting period. Actual results could differ materially from those estimates (See Note H – Self-Retention Insurance). | |||||||
Asbestos Claims - We maintain provisions for estimated losses for asbestos claims based on estimates of eventual claims settlement costs. Our policy is to establish provisions based on a range of estimated exposure. We estimate this potential range of exposure using input from legal counsel and internal estimates based on the individual deductible levels for each policy year. We believe that insurance and the indemnification of a previous owner of one of our wholly-owned subsidiaries will partially mitigate our exposure. The measurement of our exposure for asbestos liability requires management to make estimates and assumptions that affect the amount of the loss provisions recorded during the period. Our estimates and assumptions are formed from variables such as the maximum deductible levels in a claim year, the amount of the indemnification recovery and the claimant's employment history with the Company. Actual results could differ materially from those estimates. | |||||||
Foreign Currency Transactions - Certain of our revenues and expenses are converted into or denominated in foreign currencies, primarily the Singapore Dollar, Indonesian Rupiah, Euro, British Pound, Mexican Peso, Australian Dollar, and Japanese Yen. All exchange adjustments are charged or credited to income in the year incurred. Excluding the foreign exchange losses related to the Yen-denominated loan facility, we recognized an exchange gain of approximately $412,000, $10,000 and $460,000 for the years ended December 31, 2013, 2012 and 2011, respectively, on foreign currency transactions related to operations. | |||||||
In addition to the foreign currency operational transactions, we also recorded non-cash foreign exchange gains of $5.9 million, $5.5 million, and losses of $3.1 million for the years ending December 31, 2013, 2012, and 2011, respectively, reflecting the periodic re-measurement of a Yen-denominated credit facility to U.S. Dollars. These gains/losses are reflected in our Consolidated Statements of Income as “Interest and Other”. In the fourth quarter of 2013, we entered into several Yen foreign exchange contracts which effectively locked in our Yen to U.S. dollar exchange rate at 102.53 to 1 USD. | |||||||
Dividend Policy - The payment of dividends is at the discretion of our Board of Directors. On October 29, 2008, our Board of Directors authorized the reinstitution of a quarterly common stock cash dividend program beginning in the fourth quarter of 2008. | |||||||
Dividends were payable quarterly beginning April 30 and October 30, 2013, in respect of our Series A and Series B Preferred shares, respectively, when and if declared by our Board of Directors (See Note AB – Preferred Stock). | |||||||
Earnings Per Share - Basic earnings per share was computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per share also reflect the effect of dilutive potential common shares, including shares issuable under restricted stock units using the treasury stock method (See Note T – Earnings Per Share). | |||||||
Derivative Instruments and Hedging Activities - Under ASC Topic 815, in order to consider a derivative instrument as a hedge, (i) we must designate the instrument as a hedge of future transactions, and (ii) the instrument must reduce our exposure to the applicable risk. If the above criteria are not met, we record the fair market value of the instrument at the end of each period and recognize the related gain or loss through earnings. If the instrument qualifies as a hedge, net settlements under the agreement are recognized as an adjustment to earnings, while changes in the fair value of the hedge are recorded through Stockholders’ Equity in Other Comprehensive Income (Loss). We currently employ, or have employed in the recent past, interest rate swap agreements and foreign currency contracts (See Note R – Fair Value of Financial Instruments, Derivatives and Marketable Securities). | |||||||
Stock-Based Compensation - Under ASC Topic 505, we determine stock based compensation cost based on the grant date fair value of awards and record compensation expense over the vesting period of such awards. The compensation cost related to our restricted stock is determined based on the average stock price on the date of grant and is amortized on a straight-line basis over the vesting period (See Note V – Stock-Based Compensation). | |||||||
Pension and Postretirement Benefits - Our pension and postretirement benefit costs are calculated using various actuarial assumptions and methodologies. These assumptions include discount rates, health care cost trend rates, inflation, rate of compensation increases, expected return on plan assets, mortality rates, and other factors. We believe that the assumptions utilized in recording the obligations under our plans are reasonable based on input from our outside actuary and information as to historical experience and performance. Differences in actual experience or changes in assumptions may affect our pension and postretirement obligations and future expense. | |||||||
We account for our pension and postretirement benefit plans in accordance with ASC Topic 715. This statement requires balance sheet recognition of the overfunded or underfunded status of pension and postretirement benefit plans. Under ASC Topic 715, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in Other Comprehensive Income (Loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. In addition, the measurement date, the date at which plan assets and the benefit obligation are measured, is required to be the Company’s fiscal year end. This standard does not change the determination of net periodic benefit cost included in net income or the measurement issues associated with benefit plan accounting. | |||||||
For the period ended December 31, 2013, the effect of the adjustment to our overfunded status was a decrease in the liability of $9.4 million and a decrease in Other Comprehensive Loss of $7.1 million, net of taxes of $2.3 million. For the period ended December 31, 2012, the effect of the adjustment to our underfunded status was an increase in the liability of $2.6 million, and an increase in Other Comprehensive Loss of $2.2 million, net of taxes of $452,000 with a full valuation allowance. As of December 31, 2013, our pension plan was overfunded by $1.5 million or 104.6% (See Note I – Employee Benefit Plans). | |||||||
Recent Accounting Pronouncements - In January 2013, the FASB issued ASU 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities" to amend Accounting Standards Codification Topic 210, "Balance Sheet". The amendment is to clarify that the scope of Update 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013 and interim and annual periods thereafter. We adopted ASU 2013-01 in the first quarter of 2013 and the application of the new requirements did not have a material effect on our operating results or financial position. | |||||||
In February 2013, the FASB issued ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" to amend Accounting Standards Codification Topic 220, "Comprehensive Income". The amendment requires an entity to provide information about the amounts reclassified out of other comprehensive income by component. Entities are also required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross reference to other disclosures required under US GAAP that provide additional details about those amounts ASU 2013-02 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. We adopted ASU 2013-02 in the first quarter of 2013 and the application of the new requirements did not have a material effect on our operating results or financial position. | |||||||
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the Emerging Issues Task Force)”, to amend Accounting Standards Codification Topic 405, “Liabilities”. This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This stipulates that (1) it will include the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and (2) any additional amount the entity expects to pay on behalf of the other entities. The objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. ASU 2013-04 is effective for fiscal periods (and interim reporting periods within those years) beginning after December 15, 2013. We are currently evaluating the adoption of this standard. | |||||||
In March 2013, the FASB issued ASU 2013-05,“Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” to amend Accounting Standards Codification Topic 830, “ Foreign Currency Matters”. The objective of the amendments in this Update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the adoption of this standard. | |||||||
In July 2013, the FASB issued ASU No. 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes” (a consensus of the FASB Emerging Issues Task Force), which permits the use of the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate), in addition to the U.S. government rate (UST) and London Interbank Offered Rate (LIBOR), as a U.S. benchmark interest rate for hedge accounting purposes under FASB ASC Topic 815, Derivatives and Hedging. Entities should apply the ASU prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. We are currently evaluating the adoption of this standard. | |||||||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (a consensus of the FASB Emerging Issues Task Force), which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. The ASU does not require new recurring disclosures. It is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013 and December 15, 2014, for public and nonpublic entities, respectively. Early adoption and retrospective application are permitted. We are currently evaluating the adoption of this standard. | |||||||
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Acquisitions [Abstract] | ' | ||||
Acquisitions | ' | ||||
NOTE B – ACQUISITIONS | |||||
U.S. United Ocean Services, LLC Acquisition | |||||
On November 30, 2012, (“the acquisition date”) we acquired 100% of the membership interest of UOS. The total consideration of approximately $114.7 million consisted of a $112.2 million cash payment and a post-closing settlement of payment of approximately $2.5 million, which was made in the first quarter of 2013. In the fourth quarter of 2012, we incurred acquisition expenses of approximately $1.8 million related to legal, consulting, and valuation fees. The fees expensed have been included under the caption “Administrative and General Expenses” in our Consolidated Statement of Income. | |||||
Founded in 1959, UOS provides marine transportation services for dry bulk commodities in the United States. UOS operates the largest U.S. Flag Jones Act dry bulk fleet today (131,000 dead weight tons), which consists of two Handysize Bulkers and four Tug/Barge units. The majority of the fleets operations are under contracts with TECO and Mosaic, both of whom have maintained longstanding relationships with UOS that have spanned several decades. | |||||
The following is a tabular summary of the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: | |||||
Amount Recognized as of Acquisition Date | |||||
Description | (All Amounts in Thousands) | ||||
Working Capital including Cash Acquired | $ | 8,511 | |||
Inventory | 6,510 | ||||
Property, Plant, and Equipment | 60,037 | ||||
Identifiable Intangible Assets | 45,131 | ||||
Total Assets Acquired | 120,189 | ||||
Misc. Payables and Accrued Expenses | -5,434 | ||||
Other Long Term Liability | -1,945 | ||||
Total Liabilities Assumed | -7,379 | ||||
Net Assets Acquired | 112,810 | ||||
Total Consideration Transferred | -114,717 | ||||
Goodwill* | $ | 1,907 | |||
* Goodwill represents the fair value of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of UOS includes the following: | |||||
· | the expected synergies and other benefits that we believe will result from combining the operations of UOS with our existing Jones Act operations. | ||||
· | any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, and | ||||
· | the anticipated higher rate of return of UOS’s existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. | ||||
Based on our qualitative assessment as of December 1, 2013, we believe it is not more likely than not that the fair value of the reporting unit (UOS) is less than the carrying amount. | |||||
The following unaudited pro forma results present consolidated information as if the UOS acquisition had been completed as of January 1, 2012. The pro forma results include the amortization associated with the acquired intangible assets, interest expense associated with the debt used to fund a portion of the acquisition, and the impact of fair value adjustments such as depreciation adjustments related to adjustments to property, plant and equipment. The pro forma results should not be considered indicative of the results of operations or financial position of the combined companies had the acquisition been consummated as of January 1, 2012, and are not necessarily indicative of results of future operations of the company. | |||||
The pro forma combined financial statements do not include the realization of any cost savings from anticipated operating efficiencies, synergies, or other restructuring activities which might result from the acquisition. The following table sets forth the pro forma revenues, net earnings attributable to ISH, basic net earnings per share and fully diluted net earnings per share attributable to ISH common stockholders for the years ended December 31, 2012 and 2011, respectively (unaudited and in thousands, except share amounts): | |||||
2012 Pro | 2011 Pro | ||||
Forma | Forma | ||||
Revenues | $ | 329,079 | $ | 385,938 | |
Net earnings attributable to ISH | $ | 30,765 | $ | 39,166 | |
Net earnings per share attributable to ISH common stockholders: | |||||
Basic | $ | 4.28 | $ | 5.49 | |
Diluted | $ | 4.27 | $ | 5.46 | |
Frascati Shops, Inc. and Tower, LLC Acquisition | |||||
On August 6, 2012, (“the acquisition date”) we acquired the common stock and membership interest of Frascati Shops, Inc. (“FSI”) and Tower LLC, (“Tower”), respectively. FSI and Tower (collectively, the “Acquired Companies”) own and operate a certified rail-car repair facility near the port of Mobile, Alabama. Both will continue to be used to service and repair rail-cars from third party customers as well as rail-cars that are transported via our Rail-Ferry vessels. Our acquisition of the Acquired Companies enables us to (i) lower our Rail-Ferry maintenance and operating costs, (ii) increase the revenues of our Rail Services operations and (iii) deepen our existing customer relationships. | |||||
The total consideration of approximately $4.5 million consisted of a $623,000 cash payment, the assumption of $3.5 million in debt, and $412,000 in miscellaneous payables. As of September 30, 2012, we discharged all debt and substantially all known accounts payable assumed in the acquisition. Acquisition expenses of approximately $40,000 related to legal fees incurred in due diligence have been included under the caption “Administrative and General Expenses” in our Consolidated Statement of Income. | |||||
The transaction was accounted for as a business combination using the acquisition method of accounting which requires, among other things, that the assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. While most assets and liabilities were measured at fair value, a single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. Our judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. | |||||
The following is a tabular summary of the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: | |||||
Amount Recognized as of Acquisition Date | |||||
Description | (All Amounts in Thousands) | ||||
Working Capital including Cash Acquired | $ | 18 | |||
Inventory | 231 | ||||
Property, Plant, and Equipment | 3,411 | ||||
Identifiable Intangible Assets | 490 | ||||
Total Assets Acquired | 4,150 | ||||
Misc. Payables and Accrued Expenses | -412 | ||||
Long Term Debt | -3,490 | ||||
Deferred Tax Liability | -453 | ||||
Total Liabilities Assumed | -4,355 | ||||
Net Liabilities Assumed | -205 | ||||
Total Consideration Transferred | -623 | ||||
Goodwill* | $ | 828 | |||
* Goodwill represents the sum of the consideration transferred and the net liabilities assumed and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of the Acquired Companies includes the following: | |||||
· | the expected synergies and other benefits that we believe will result from combining the operations of the Acquired Companies with our existing Rail-Ferry operations. | ||||
· | any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, and | ||||
· | the anticipated higher rate of return of the Acquired Companies existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. | ||||
Based on our qualitative assessment as of December 1, 2013, we believe it is not more likely than not that the fair value of the reporting unit (FSI and Tower) is less than the carrying amount. | |||||
Dry Bulk Cape Holding, Inc. Step Acquisition | |||||
On March 25, 2011, Cape Holding, Ltd. (one of our indirect wholly-owned subsidiaries) and DryLog Ltd. completed a transaction that restructured their respective 50% interests in Dry Bulk. | |||||
Prior to this transaction, Dry Bulk controlled through various subsidiaries two Capesize vessels and two Supramax Newbuildings. In connection with this transaction, (i) Cape Holding, Ltd. increased its ownership in Dry Bulk from 50% to 100% and (ii) in consideration, DryLog Ltd. received our prior 50% ownership in two Dry Bulk subsidiaries (one holding a Capesize vessel and the other a shipbuilding contract relating to a Supramax vessel delivered in the second quarter of 2012), and $1.5 million in cash. Following the transfer of these subsidiaries, Dry Bulk continues to control through two subsidiaries, one Cape Size vessel and one Supramax vessel which delivered from the shipyard in January of 2012. As a result of completing this transaction, we own 100% of Dry Bulk and have complete control of the two remaining vessels. | |||||
During the first quarter of 2011, we retained an independent, third party firm with shipping industry experience to assist us in determining the fair value of Dry Bulk and the fair value of our previous 50% interest in Dry Bulk. | |||||
At the time of the acquisition, the assets of Dry Bulk consisted of cash, trade receivables, prepayments, inventory, two Capesize vessels, two Supramax vessels under construction and time charter agreements at attractive time charter rates on the two Capesize vessels which expired in early 2013 and are currently fixed. Current liabilities consisted primarily of accrued interest on debt and the non-current liabilities consisting primarily of floating rate bank borrowings. With the exception of the Capesize vessels and the intangible value assigned to the above-market time charter contracts, the fair value of all assets and liabilities were equal to the carrying values. | |||||
As of March 31, 2011, the combined appraised value for both Capesize vessels was $84.0 million as compared to the book value of approximately $53.6 million. In determining the appraised fair value of the Capesize vessels, the cost and comparable sales approaches were used with equal weight applied to each approach. In addition to the fair value adjustment on the Capesize vessels, an intangible asset was established reflecting the difference between the existing values of the time charter contracts in place as compared to current market rates for similar vessels under short-term contracts, discounted back to present value. Based on the income approach, the fair value of the intangible asset was calculated to be $5.2 million was amortized over the remaining life of the contract, which expired in January of 2013. As a result of the combined fair value adjustments noted above, we concluded that the total fair value of the net assets of Dry Bulk acquired was $69.0 million. | |||||
In order to arrive at the fair value of our existing interest in Dry Bulk, 50% of the total fair value of $69.0 million was discounted by 5.1%, reflecting our lack of control of Dry Bulk as a 50% owner. The discount rate of 5.1% was derived from a sample of recent industry data. As a result, we concluded that the fair value of our existing 50% interest was $32.7 million. | |||||
Under Accounting Standards Codification 805, a step up to fair value is required when an equity interest changes from a non-controlling interest to a controlling interest (step acquisition). Based on the step up from a 50% interest to a 100% interest in Dry Bulk, a gain of approximately $18.3 million was generated by taking the difference between the fair value of our previously held 50% interest less the book value of the previously held interest. This calculation is shown below: | |||||
(All Amounts in thousands) | |||||
Fair Value of Previously Held 50% Interest | $32,700 | ||||
Less: Book Value of Previously Held Interest | -14,400 | ||||
Gain on Previously Held 50% Interest | $18,300 | ||||
We also recognized a bargain purchase gain of $0.5 million with respect to the step up to fair value of the 50% interest we acquired, calculated as follows: | |||||
(All Amounts in thousands) | |||||
Fair Value of Net Assets Acquired | $69,000 | ||||
Less: Fair Value of Purchase Consideration | -35,800 | ||||
Less: Fair Value of Previously Held 50% Interest | -32,700 | ||||
Bargain Purchase Gain | $ 500 | ||||
In order to properly account for the fair value of the purchase consideration, and in accordance with the terms of the purchase agreement, we included all assets and liabilities that we transferred to DryLog to acquire the remaining 50% ownership in Dry Bulk Cape Holding, Inc. | |||||
The fair value of the cape size vessels was developed by using a combination of the cost and comparable sales approaches and was provided by a third party valuation firm. For the cost approach, the current estimated replacement cost was determined based on recent construction contract information extracted from construction costs reported and tabulated by Compass Maritime and HIS Fairplay – World Shipping Encyclopedia. The replacement cost was depreciated over a 25-year normal useful life after deducting the estimated current scrap value of $12.0 million. The scrap value was based on reported current sales of vessels to scrap processors located in the Indian sub-continent reported in the range of $490/LDT taken from published data. This figure was multiplied by the reported light ship weight of the vessel of 24,413 metric tons. The yearly physical depreciation was multiplied by the remaining economic life of the vessel and the scrap value added back to arrive at the cost approach for each vessel. | |||||
For the comparable sales approach method, research of publicly available data identified approximately twenty cape size vessels sold from September of 2010 through February of 2011. The reported sales were plotted as a graph of dollar per deadweight ton versus age. The graph was used to determine the appropriate dollar per deadweight ton. The cost and comparable sales approaches were weighted approximately 50/50 to arrive at the estimated fair market value. | |||||
The fair value of the intangible assets was based on the difference between the existing time-charter contract rate in place as of the acquisition date as compared to the current market rates for similar vessels under short-term charters. The time charter contracts being valued expired on January 7, 2013. The fair value was calculated based on the discounted cash flow model and was prepared by a third party valuation firm. The market rate of $18,500 per day (net of 6.25% commissions) was used based on short-term rates published by an industry publication. The discount rate used was based on a weighted average cost of capital of 13% and derived from industry specific data collected from Ibbotson Associates Cost of Capital Quarterly, S&P 500 and from Moody’s. | |||||
Previously, we accounted for our non-controlling interest in Dry Bulk under the equity method. We now include the financial results of Dry Bulk in our consolidated financial results, which include revenues and net loss/income for Dry Bulk for the year to date results. Since the acquisition of Dry Bulk, our 2011 consolidated financial results included revenue and net income of $7.3 million and $2.0 million, respectively. Assuming we had recorded this transaction on January 1, 2011, our consolidated financial results for the year ending December 31, 2011 would not have been materially different from what we actually reported. As such, we have not disclosed in this report any proforma financial information for 2011. | |||||
Out_Of_Period_Adjustments
Out Of Period Adjustments | 12 Months Ended |
Dec. 31, 2013 | |
Out Of Period Adjustments [Abstract] | ' |
Out Of Period Adjustments | ' |
NOTE C- OUT OF PERIOD ADJUSTMENTS | |
In July of 2011, Oslo Bulk AS (“Oslo”), an entity in which we hold a 25% equity interest and account for under the equity method, entered into an interest rate swap to reduce its exposure to variable interest rates on its outstanding debt. We incorrectly accounted for the derivative by reporting our 25% share of the change in fair value of the derivative in the consolidated statements of income under the caption “Equity in Net (Loss) Income of Unconsolidated Entities” from inception of the swap to December 31, 2011, rather than accounting for the change in fair value as a component of comprehensive income. The change in fair value recorded in the third and fourth quarters of 2011 resulted in an aggregate loss of approximately $674,000. As a result of this error, we recorded an out of period (“OOP”) adjustment during the three months ended June 30, 2012 to correct the $674,000 aggregate loss that was previously recorded in 2011, and $42,000 that was previously recorded in the first quarter of 2012. The correction of these amounts was recorded in "Other Comprehensive Income". We also recorded a $324,000 negative OOP adjustment related to net charter revenues that were not previously recorded on a straight-line basis in prior periods from 1999 to 2011, and a $239,000 positive OOP adjustment related to the termination of a lease on one of our PCTC vessels in the third quarter of 2011. The net impact of these OOP adjustments was an $85,000 decrease to pre-tax income and a $631,000 increase to net income. We evaluated the impact of the OOP adjustments on the results of our previously issued financial statements for each of the periods affected and concluded that the impact was not material. In 2012, we evaluated the impact of correcting the cumulative effect of the OOP adjustments and concluded that the impact would not materially affect our results for 2012. Accordingly, a net adjustment of $631,000 was recorded to correct the OOP errors in the three month period ended June 30, 2012. | |
Property_Plant_Equipment
Property, Plant & Equipment | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant & Equipment [Abstract] | ' | ||||||
Property, Plant & Equipment | ' | ||||||
NOTE D – PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment consisted of the following: | |||||||
For the Year Ended December 31, | |||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||
Pure Car/Truck Carriers | $ | 146,190 | $ | 132,393 | |||
Special Purpose vessels | 59,481 | 59,462 | |||||
Coal Carrier | 92,771 | 92,771 | |||||
Tanker | 8,009 | 8,009 | |||||
Bulk Carriers | 203,394 | 200,537 | |||||
Tug and Barge Units | 72,571 | 32,000 | |||||
Non-vessel related property, plant and equipment | 39,909 | 39,796 | |||||
622,325 | 564,968 | ||||||
Less: Accumulated depreciation | -175,106 | -151,318 | |||||
447,219 | 413,650 | ||||||
Construction-in-progress (vessel and non-vessel) | 2,673 | 10 | |||||
$ | 449,892 | $ | 413,660 | ||||
Total depreciation expense attributed to our Property, Plant and Equipment was approximately $24.9 million, $25.0 million and $26.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Other depreciation on non-vessel items such as office equipment, furniture, etc. is recorded in Administrative and General Expenses and was approximately $628,000, $600,000 and $992,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||
Gain_On_Sale_Of_Other_Assets
Gain On Sale Of Other Assets | 12 Months Ended |
Dec. 31, 2013 | |
Gain On Sale Of Other Assets [Abstract] | ' |
Gain On Sale Of Other Assets | ' |
NOTE E – GAIN ON SALE OF OTHER ASSETS | |
In March 2012, we sold two of our PCTCs. We received total gross proceeds of $73.9 million and realized a gain of $3.8 million. These proceeds were partially used to pay down approximately $36.1 million of debt. | |
In the second quarter of 2012 we also included under this line item in our Consolidated Statements of Income the recognition of deferred gains of approximately $239,000 and $430,000 related to the purchase of one of our PCTC vessels and one Molten-Sulphur Carrier, respectively. See Note C - Out of Period Adjustments for details related to the gain on the purchase of the PCTC vessel. Details of the gain on the purchase of the Molten-Sulphur Carrier and its future sale are disclosed in Note M - Leases. Both vessels were purchased as a result of early buy-outs of lease agreements. | |
On October 22, 2012, we acquired a newer vessel in exchange for one of our existing vessels and $3.7 million in cash. This transaction was accounted for under ASC 845, generating a gain based on fair market value of the vessel received less the book value of the vessel tendered. The gain recognized was approximately $12.2 million from this transaction and is included in our Consolidated Statements of Income under the caption “(Gain) Loss on Sale/Purchase of Other Asset” for the year ended December 31, 2012. | |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Long-Term Debt [Abstract] | ' | ||||||||||||||
Long-Term Debt | ' | ||||||||||||||
NOTE F – LONG-TERM DEBT | |||||||||||||||
On September 24, 2013, we terminated our previously-existing revolving credit facility scheduled to expire in September 2014 and five-year variable rate financing agreement that we entered into November 30, 2012. Concurrently with these terminations, we and our domestic subsidiaries entered into a new senior secured credit facility that (i) increased our borrowing capacity to $95.0 million, with a potential increase to $145.0 million, (ii) reduced our covenant restrictions, (iii) extended the maturity date of our facility to September 24, 2018, (iv) further monetized the value of our U.S. assets, and (v) allowed us to refinance and retire all indebtedness outstanding under our previously-existing revolving credit facility and five-year variable rate financing agreement. The total amount paid off on September 24, 2013 was approximately $46.6 million, of which $21.0 million was drawn from the new revolving credit facility under the Credit Facility. | |||||||||||||||
The Credit Facility includes a term loan facility in the principal amount of $45.0 million and a revolving credit facility (“LOC”) in the principal amount of $50 million. The LOC includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. The Credit Facility carries an accordion feature, whereby an additional term loan up to $50.0 million may be advanced subject to certain financial requirements. As of September 24, 2013, the Credit Facility had four lenders, each with commitments ranging from $15.0 million to $30.0 million. As of December 31, 2013, we had $21.0 million of borrowings and $3.7 million of letters of credit outstanding under our LOC, leaving an available balance of approximately $25.3 million. | |||||||||||||||
The Credit Facility includes usual and customary covenants and events of default for credit facilities of its type. Our ability to borrow under the Credit Facility is conditioned upon continued compliance with such covenants, including, among others, (i) covenants that restrict our ability to engage in certain asset sales, mergers or other fundamental changes, to incur liens or to engage in various other transactions or activities and (ii) various financial covenants, including those that stipulate that we maintain a consolidated leverage ratio of 4.5 to 1.0 through the fiscal quarter ending December 31, 2013, and 4.25 to 1.0 thereafter, liquidity of not less than $15.0 million through the fiscal quarter ending December 31, 2013, and $20.0 million thereafter, and a consolidated net worth of not less than the sum of $228.0 million plus 50% of our consolidated net income earned after December 31, 2011 plus 100% of the proceeds of all issuances of equity interests received after December 31, 2011 (with all such terms or amounts as defined in or determined under the Credit Facility). | |||||||||||||||
We categorized this refinancing as a debt extinguishment. The total fees associated with the Credit Facility included $1.4 million of bank fees and $148,000 of third party fees. Approximately $800,000 of the bank fees associated with the old term loan facility were expensed during the third quarter of 2013, while all the fees associated with new LOC facility will be deferred and amortized over the term of the Credit Facility. | |||||||||||||||
Long-term debt consisted of the following: | |||||||||||||||
Interest Rate | Total Principal Due | ||||||||||||||
(All Amount in Thousands) | Year Ended December 31, | Maturity | Year Ended December 31, | ||||||||||||
Description | 2013 | 2012 | Date | 2013 | 2012 | ||||||||||
Secured: | |||||||||||||||
Notes Payable – Variable Rate | -1 | 2.0600 | % | $ | - | $ | 12,666 | ||||||||
Notes Payable – Variable Rate | -3 | 2.7451 | % | 2.8090 | % | 2018 | 15,460 | 18,896 | |||||||
Notes Payable – Variable Rate | (2,5) | 2.7090 | % | - | 30,000 | ||||||||||
Notes Payable – Variable Rate | 2.7400 | % | 2.81-2.85 | % | 2018 | 45,081 | 48,760 | ||||||||
Notes Payable – Variable Rate | 2.5188 | % | 2.5590 | % | 2017 | 11,383 | 13,436 | ||||||||
Notes Payable – Variable Rate | 2.9181 | % | 2.9810 | % | 2018 | 12,780 | 15,620 | ||||||||
Notes Payable – Variable Rate | -3 | 2.7384 | % | 2.8158 | % | 2018 | 16,651 | 17,908 | |||||||
Notes Payable – Variable Rate | -4 | 2.8964 | % | 1.8314 | % | 2020 | 31,437 | 42,089 | |||||||
Notes Payable – Variable Rate | -5 | 3.7500 | % | 2018 | 44,437 | - | |||||||||
Unsecured Line of Credit-Old | -6 | 3.9597 | % | - | 38,255 | ||||||||||
Secured Line of Credit-New | -5 | 3.6700 | % | 2018 | 21,000 | - | |||||||||
198,229 | 237,630 | ||||||||||||||
Less Current Maturities | -19,213 | -26,040 | |||||||||||||
$ | 179,016 | $ | 211,590 | ||||||||||||
1 | We had an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2015 at 4.41%. Upon early repayment of approximately $13.3 million to close this credit facility, the interest rate swap was settled and terminated in the third quarter of 2013. | ||||||||||||||
2.We entered into a variable rate financing agreement with Capital One N.A. on November 30, 2012 for a five year facility totaling $30.0 million to finance a portion of the acquisition of UOS. This facility was fully drawn prior to the end of 2012. Upon execution of the new U.S. Senior Credit Facility, this credit facility was paid off in full. The early pre-payment amount was approximately $25.5 million. | |||||||||||||||
3.We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Cape Size vessel and a Supramax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn on June 20, 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million on January 24, 2012. | |||||||||||||||
4.We have a Yen interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 4.815%. The swap agreement is for the same term as the associated note payable. | |||||||||||||||
5.As described in greater detail above, on September 24, 2013, we entered into a senior secured Credit Facility. The Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45.0 million and a LOC, which allows for borrowing up to a principal amount of $50.0 million. The LOC facility includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. As of September 24, 2013, the Credit Facility had four lenders, each with commitments ranging from $15 million to $30 million. The facility carries an accordion feature, whereby an additional term loan up to $50.0 million may be advanced subject to certain financial requirements. | |||||||||||||||
6.Our previously-existing unsecured line of credit agreement was paid off with the execution of the new secured credit facility on September 24, 2013. | |||||||||||||||
During the second quarter of 2013, we deposited $9.8 million with ING Bank N.V., London Branch associated to maintain a minimum fair market value of five Dry Bulk Vessels to their loan balance. During third quarter of 2013, approximately $7.3 million of this deposit was returned due to increased vessel valuations in October 2013. A remaining deposit of approximately $2.5 million is still being held by ING pending the next appraisal in April 2014. | |||||||||||||||
All of the debt listed in the chart above was either (i) issued directly by International Shipholding Corporation or (ii) issued by one or more subsidiaries of International Shipholding Corporation and guaranteed by International Shipholding Corporation. Our variable rate notes payable and our line of credit are secured by assets with an aggregate book value of approximately $422.3 million as of December 31, 2013, and by a security interest in certain operating contracts and receivables. | |||||||||||||||
The aggregate principal payments required as of December 31, 2013, for each of the next five years are approximately $19.2 million in 2014, $20.3 million in 2015, $21.2 million in 2016, $44.9 million in 2017, $77.3 million in 2018, and $15.3 million thereafter. | |||||||||||||||
Our debt agreements, among other things, impose defined minimum working capital, minimum liquidity, and net worth requirements, impose leverage requirements, and prohibit us from incurring, without prior written consent, additional debt or lease obligations, except as defined. As of December 31, 2013, we met all of the financial covenants under our various debt agreements among other things, the most restrictive of which include the working capital, leverage ratio, minimum net worth and interest coverage ratios. | |||||||||||||||
In addition to the restrictions under our new Credit Facility, certain of our loan agreements restrict the ability of our subsidiaries to dispose of collateralized assets or any other asset which is substantial in relation to our assets taken as a whole without the approval from the lender. We have remained in compliance with this provision of these loan agreements for all periods presented. | |||||||||||||||
Other_Long_Term_Liabilities
Other Long Term Liabilities | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Long Term Liabilities [Abstract] | ' | ||||||
Other Long Term Liabilities | ' | ||||||
NOTE G – OTHER LONG-TERM LIABILITIES | |||||||
Other Long-Term Liabilities consisted of the following: | |||||||
For the Year Ended December 31, | |||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||
Derivatives | $ | 4,412 | $ | 6,680 | |||
Alabama Lease Incentive | 6,887 | 8,035 | |||||
Deferred Gains, net of Amortization | 34,009 | 39,227 | |||||
Insurance Reserves | 5,521 | 5,073 | |||||
Pension & Post Retirement | 10,339 | 19,781 | |||||
Other | 4,138 | 2,245 | |||||
$ | 65,306 | $ | 81,041 | ||||
SelfRetention_Insurance
Self-Retention Insurance | 12 Months Ended |
Dec. 31, 2013 | |
Self-Retention Insurance [Abstract] | ' |
Self-Retention Insurance | ' |
NOTE H – SELF-RETENTION INSURANCE | |
We are self-insured for Hull and Machinery claims in excess of $150,000 for each incident and for Loss of Hire claims in excess of 14 days. The aggregate stop loss included in the policy is $750,000 for Hull and $750,000 for Machinery per policy year. Once the aggregate stop loss amount is exceeded, we have coverage up to the limits provided. | |
Protection and Indemnity claims, including cargo and personal injury claims, are not included in our self-retention insurance program. We have third party insurance coverage for these claims with deductible levels ranging from $100,000 to $250,000 per incident depending on vessel type. | |
The liabilities for self-insurance exposure and for claims under deductible levels were approximately $5.4 million and $4.4 million as of December 31, 2013 and December 31, 2012, respectively. The $1.0 million variance from 2012 to 2013 primarily consists of additional claim liabilities due to the acquisition of UOS. | |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||
NOTE I – EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||
Pension and Postretirement Benefits | ||||||||||||||||||||
We maintain a defined benefit pension plan (the “Retirement Plan”) for employees hired prior to September 1, 2006, and all such employees of our domestic subsidiaries who are not covered by union sponsored plans may participate after one year of service. Employees hired on or after September 1, 2006 with at least one year of service as of June 30, 2008, are eligible to participate in the Cash Balance Plan as of July 1, 2008. Computation of benefits payable under the defined pension plan is based on years of service, up to thirty years, and the employee's highest sixty consecutive months of compensation, which is defined as the participant’s base salary plus overtime (excluding incentive pay), bonuses or other extra compensation, in whatever form. Our funding policy is based on minimum contributions required under ERISA as determined through an actuarial computation. Retirement Plan assets consist primarily of investments in equity and fixed income mutual funds and money market holdings. The target asset allocation range is 30% in fixed income investments and 70% in equity investments. The asset allocation on December 31, 2013 was 28.5%, or approximately $9.8 million, in fixed income investments and 71.5%, or approximately $24.6 million, in equity investments. The asset allocation on December 31, 2012 was 30%, or approximately $8.7 million, in fixed income investments and 70%, or approximately $20.2 million, in equity investments. The plan’s prohibited investments include selling short, commodities and futures, letter stock, unregistered securities, options, margin transactions, derivatives, leveraged securities, and International Shipholding Corporation securities. The plan’s diversification strategy includes limiting equity securities in any single industry to 25% of the equity portfolio fair value, limiting the equity holdings in any single corporation to 10% of the fair value of the equity portfolio, and diversifying the fixed income portfolio so that no one issuer comprises more than 10% of the aggregate fixed income portfolio, except for issues of the U.S. Treasury or other Federal Agencies. The plan’s assumed future returns are based primarily on the asset allocation and on the historic returns for the plan’s asset classes determined from both actual plan returns and, over longer time periods, market returns for those asset classes. As of December 31, 2013, the plan has assets of approximately $34.4 million and a projected pension obligation of approximately $32.9 million, and as of December 31, 2012, the plan had assets of approximately $28.9 million and a projected pension obligation of approximately $36.6 million. As of December 31, 2013, the plan was overfunded by approximately $1.5 million. The significant improvement in funding was primarily due to a change in the discount rate from 3.75% to 4.75% and improved return on plan assets. | ||||||||||||||||||||
Our postretirement benefit plans currently provide medical, dental, and life insurance benefits to eligible retired employees and their eligible dependents. | ||||||||||||||||||||
The following tables summarize our financial assets measured at fair value on a recurring basis as of December 31, 2013 and 2012, respectively, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, as defined in Note X – Fair Value Measurements. | ||||||||||||||||||||
31-Dec-13 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||
(All Amounts in Thousands) | ||||||||||||||||||||
Cash Equivalents | ||||||||||||||||||||
Money Market Funds | $ | 344 | $ | - | $ | - | $ | 344 | ||||||||||||
Equities | ||||||||||||||||||||
Domestic Equity Mutual Funds | $ | 20,939 | $ | - | $ | - | $ | 20,939 | ||||||||||||
International Equity Mutual Funds | $ | 3,676 | $ | - | $ | - | $ | 3,676 | ||||||||||||
Fixed Income | ||||||||||||||||||||
Taxable Fixed Income Funds | $ | 9,455 | $ | - | $ | - | $ | 9,455 | ||||||||||||
Total Assets at Fair Value | $ | 34,414 | $ | - | $ | - | $ | 34,414 | ||||||||||||
31-Dec-12 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||
(All Amounts in Thousands) | ||||||||||||||||||||
Cash Equivalents | ||||||||||||||||||||
Money Market Funds | $ | 236 | $ | - | $ | - | $ | 236 | ||||||||||||
Equities | ||||||||||||||||||||
Domestic Equity Mutual Funds | $ | 17,631 | $ | - | $ | - | $ | 17,631 | ||||||||||||
International Equity Mutual Funds | $ | 2,614 | $ | - | $ | - | $ | 2,614 | ||||||||||||
Fixed Income | ||||||||||||||||||||
Taxable Fixed Income Funds | $ | 8,432 | $ | - | $ | - | $ | 8,432 | ||||||||||||
Total Assets at Fair Value | $ | 28,913 | $ | - | $ | - | $ | 28,913 | ||||||||||||
The following table sets forth the two plans’ changes in the projected benefit obligation and fair value of assets and a statement of the funded status: | ||||||||||||||||||||
Retirement Plan | Postretirement Benefits | |||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
(All Amounts in Thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||||
Projected Benefit Obligation at Beginning of Year | $ | 36,617 | $ | 32,496 | $ | 13,084 | $ | 11,898 | ||||||||||||
Service Cost (Credit) | 671 | 649 | 16 | -6 | ||||||||||||||||
Interest Cost | 1,335 | 1,426 | 531 | 471 | ||||||||||||||||
Plan Amendments | - | - | - | 1,318 | ||||||||||||||||
Actuarial Loss (Gain) | -4,367 | 3,371 | -611 | -133 | ||||||||||||||||
Benefits Paid and Expected Expenses | -1,359 | -1,325 | -539 | -506 | ||||||||||||||||
Medicare Part D Reimbursements | - | - | 49 | 41 | ||||||||||||||||
Projected Benefit Obligation at End of Year | $ | 32,897 | $ | 36,617 | $ | 12,530 | $ | 13,083 | ||||||||||||
Change in Plan Assets | ||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 28,913 | $ | 25,645 | $ | - | $ | - | ||||||||||||
Actual Return on Plan Assets | 5,274 | 2,994 | - | - | ||||||||||||||||
Employer Contribution | 1,600 | 1,600 | 490 | 464 | ||||||||||||||||
Benefits Paid and Actual Expenses | -1,373 | -1,326 | -539 | -505 | ||||||||||||||||
Medicare Part D reimbursements | - | - | 49 | 41 | ||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 34,414 | $ | 28,913 | $ | - | $ | - | ||||||||||||
Funded Status | $ | 1,517 | $ | -7,704 | $ | -12,530 | $ | -13,083 | ||||||||||||
Key Assumptions | ||||||||||||||||||||
Discount Rate | 4.75% | 3.75% | 4.75% | 3.75% | ||||||||||||||||
Rate of Compensation Increase | 4.50% | 4.50% | N/A | N/A | ||||||||||||||||
The accumulated benefit obligation for the pension plan was approximately $30.1 million and $33.1 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
The following table shows amounts recognized in accumulated other comprehensive income (loss): | ||||||||||||||||||||
(All Amounts in Thousands) | Retirement Plan | Postretirement Benefits | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Prior Service Credit (Cost) | $ | 16 | $ | 19 | $ | -1,187 | $ | -1,288 | ||||||||||||
Net Loss | -4,768 | -13,054 | -3,278 | -4,253 | ||||||||||||||||
Change in Other Comprehensive Loss | $ | -4,752 | $ | -13,035 | $ | -4,465 | $ | -5,541 | ||||||||||||
The following table provides the components of net periodic benefit cost for the plans: | ||||||||||||||||||||
Pension Plan | Postretirement Benefits | |||||||||||||||||||
(All Amounts in Thousands) | Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||
Components of net periodic benefit cost: | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 671 | $ | 649 | $ | 542 | $ | 16 | $ | -6 | $ | 41 | ||||||||
Interest cost | 1,335 | 1,426 | 1,496 | 531 | 471 | 565 | ||||||||||||||
Expected return on plan assets | -2,229 | -1,987 | -1,907 | - | - | - | ||||||||||||||
Amortization of prior service cost | -3 | -3 | -3 | 100 | -12 | -11 | ||||||||||||||
Amortization of Net Loss | 888 | 778 | 380 | 365 | 201 | 213 | ||||||||||||||
Net periodic benefit cost | $ | 662 | $ | 863 | $ | 508 | $ | 1,012 | $ | 654 | $ | 808 | ||||||||
The assumptions used in the measurement of net pension cost are shown in the following table: | ||||||||||||||||||||
Key Assumptions | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Discount Rate | 3.75 | % | 4.50 | % | 5.50 | % | 4.75 | % | 3.75 | % | 5.50 | % | ||||||||
Expected Return on Plan Assets | 7.75 | % | 7.75 | % | 7.75 | % | N/A | % | N/A | % | N/A | % | ||||||||
Rate of Compensation Increase | 4.50 | % | 4.50 | % | 4.50 | % | N/A | % | N/A | % | N/A | % | ||||||||
For measurement purposes, the health cost trend was assumed to be 9.9% and the dental care cost trend rate was assumed to be 5.0% in 2014-2080. It is assumed that the health care cost trend will decrease by 3.1% in 2014, 0.7% in 2015, increase by 0.2% in 2016, and decrease by 0.20% in 2017-2023. The health cost and dental care cost trends above are approximately the same for employees over 65. A one percent change in the assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||
(All Amounts in Thousands) | 1% Increase | 1% Decrease | ||||||||||||||||||
Change in total service and interest cost components | ||||||||||||||||||||
for the year ended December 31, 2013 | $ | 64 | $ | -53 | ||||||||||||||||
Change in postretirement benefit obligation as of December 31, 2013 | $ | 1,542 | $ | -1,293 | ||||||||||||||||
The following table provides the expected future benefit payments as of December 31, 2013: | ||||||||||||||||||||
(All Amounts in Thousands) | ||||||||||||||||||||
Fiscal Year Beginning | Retirement Plan | Postretirement Benefits | ||||||||||||||||||
2014 | $ | 1,654 | $ | 691 | ||||||||||||||||
2015 | $ | 1,697 | $ | 705 | ||||||||||||||||
2016 | $ | 1,789 | $ | 717 | ||||||||||||||||
2017 | $ | 1,810 | $ | 742 | ||||||||||||||||
2018 | $ | 1,903 | $ | 752 | ||||||||||||||||
2019-2023 | $ | 11,197 | $ | 3,996 | ||||||||||||||||
We continue to evaluate ways in which we can better manage these benefits and control the costs of the plans. Any changes in the plans or revisions to assumptions that affect the amount of expected future benefits may have a significant effect on the amount of the reported obligation and annual expense. | ||||||||||||||||||||
In December of 2003, the Medicare Prescription Drug, Improvements, and Modernization Act of 2003 (“Act”) was signed into law. In addition to including numerous other provisions that have potential effects on an employer’s retiree health plan, the Act includes a special subsidy beginning in 2006 for employers that sponsor retiree health plans with prescription drug benefits that are at least as favorable as the new Medicare Part D benefit. We have determined that our plan is actuarially equivalent and as such we qualify for this special subsidy. The law resulted in a decrease in our annual net periodic benefit cost. | ||||||||||||||||||||
In early 2010, Congress passed and the President signed into law the Health Care and Education Affordability Reconciliation Act of 2010. Based on our review and evaluation of the law, we do not believe the impact on our postretirement benefits will be material to us at this time. | ||||||||||||||||||||
Union Plans | ||||||||||||||||||||
In September 2011, the FASB issued guidance for disclosures of multi-employer pension and other postretirement benefit plans. The guidance requires an employer to provide additional quantitative and qualitative disclosures for these plans. The disclosures provide users with more detailed information about an employer’s involvement in multi-employer pension plans. We adopted this guidance during 2011 and applied the requirements retrospectively for all periods presented. | ||||||||||||||||||||
Crew members on our U.S. Flag vessels belong to union-sponsored, multi-employer pension plans. We contributed approximately $3.0 million, $3.2 million, and $3.5 million to these plans for the years ended December 31, 2013, 2012, and 2011, respectively. These contributions are in accordance with provisions of negotiated labor contracts and generally are based on the amount of straight pay received by the union members. As of December 31, 2013, all plans pension protection act zone status is green. Green Zone status means that the Fund is at least 80% funded with a Funding Standard account credit balance that is projected to be positive for more than seven years. | ||||||||||||||||||||
Information from the plans’ administrators can be found in the table below: | ||||||||||||||||||||
Plan | Company | EIN | Pension Protection Act Zone Status | FIP/RP Status Pending/ Implemented (5) | Contribution Amount (In Thousands) | Surcharge Imposed | Expiration Date | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
MM&P | -1 | WSC | 13-100310 | Green | Yes | $ | 664 | $ | 996 | $ | 1,297 | No | 9/30/2025 & 9/30/2025 | |||||||
SCI | $ | 468 | $ | 298 | $ | 280 | 6/30/27 | |||||||||||||
CGL | $ | 950 | $ | 1,039 | $ | 1,029 | 9/30/2025 & 6/30/2020 | |||||||||||||
MEBA | -2 | WSC | 51-029896 | Green | No | $ | 259 | $ | 311 | $ | 408 | No | 9/30/20 | |||||||
SCI | $ | 125 | $ | 68 | $ | 62 | 6/30/17 | |||||||||||||
CGL | $ | 249 | $ | 242 | $ | 237 | 9/30/2020 & 6/30/2020 | |||||||||||||
ARA | -3 | WSC | 13-161999 | Green | No | $ | - | $ | 2 | $ | 20 | No | * | |||||||
CGL | $ | 54 | $ | 52 | $ | 51 | 9/30/15 & 6/30/17 | |||||||||||||
SPP | -4 | WSC | 13-100329 | Green | No | $ | 80 | $ | 81 | $ | 61 | No | 9/30/2017 & 12/31/2016 | |||||||
SCI | $ | 72 | $ | 20 | $ | 18 | 6/30/17 | |||||||||||||
CGL | $ | 90 | $ | 86 | $ | 85 | 12/31/2016 & 6/30/2017 | |||||||||||||
Total Contributions | $ | 3,011 | $ | 3,195 | $ | 3,548 | ||||||||||||||
-1 | Masters, Mates & Pilots Pension Plan | |||||||||||||||||||
-2 | MEBA Pension Trust | |||||||||||||||||||
-3 | American Radio Association Pension Trust | |||||||||||||||||||
-4 | Seafarers Pension Plan | |||||||||||||||||||
-5 | Financial Improvement Plan/Rehabilitation Plan | |||||||||||||||||||
*In full force and effect until otherwise noted | ||||||||||||||||||||
In 2013 and 2012, due to the changes in the pension regulations and the fact that the MM&P adopted the new amortization periods for the 2008 losses, the plan continues to meet the requirements for the green zone. Due to a critical status in 2011, a rehabilitation plan was adopted and the pension plan is still operating under the changes that were made as a result of the rehabilitation plan. | ||||||||||||||||||||
401(k) Savings Plan | ||||||||||||||||||||
We provide a 401(k) tax-deferred savings plan to all full-time employees. The plan is a defined contribution plan established under the provisions of Section 401(a) of the Internal Revenue Code (the Code) and covers eligible employees of the Company and our domestic subsidiaries. Employees become eligible to participate in the plan on the first day of the calendar month following their date of hire. Effective July 1, 2008, a participant must be age 21 to participate in the plan. The plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). We match 50% of the employee’s first $2,000 contributed to the plan annually. We contributed approximately $118,000, $102,000, and $102,000 to the plan for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||
Stock Incentive Plan | ||||||||||||||||||||
In April 2011, the stockholders of International Shipholding Corporation approved the International Shipholding Corporation 2011 Stock Incentive Plan (the “Plan”). The compensation committee of the Board of Directors of the Company will generally administer the Plan, and has the authority to grant awards under the Plan, including setting the terms of the awards. Incentives under the Plan may be granted in any one or a combination of the following forms: incentive stock options under Section 422 of the Internal Revenue Code, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock-based awards. | ||||||||||||||||||||
A total of 400,000 shares of the Company’s common stock are authorized to be issued under the Plan with 118,705 shares available to be issued. The Company has no other equity compensation plans with shares available for issuance. Officers, directors, and key employees of the Company and the Company’s consultants and advisors will be eligible to receive incentives under the Plan when designated by the compensation committee as Plan participants (See Note V – Stock-Based Compensation). | ||||||||||||||||||||
Life Insurance | ||||||||||||||||||||
We have agreements with the two former Chairmen of the Company whereby their estates or designated beneficiaries will be paid approximately $822,000 and $627,000, respectively, upon death. We reserved amounts to fund a portion of these death benefits, which amount to $822,000 at December 31, 2013 and 2012 and $480,000, and $457,000 at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
NOTE J - INCOME TAXES | |||||||||
We made an election under the Jobs Creation Act, effective January 1, 2005, to have our qualifying U.S. Flag operations taxed under a “tonnage tax” regime rather than under the traditional U.S. corporate income tax regime. As a result of the election made in accordance with the provisions of the Jobs Creation Act, our U.S. subsidiaries owning and/or operating qualifying vessels are taxed solely under this “tonnage tax” regime. Income for U.S. income tax purposes with respect to qualifying shipping activities of US Flag vessels excludes (1) income from qualifying shipping activities in U.S. foreign trade, (2) income from bank deposits and temporary investments that are reasonably necessary to meet the working capital requirements of qualifying shipping activities and (3) income from cash or other intangible assets accumulated pursuant to a plan to purchase qualifying shipping assets. | |||||||||
Under the tonnage tax regime, qualifying U.S. Flag vessels are assessed a tax based on “daily notional shipping income”, derived from the net tonnage of the qualifying vessel(s). The daily notional shipping income is 40 cents per 100 tons of the net tonnage of the vessel up to 25,000 net tons, and 20 cents per 100 tons of the net tonnage of the vessel in excess of 25,000 net tons. This daily notional shipping income is taxed at the highest corporate income tax rate (currently 35%) with no allowances for offsetting deductions or credits. All other U.S. operations are taxed under the regular corporate income tax regime and at the statutory tax rate. | |||||||||
Certain foreign operations are exempt from foreign income taxation under existing provisions of the laws of those jurisdictions. Pursuant to existing U.S. tax laws, earnings from certain foreign operations will be subject to U.S. income tax when those earnings are repatriated. Our intention has been to indefinitely re-invest approximately $2.8 million, $4.4 million, and $24.4 million of our 2013, 2012 and 2011 respective foreign earnings (losses excluded) in our foreign subsidiaries, and accordingly, have not provided deferred taxes against those earnings. The principal reasons for this position are as follows: maintenance of our foreign flag fleet, future expansion of our foreign flag fleet, and our U.S. flag fleet’s operating cash needs are adequately met by its operations. | |||||||||
The American Taxpayer Relief Act of 2012, enacted on January 2, 2013, extended the active financing exception from Subpart F income. The extension was retroactive from January 1, 2012 through December 31, 2013. | |||||||||
For 2012, the Company has reflected its active financing income as approximately $2.0 million reduction to its current year U.S. net operating loss. During the first quarter of 2013, the Company’s U.S. net operating loss carryforward was increased by the $2.0 million to reflect the retroactive application of the new law. | |||||||||
Our U.S. Federal income tax return is filed on a consolidated basis and includes the results of operations of our wholly-owned U.S. subsidiaries. Pursuant to the Tax Reform Act of 1986, the current recognition of earnings (losses excluded) of foreign subsidiaries, which were $0 in 2013, approximately $2.0 million in 2012, and $0 in 2011, has been included in our federal tax provision calculation. No foreign tax credits are expected to be utilized on the federal return as of December 31, 2013. | |||||||||
Components of the net deferred tax (liability) asset are as follows: | |||||||||
Year Ended December 31, | |||||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||||
DEFERRED TAX LIABILITIES | |||||||||
Fixed Assets | $ | -10,067 | $ | -7,576 | |||||
Drydock Activities | -6,315 | -2,825 | |||||||
Intangibles/Goodwill | - | -173 | |||||||
Post-Retirement Benefits | -794 | -324 | |||||||
Total Deferred Tax Liabilities | $ | -17,176 | $ | -10,898 | |||||
DEFERRED TAX ASSETS | |||||||||
Net Operating Loss Carryforwards | $ | 15,525 | $ | 9,861 | |||||
Minimum Tax Credit | 5,179 | 5,179 | |||||||
Deferred Gain | 2,374 | 2,524 | |||||||
Pension/Postretirement | 2,568 | 4,510 | |||||||
Intangibles/Goodwill | 586 | - | |||||||
Insurance and Claims Reserve | 76 | 411 | |||||||
Work Opportunity Tax Credit | 537 | 537 | |||||||
Lease Incentives | 508 | 546 | |||||||
Other Assets | 796 | 844 | |||||||
Total Deferred Tax Assets | $ | 28,149 | $ | 24,412 | |||||
Valuation Allowance | -869 | -13,514 | |||||||
Net Deferred Tax Assets | $ | 27,280 | $ | 10,898 | |||||
TOTAL DEFERRED TAX | $ | 10,104 | $ | - | |||||
DEFERRED TAX COMPONENTS | |||||||||
Current | $ | 3,084 | $ | 323 | |||||
Non-current | 7,020 | -323 | |||||||
TOTAL DEFERRED TAX | $ | 10,104 | $ | - | |||||
The Current Deferred Tax is comprised of $633,000 tax on book/tax temporary differences and a $2.5 million tax benefit attributable to the projected 2014 utilization of Net Operating Loss Carryforwards both of which are included in the Current Deferred Tax Assets on the Consolidated Balance Sheets. | |||||||||
We established a valuation allowance against our deferred tax assets in 2010 because, based on available information, we could not conclude that it was more likely than not that the full amount of deferred tax assets generated primarily by NOL carryforwards and AMT credits would be realized through the generation of taxable income in the near future. | |||||||||
Since the acquisition of UOS was concluded very late in 2012, we have monitored the effectiveness of the integration of UOS operations into our operations. Our 2013 operating results confirmed that the incremental profits generated from UOS operations resulted in consolidated profitable operations from our non tonnage tax regime companies. Furthermore, future projections prepared in December 2013 and January 2014 reflect profitability from non tonnage tax companies continuing into future years. We are confident that contract negotiations with UOS’s largest customers will result in continued profitable results, as recently evidenced by the December 2013 extension of UOS’s contract with Mosaic. As part of the projection process, we have undertaken a sensitivity analysis which reflects that even in the event contract negotiations proved unsuccessful with either of these two key customers UOS would continue to generate significant operating profit. We believe the projections provide strong evidence of significant profitability to be incurred in the non-tonnage tax regime companies. Considering the analysis undertaken in the fourth quarter, our conclusion is that it is more likely than not, that we will recognize the benefit of our federal tax attributes and therefore, we have reversed the previously recorded valuation allowance as of December 31, 2013. | |||||||||
In connection with our detailed analysis of deferred tax assets in 2013, we identified certain amounts that required adjustments to our 2012 financial statement disclosures of income taxes to properly reflect our deferred tax assets as of December 31, 2012. Accordingly, certain net deferred tax asset amounts in the 2012 column of the above table have been revised to reflect the appropriate amounts and to conform to the current year presentation. The revisions increased total deferred income tax assets and the corresponding valuation allowance at December 31, 2012 by approximately $2.8 million. The revisions had no impact on our previously reported net deferred tax assets, income tax provision, or shareholders’ equity. | |||||||||
The components of Income Before Provision (Benefit) for Income Taxes and Equity in Net (Loss) Income of Unconsolidated Entities are as follows: | |||||||||
Year Ended December 31, | |||||||||
(All Amounts in Thousands) | 2013 | 2012 | 2011 | ||||||
Domestic | $ | 8,439 | $ | 16,668 | $ | 11,704 | |||
Foreign | -584 | 5,352 | 20,935 | ||||||
Total | $ | 7,855 | $ | 22,020 | $ | 32,639 | |||
The components of the income tax provision (benefit) are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Current | $ | 83 | $ | 296 | $ | 680 | |||
Deferred | -12,046 | -453 | - | ||||||
Total | $ | -11,963 | $ | -157 | $ | 680 | |||
The following is a reconciliation of the U.S. statutory tax rate to our effective tax rate expense (benefit): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Statutory Rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
State Income Taxes | 3.5 | % | 0.1 | % | 0.1 | % | |||
Effect of Tonnage Tax Rate | -15.4 | % | -35 | % | -19.9 | % | |||
Foreign Earnings - Indefinitely Reinvested | -12.4 | % | -6.9 | % | -26.2 | % | |||
Change in Valuation Allowance | -178.3 | % | 3.5 | % | 7.6 | % | |||
Foreign Income Taxes | -0.1 | % | 0.9 | % | 1.8 | % | |||
E&P Limitations | 15.0 | % | 1.6 | % | 3.6 | % | |||
Permanent Differences and Other, Primarily Non-deductible Expenditures | 0.4 | % | 0.1 | % | 0.1 | % | |||
-152.3 | % | -0.7 | % | 2.1 | % | ||||
Included in the Provision (Benefit) for Income Taxes in our Consolidated Statements of Income is Tonnage Tax of $56,000, $64,000 and $78,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||
Our plan is to indefinitely re-invest our foreign earnings, and accordingly we have not provided deferred taxes against those earnings. The principal reasons for this position are as follows: maintenance of foreign flag fleet, future expansion of foreign flag fleet and U.S. Flag fleet’s operating cash flow needs are adequately met by its operations. It is not practicable to calculate the potential deferred tax liability as there is a significant amount of uncertainty, complexity and judgment with respect to calculating the tax impact of the remittance of these earnings. | |||||||||
Foreign income taxes of ($4,000), $205,000 and $588,000 are included in our consolidated statements of income in the Provision (Benefit) for Income Taxes for the years ended December 31, 2013, 2012, and 2011, respectively. We pay foreign income taxes in Indonesia, Singapore and Mexico. | |||||||||
For U.S. federal income tax purposes, in 2013, we generated approximately $14.1 million in net operating loss carryforwards (“NOLs”), which will be added to the previous carryforward of approximately $27.5 million. The balance at December 31, 2013 of approximately $41.6 million will expire in 2025 through 2033. We also have approximately $5.2 million of alternative minimum tax credit carryforwards, which are not subject to expiration and are available to offset future regular income taxes subject to certain limitations. | |||||||||
For state income tax purposes, in 2013, we generated approximately $5.9 million in NOLs, which will be added to the previous carryforward of approximately $17.2 million. The balance at December 31, 2013 of approximately $23.1 million will expire in 2025 through 2033. | |||||||||
For foreign income tax purposes, certain subsidiaries generated $130,000 in NOLs, resulting in a total carryforward of $6.4 million. | |||||||||
We file income tax returns in the U.S. federal, various state and foreign jurisdictions. The years remaining open under the statute of limitations and subject to audit vary depending upon the tax jurisdiction. Our U.S. income tax returns for 2007 and subsequent years remain open to examination. An audit of our 2009 federal income tax return was completed during 2012, with a favorable $94,000 adjustment. The audit further resulted in changes to both the net operating loss carryover and to certain temporary differences, with such changes being reflected in the components of net deferred income tax liability (asset) table contained in this footnote. | |||||||||
It is our policy to recognize interest and penalties associated with underpayment of income taxes as interest expense and general and administrative expenses, respectively. If recognized, substantially all of our unrecognized tax benefits would impact our effective rate. | |||||||||
The following is a reconciliation of the total amounts of unrecognized tax benefits as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Total unrecognized tax benefits as of: January 1, | $ | - | $ | 1,400 | |||||
Increases in unrecognized tax benefits as a result of: | |||||||||
Tax positions taken during a prior year | 349 | - | |||||||
Lapse of applicable statute of limitations | - | -1,400 | |||||||
Total unrecognized tax benefits as of: December 31, | $ | 349 | $ | - | |||||
Transactions_With_Related_Part
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Transactions With Related Parties [Abstract] | ' |
Transactions With Related Parties | ' |
NOTE K – TRANSACTIONS WITH RELATED PARTIES | |
We own a 49% interest in Terminales Transgolfo (“TTG”) (See Note P - Unconsolidated Entities). At December 31, 2013, we had a note receivable of approximately $1.98 million due from TTG. The long-term portion of this receivable is recorded on our consolidated balance sheets under “Due from Related Parties.” The note receivable has no fixed payment schedule but payment in full is due by December 31, 2020. Interest income on this receivable is earned at the rate of 7.65% per year for seven years. | |
On December 20, 2011, we sold our 50% interest in RTI Logistics, L.L.C. (“RTI”) to the other 50% owner for $526,000 in cash and two promissory notes in the amounts of approximately $1.9 million and $137,500. We recorded a loss of $967,000 on this sale of our investment, which was recorded in the line item Loss (Gain) on Sale of Investment. Interest income on both notes will be earned at a rate of 6% per year for five years. As we no longer have any ownership interest in RTI after the sale, these two receivables were recorded on our consolidated balance sheets under “Notes Receivable.” As of May 2013, the note receivable was collected in full. | |
The brother of one of our executive officers and directors serves as our Secretary and is a partner in, and member of the Board of Directors of, the law firm of Jones Walker LLP, which has represented us since our inception. Fees paid to the firm for legal services rendered to us were approximately $2.1 million, $1.5 million, and $856,000 for the years ended December 31, 2013, 2012 and 2011, respectively. We believe that the fees for such services are comparable to those charged by other firms for services rendered to us. There were no amounts due to the legal firm at December 31, 2013, 2012, and 2011, respectively. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
NOTE L - COMMITMENTS AND CONTINGENCIES | |
Commitments | |
As of December 31, 2013, 20 vessels that we own or operate were committed under various contracts extending beyond 2013 and expiring at various dates through 2020. Certain of these agreements also contain options to extend the contracts beyond their minimum terms. | |
Contingencies | |
In the normal course of our operations, we become involved in various litigation matters including, among other things, claims by third parties for alleged property damages, personal injuries, and other matters. While we believe that we have meritorious defenses against these claims, our management has used significant estimates in determining our potential exposure. Our estimates are determined based on various factors, such as (1) severity of the injury (for personal injuries) and estimated potential liability based on past judgments and settlements, (2) advice from legal counsel based on its assessment of the facts of the case and its experience in other cases, (3) probability of pre-trial settlement which would mitigate legal costs, (4) historical experience on claims for each specific type of cargo (for cargo damage claims), and (5) whether our seamen are employed in permanent positions or temporary revolving positions. It is reasonably possible that changes in our estimated exposure may occur from time to time. As is true of all estimates based on historical experience, these estimates are subject to some volatility. However, because our total exposure is limited by our aggregate stop loss levels (see Note H - Self-Retention Insurance), we believe that our exposure is within our estimated levels. Where appropriate, we have recorded provisions, included in Other Long-Term Liabilities: Other, to cover our potential exposure. Although it is difficult to predict the costs of ultimately resolving such issues, we have determined that our current insurance coverage is sufficient to limit any additional exposure to an amount that would not be material to our financial position. Therefore, we do not expect such changes in these estimates to have a material effect on our financial position or results of operations, although we cannot provide assurances to this effect. | |
We have been named as a defendant in numerous lawsuits claiming damages related to occupational diseases, primarily related to asbestos and hearing loss. We believe that most of these claims are without merit, and that insurance and the indemnification of a previous owner of one of our subsidiaries may mitigate our exposure. Based on consultation with outside legal counsel, we have estimated our current overall exposure to the lawsuits in question, after considering insurance coverage for these claims, to be approximately $299,000. We believe those estimates are reasonable and have established reserves accordingly. Our reserves for these lawsuits as of December 31, 2013 and 2012 were approximately $299,000 and $650,000, respectively. There is a reasonable possibility that there will be additional claims associated with occupational diseases asserted against us. However, we do not believe that it is reasonably possible that our exposure from those claims will be material because (1) the lawsuits filed since 1989 claiming damages related to occupational diseases in which we have been named as a defendant have primarily involved seamen that served on-board our vessels and the number of such persons still eligible to file a lawsuit against us is diminishing and (2) we believe such potential additional claims, if pursued, would be covered under either or both of (i) an indemnification agreement with a previous owner of one of our subsidiaries or (ii) one or more of our existing insurance policies with deductibles ranging from $1,500 to $25,000 per claim. | |
On June 23, 2009, a complaint was filed in U.S. District Court of Oregon by ten plaintiffs against approximately 40 defendants, including Waterman, which is one of our wholly owned subsidiaries. The suit was filed for contribution and recovery of both past and future cost associated with the investigation and remediation of the Portland Harbor Superfund Site. Based on our review to date, we believe our exposure, if any, would be limited to an insurance deductible which we believe would be immaterial. | |
We do not believe, based on current knowledge, that any of the foregoing legal proceedings or claims are likely to have a material adverse effect on our financial position, results of operations or cash flows. | |
Leases
Leases | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Leases [Abstract] | ' | |||||||||
Leases | ' | |||||||||
NOTE M - LEASES | ||||||||||
Direct Financing Leases | ||||||||||
In the first quarter of 2013, an Addendum was executed to the Time Charter of one of our PCTCs which, in part, extended the Time Charter for a further period of time. Because this Addendum was substantive, we reassessed the Time Charter classification resulting in the Time Charter being reclassified from a direct financing lease to an operating lease. The book value of the asset as of June 30, 2013 was $16.2 million and is now presented in the Vessel, Property, and Other Equipment, section of the balance sheet and is being depreciated over the remaining estimated useful life of the vessel. | ||||||||||
Sale and Leaseback Transactions | ||||||||||
On February 22, 2012, we completed a sale and leaseback transaction with Wells Fargo Bank Northwest, National Association, of our 2007-built PCTC. The transaction generated gross proceeds of $59.0 million, which we used to pay down debt of $54.5 million. We are leasing the vessel back under a ten year lease agreement with early buyout options that can be exercised in 2017 and 2019. This lease is classified as an operating lease, with the $14.9 million gain on this sale-leaseback being deferred and recognized over the term of the lease. | ||||||||||
On June 15, 2012, we negotiated the early buy-out of the operating lease related to our Molten-Sulphur Carrier. On November 27, 2012, we sold this vessel to BMO Harris Equipment Finance Company for approximately $32.0 million cash and commenced a seven-year lease agreement with an early buy-out option that can be exercised in 2017. This lease is classified as an operating lease, with the $8.0 million gain on this sale-leaseback being deferred and recognized over the term of the lease. Also on November 27, 2012 we sold a 1998-built PCTC to CapitalSource Bank for approximately $31.0 million cash and commenced a six-year lease agreement with an early buy-out option that can be exercised in 2017. This lease is classified as an operating lease, with the $11.7 million gain on this sale-leaseback being deferred and recognized over the term of the lease. The Company used the net proceeds of approximately $63.0 million from the November 27, 2012 transactions to finance a portion of the purchase price for the Company’s acquisition of UOS, which was completed on November 30, 2012. | ||||||||||
On December 27, 2012, we sold a 1999-built PCTC to BB&T Equipment Finance for $32.0 million cash and commenced a six-year lease agreement with an early buy-out option that can be exercised in 2015 and again in 2018. This lease is classified as an operating lease. | ||||||||||
Early Lease Buy-Out | ||||||||||
In conjunction with the acquisition of UOS in November 2012, we acquired the rights to various vessels, including a Tug/Barge unit leased to UOS through December 2013. At the end of the lease term, the acquired lease provided UOS with a purchase option permitting UOS to purchase both the tug and barge. Prior to the closing of the acquisition, UOS exercised the purchase option through a legally binding agreement. We acquired the lease agreement as part of the acquisition of UOS, including the binding purchase commitment, and were therefore obligated to purchase the unit. On September 25, 2013, we concluded the purchase of the Tug/Barge unit. | ||||||||||
We will continue to operate all of the aforementioned leased vessels under their respective charters and contract of affreightment arrangements. Annual rent payments due under the new lease agreements can be found in the table below. | ||||||||||
Our operating lease agreements have fair value renewal options and fair value purchase options. Most of the agreements impose defined minimum working capital and net worth requirements, impose restrictions on the payment of dividends, and prohibit us from incurring, without prior written consent, additional debt or lease obligations, except as defined. | ||||||||||
Office Leases | ||||||||||
The Mobile corporate office lease, which commenced on April 1, 2007, has a twenty year term, with early lease termination available in year 10 or 15, with periodic graduating payments that are accounted for on a straight line basis. We incurred $730,000 in leasehold improvements and were provided with incentives in the amount of $1.4 million, both of which are amortized over the life of the lease with the incentives amortized as a credit to rent expense. In 2015, we will incur lease termination expense of approximately $3.0 million. | ||||||||||
In October 2008, the Company renewed its lease agreement on its New York office space under a ten year term with the first nine months as free rent and includes periodic graduating payments. The rent expense is amortized on a straight line basis over the term of the lease. In addition, we incurred $503,000 in leasehold improvements which will be amortized over the life of the lease. | ||||||||||
As part of our acquisition of UOS, we acquired a lease for our Tampa office space and a warehouse, the warehouse lease expires in December 2015. On September 19, 2013, we executed a five year lease agreement for office space in Tampa, Florida. These offices serve the employees of UOS and are located in the same building as the previous UOS lease agreements. The lease calls for graduated payments which are straight-lined over the 60 month term of the lease. | ||||||||||
In addition to the Tampa office, we signed a new two year lease agreement for our Shanghai, China office space. This lease is effective October 1, 2013 through September 30, 2015. | ||||||||||
In addition to those operating leases with terms expiring after December 31, 2013, we also operated certain vessels under short-term time charters during 2013. | ||||||||||
Rent expense related to all of our operating leases totaled approximately $20.0 million , $11.2 million and $13.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. The following is a schedule, by year, of future minimum payments required under operating leases that have initial non-cancelable terms in excess of one year as of December 31, 2013: | ||||||||||
Payments Under Operating Leases | ||||||||||
(All Amounts in Thousands) | Vessels | Other Leases | Total | |||||||
Year Ended December 31, | ||||||||||
2014 | $ | 18,071 | $ | 1,294 | $ | 19,365 | ||||
2015 | 18,071 | 4,359 | 22,430 | |||||||
2016 | 18,071 | 731 | 18,802 | |||||||
2017 | 18,071 | 731 | 18,802 | |||||||
2018 | 17,307 | 406 | 17,713 | |||||||
Thereafter | 20,769 | 0 | 20,769 | |||||||
Total Future Minimum Payments | $ | 110,360 | $ | 7,521 | $ | 117,881 | ||||
Deferred_Charges_And_Intangibl
Deferred Charges And Intangible Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Deferred Charges And Intangible Assets [Abstract] | ' | |||||||||||||
Deferred Charges And Intangible Assets | ' | |||||||||||||
NOTE N – DEFERRED CHARGES AND INTANGIBLE ASSETS | ||||||||||||||
Our Goodwill increased by $35,000 during 2013 due to the post-closing purchase price adjustment payments relating to our acquisitions of UOS and FSI. As part of the acquisition of UOS, we acquired the rights to purchase a Tug/Barge unit. In applying purchase accounting, an intangible asset was established based on favorable contractual lease payments as compared to market rates and another intangible asset was established based on a comparison of the contractual early buy-out purchase price as compared to the estimated fair value at the end of the lease term. As a result of the early buy-out in September 2013, we reclassified $11.3 million of intangible assets related to the favorable early buy-out to the new cost basis of the Tug/Barge unit. | ||||||||||||||
Amortization expense for intangible assets was approximately $5.7 million and $3.0 million for the years ended December 31, 2013 and 2012, respectively. Amortization expense for deferred assets was approximately $11.6 million and $8.0 million for the years ended December 31, 2013 and 2012, respectively. The following table presents details of goodwill, other intangible assets and deferred charges as of December 31, 2013: | ||||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Reclassified | Net Carrying Amount | ||||||||||
Indefinite Life Intangibles | ||||||||||||||
Goodwill | $ | 2,735 | $ | - | $ | - | $ | 2,735 | ||||||
Total Indefinite Life Intangibles | $ | 2,735 | $ | - | $ | - | $ | 2,735 | ||||||
Definite Life Intangibles | ||||||||||||||
Trade names - FSI | 240 months | $ | 65 | $ | -5 | $ | - | $ | 60 | |||||
Trade names - UOS | 96 months | 1,805 | -244 | - | 1,561 | |||||||||
Customer Relationships - FSI | 240 months | 425 | -29 | - | 396 | |||||||||
Customer Relationships - UOS | 96 months | 30,927 | -4,188 | - | 26,739 | |||||||||
Favorable Lease - UOS | 13 months | 1,071 | -1,071 | - | - | |||||||||
Favorable Lease - UOS EBO | 11,327 | - | -11,327 | - | ||||||||||
Favorable Charter - Dry Bulk Cape Holding, Inc. | 24 months | 5,151 | -5,151 | - | - | |||||||||
Total Definite Life Intangibles | $ | 50,771 | $ | -10,688 | $ | -11,327 | $ | 28,756 | ||||||
Deferred Charges | ||||||||||||||
Drydocking Costs | various | $ | 46,667 | $ | -18,394 | $ | -1,845 | $ | 26,428 | |||||
Financing Charges and Other | various | 3,921 | -1,040 | - | 2,881 | |||||||||
Total Deferred Charges | $ | 50,588 | $ | -19,434 | $ | -1,845 | $ | 29,309 | ||||||
The following table presents details of goodwill, other intangible assets and deferred charges as of December 31, 2012: | ||||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Reclassified | Net Carrying Amount | ||||||||||
Indefinite Life Intangibles | ||||||||||||||
Goodwill | $ | 2,700 | $ | - | $ | - | $ | 2,700 | ||||||
Total Indefinite Life Intangibles | $ | 2,700 | $ | - | $ | - | $ | 2,700 | ||||||
Definite Life Intangibles | ||||||||||||||
Trade names - FSI | 240 months | $ | 65 | $ | -1 | $ | - | $ | 64 | |||||
Trade names - UOS | 96 months | 1,805 | -19 | - | 1,786 | |||||||||
Customer Relationships - FSI | 240 months | 425 | -8 | - | 417 | |||||||||
Customer Relationships - UOS | 96 months | 30,927 | -323 | - | 30,604 | |||||||||
Favorable Lease - UOS | 13 months | 1,071 | -129 | - | 942 | |||||||||
Favorable Lease - UOS EBO | 11,327 | - | - | 11,327 | ||||||||||
Favorable Charter - Dry Bulk Cape Holding, Inc. | 24 months | 5,151 | -4,507 | - | 644 | |||||||||
Total Definite Life Intangibles | $ | 50,771 | $ | -4,987 | $ | - | $ | 45,784 | ||||||
Deferred Charges | ||||||||||||||
Drydocking Costs | various | $ | 27,076 | $ | -9,835 | $ | - | $ | 17,241 | |||||
Financing Charges and Other | various | 3,801 | -1,150 | - | 2,651 | |||||||||
Total Deferred Charges | $ | 30,877 | $ | -10,985 | $ | - | $ | 19,892 | ||||||
Significant_Operations
Significant Operations | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Significant Operations [Abstract] | ' | ||||||||||||||||||||||
Significant Operations | ' | ||||||||||||||||||||||
NOTE O - SIGNIFICANT OPERATIONS | |||||||||||||||||||||||
Major Customers | |||||||||||||||||||||||
We have six PCTCs, which carry automobiles for the same charterer. Gross revenues from this customer were approximately $36.5 million, $37.4 million and $32.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. All of the aforementioned revenues are included in our PCTC Segment. | |||||||||||||||||||||||
Our five U.S. Flag PCTCs qualified under the MSP. MSP revenue was approximately $15.9 million, $17.9 million and $17.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. In addition to our five U.S. Flag PCTCs, we have two container vessels that qualified under the MSP. MSP revenue for these two vessels was approximately $5.6 million, $6.2 million and $5.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. The five U.S. Flag PCTCs are included in our PCTC Segment and the two container vessels are included in our Specialty Segment. By late third quarter of 2013, we reflagged one of our U. S. Flag PCTC vessels to an international flag and added one chartered Heavy Lift Dry Cargo vessel to our fleet. The MSP revenue for the chartered Heavy Lift Dry Cargo vessel was $775,000 for the year ended December 31, 2013. | |||||||||||||||||||||||
Our five U.S. Flag PCTCs also carry supplemental cargo. Gross revenues from these cargoes were approximately $30.8 million, $44.7 million, and $39.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
In addition to the foregoing PCTC information, we operated four PCTCs under various contracts transporting automobiles worldwide. Gross revenues under these contracts were approximately $11.3 million, $13.5 million and $24.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. All of the aforementioned revenues are included in our PCTC Segment. Two of these vessels were sold in the first quarter of 2012. | |||||||||||||||||||||||
We have two Special Purpose vessels which carry rail cars between the U.S. Gulf Coast and Mexico. Gross revenues from these two Special Purpose vessels are included in our Rail-Ferry segment. Gross revenues from this segment were approximately $37.2 million, $33.3 million and $36.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
We have six Dry Bulk Carrier vessels, excluding one redelivered in November of 2013. Revenues from this segment were approximately $21.1 million, $26.1 million and $19.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. Gross revenues from these seven vessels are included in our Dry Bulk Carriers segment. | |||||||||||||||||||||||
We have six Jones Act vessels, which carry coal for TECO. The revenue from TECO represents approximately 33.5% of total revenue for the year ending December 31, 2013 for our Jones Act segment. | |||||||||||||||||||||||
Concentrations | |||||||||||||||||||||||
A significant portion of our traffic receivables is due from contracts with the United States Government. There are no concentrations of receivables from customers or geographic regions that exceeded 10% of revenues at December 31, 2013, 2012 or 2011. | |||||||||||||||||||||||
With only minor exceptions related to personnel aboard certain International Flag vessels, all of our shipboard personnel are covered by collective bargaining agreements under multiple unions. The percentage of the Company’s total work force that is covered by these agreements is approximately 76% at December 31, 2013. | |||||||||||||||||||||||
Geographic Information | |||||||||||||||||||||||
We have operations in several principal markets, including international service between U.S. Gulf Coast, U.S. East Coast, and U.S. West Coast ports and ports in Mexico, the Middle East and the Far East, and domestic transportation services along the U.S. Gulf Coast and East Coast. Revenues attributable to the major geographic areas of the world are presented in the following table. Revenues for our Jones Act, PCTCs, Rail-Ferry, Dry Bulk Carriers, Specialty Contracts and Other segments are assigned to regions based on the location of the customer. Because we operate internationally, most of our assets are not restricted to specific locations. Accordingly, an allocation of identifiable assets to specific geographic areas is not applicable. | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||||||||||||||||||
United States | $ | 192,332 | $ | 123,782 | |||||||||||||||||||
Asian Countries | 67,830 | 63,860 | |||||||||||||||||||||
Rail-Ferry Service Operating Between U.S. Gulf Coast and Mexico | 34,390 | 32,479 | |||||||||||||||||||||
South America | 2,905 | 10,416 | |||||||||||||||||||||
Europe | 6,966 | 12,474 | |||||||||||||||||||||
Other Countries | 5,729 | 485 | |||||||||||||||||||||
Total Revenues | $ | 310,152 | $ | 243,496 | |||||||||||||||||||
Operating Segments | |||||||||||||||||||||||
Following our acquisition of UOS in late 2012, we internally restructured our business to replace our prior operating segments (listed below) with the following new segments: | |||||||||||||||||||||||
New Segments | Prior Segments | ||||||||||||||||||||||
• Jones Act | • Time Charter Contracts – U.S. Flag | ||||||||||||||||||||||
• Pure Car Truck Carriers | • Time Charter Contracts – International Flag | ||||||||||||||||||||||
• Dry Bulk Carriers | • Contracts of Affreightment | ||||||||||||||||||||||
• Rail-Ferry | • Rail-Ferry Service | ||||||||||||||||||||||
• Specialty Contracts | • Other | ||||||||||||||||||||||
• Other | |||||||||||||||||||||||
The new segmentation, which began with the fourth quarter of 2012, is based primarily by the market in which the segment assets are deployed, the physical characteristics of those assets, and the type of services provided to our customers. We believe this reorganization better aligns our segment disclosures with the information now reviewed by our chief operating decision maker and believe it improves the transparency with which we communicate to our investors. All prior period data for each of our segments has been recast based on this new segmentation methodology. | |||||||||||||||||||||||
Jones Act: The Merchant Marine Act of 1920, or the MMA, regulates maritime commerce in U.S. waters between U.S. ports. Section 27 of the MMA, better known as the Jones Act, requires that all goods transported by water between U.S. ports be carried aboard U.S. Flag vessels, that are constructed in the U.S., owned by U.S. citizens and crewed by U.S. citizens. Vessels deployed under our Jones Act segment serve both Eastern U.S. coasts and the Gulf of Mexico and operate as the primary marine transporter of coal for TECO and the primary marine transporter of unfinished phosphate rock for Mosaic. | |||||||||||||||||||||||
Under our Jones Act segment, we deploy (i) two Bulk carriers, three Integrated Tug-Barge units, each consisting of one tug and one barge, and one Harbor Tug acquired in the UOS acquisition, (ii) one Belt Self-Unloading Coal Carrier to transport coal under a time charter, which was previously part of our Time Charter Contracts – U.S. Flag segment, and (iii) one vessel that transports Molten Sulphur under a contract of affreightment through December 31, 2015, subject to the right of our customer to exercise renewal options through the end of 2024, which was previously part of our Contracts of Affreightment segment. The two Bulk Carriers primarily transport coal and phosphate for TECO and Mosaic, respectively. The three Integrated Tug-Barge units and the Harbor Tug operate under contracts of affreightment with TECO and Mosaic. We also own one additional Integrated Tug-Barge unit acquired from UOS which is currently inactive, but could be opportunistically deployed based on market demand. Trade for this segment is primarily driven by coal, petroleum coke, phosphate rock, sulphur and fertilizer. | |||||||||||||||||||||||
We own all of the aforementioned vessels with the exception of the Molten Sulphur carrier, which we sold under a sale/leaseback arrangement in November 2012, with a buy back option in 2017. For more information on our Sale/Leasebacks see Note M - Leases. | |||||||||||||||||||||||
Pure Car Truck Carriers: Under our Pure Car Truck Carriers segment, we deploy seven PCTCs, five of which are U.S. Flag vessels and two of which are International Flag vessels. These vessels transport all types of vehicles, from fully assembled passenger cars to construction machinery and equipment, in large numbers on multiple internal decks. | |||||||||||||||||||||||
All of our PCTCs operate under time charters. Under these contracts, we fully equip the vessel and are responsible for normal operating expenses, repairs, crew wages, and insurance, while the charterer is responsible for voyage expenses, such as fuel, port and stevedoring expenses. In addition to contractually fixed time charter hire income, we also earn from time to time supplemental voyage income as a result of chartering back our U.S. Flag PCTCs for the carriage of supplemental cargo when available. | |||||||||||||||||||||||
We have operated PCTCs since 1986, when we entered into contracts with major Japanese companies. We own both of our International Flag PCTCs, each of which is employed under a long-term time charter contract. We own two of our five U.S. Flag PCTCs and lease the other three U.S. Flag PCTCs, with buy back options in 2015, 2018, and 2019. | |||||||||||||||||||||||
Dry Bulk Carriers: Our modern, diversified bulk carrier fleet ranges in size, design and classification from an 8,028 metric ton Mini-Bulk Carrier to a 170,578 metric deadweight ton Capesize Bulk Carrier. Our Dry Bulk vessels carry a wide variety of cargoes, including iron ore, coal, grain, fertilizer, steel, agricultural and forest products. | |||||||||||||||||||||||
The vessels which we deploy in this segment include (i) one Supramax Bulk Carrier, which we own, and operate in a revenue-sharing agreement with European partners, (ii) four Handysize Bulk carriers, three of which we own and one of which we time charter, under another revenue-sharing agreement, and (iii) a Capesize Bulk Carrier, which is currently under a time charter contract through late 2014. Under our revenue-sharing agreements, we and the other participating vessel owners receive monthly distributions of net cash flow from voyage profits based on a participating vessel’s performance capability compared with other participating vessels under the revenue-sharing agreement | |||||||||||||||||||||||
Between 2009 and November 2013, we acquired a 25% shareholding interest in 15 Mini-Bulk Carriers included within our Dry Bulk Carriers segment. On July 1, 2013, a stock issuance to an unaffiliated co-investor caused our interest in six of the vessels to be reduced to 23.7%. These Mini-Bulkers are deployed in the spot market or on short to medium-term time charters. We believe these arrangements expand our global commercial and operational network. | |||||||||||||||||||||||
Rail-Ferry: Our Rail-Ferry segment uses our two Roll-on/Roll-off Special Purpose double-deck vessels, which carry loaded rail cars between the U.S. Gulf Coast and Mexico in a regularly scheduled waterborne service. The service provides departures every four days from Mexico and the U.S. Gulf Coast, respectively, for a three-day transit between ports. Since 2007, we have conducted these operations out of our terminal in Mobile, Alabama and a terminal in Coatzacoalcos, Mexico, which we upgraded in 2007 to accommodate the vessels’ newly-installed second decks that doubled their carrying capacity. We own a 49% interest in Terminales Transgolfo, S.A. de C.V., which owns and operates the rail terminal in Coatzacoalcos, Mexico. | |||||||||||||||||||||||
We believe this unique service provides a cost effective alternative route between the Eastern United States providing more efficient direct service and the option of not crossing the Texas-Mexican border. Trade for this segment is primarily driven by commodities such as forest products, sugar, metals, minerals, plastics and chemicals. | |||||||||||||||||||||||
In August 2012, we acquired two related businesses that own and operate a certified rail-car repair facility near the port of Mobile, Alabama. For further information on this acquisition, see Note B - Acquisitions of this report. We plan to continue to use these businesses to service and repair third party customers as well as rail-cars that are transported via our Rail-Ferry vessels. We believe this acquisition allows us to integrate two established services and retain revenue and profits related to the cleaning and repairs of rail-cars that was previously contracted to a third party. | |||||||||||||||||||||||
Specialty Contracts: Our Specialty Contracts segment is comprised of vessels not otherwise described above, operating under unique contracts and constitutes the remainder of our former Time Charter Contracts – U.S. Flag and Time Charter Contracts – International Flag segments. This segment includes (i) two Container vessels which are on time charter to another shipping company, (ii) two Multi-Purpose vessels, two Tankers, and three Container vessels which has serviced our contract since 1995 to transport fuel and supplies for an Indonesian mining company, (iii) one Multi-Purpose Heavy Lift Dry Cargo vessel which is time chartered to another shipping company, and (iv) one Multi-Purpose Ice Strengthened vessel deployed in the spot market. For a number of years prior to February 2012, we operated three Roll-on/Roll-off vessels on behalf of the U.S. Military Sealift Command which we no longer operate. | |||||||||||||||||||||||
Other: This segment consists of operations that include ship and cargo charter brokerage and agency services provided to unaffiliated companies and our operating companies, and other specialized services provided to our operating subsidiaries. These services facilitate our operations by allowing us to avoid reliance on third parties to provide these essential services. Also reported within this segment are corporate-related items, and income and expense items not allocated to our other reportable segments. | |||||||||||||||||||||||
The following table presents information about segment profit and loss and segment assets. We do not allocate administrative and general expenses, gains or losses on sales of investments, investment income, gains or losses on early extinguishment of debt, equity in net loss/income of unconsolidated entities, income taxes, or losses from discontinued operations to our segments. Intersegment revenues are based on market prices and include revenues earned by our subsidiaries that provide specialized services to the operating segments. Expenditures for segment assets represent cash outlays during the periods presented, including purchases of assets, improvements to assets, and drydock payments. | |||||||||||||||||||||||
(All Amounts in Thousands) | Jones Act* | Pure Car Truck Carriers | Dry Bulk Carriers | Rail-Ferry | Specialty Contracts | Other | Total | ||||||||||||||||
2013 | |||||||||||||||||||||||
Total Revenue from External Customers | $ | 122,751 | $ | 94,608 | $ | 21,098 | $ | 37,207 | $ | 34,483 | $ | 5 | $ | 310,152 | |||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -17,876 | -17,876 | ||||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 17,876 | 17,876 | ||||||||||||||||
Voyage Expenses** | 95,227 | 79,155 | 18,425 | 30,456 | 31,190 | -1,130 | 253,323 | ||||||||||||||||
Loss of Unconsolidated Entities | - | - | 1,587 | 74 | - | - | 1,661 | ||||||||||||||||
Gross Voyage Profit | $ | 27,524 | $ | 15,453 | $ | 1,086 | $ | 6,677 | $ | 3,293 | $ | 1,135 | $ | 55,168 | |||||||||
Gross Voyage Profit Margin Percentage | 22 | % | 16 | % | 5 | % | 18 | % | 10 | % | 227 | % | 18 | % | |||||||||
Segment Assets | $ | 150,529 | $ | 117,252 | $ | 158,521 | $ | 32,982 | $ | 25,467 | $ | 23,206 | $ | 507,957 | |||||||||
Expenditures for Segment Assets | $ | 41,973 | $ | 23,324 | $ | 3,043 | $ | 763 | $ | 3,116 | $ | 261 | $ | 72,480 | |||||||||
2012 | |||||||||||||||||||||||
Total Revenue from External Customers | $ | 33,721 | $ | 113,521 | $ | 26,080 | $ | 33,335 | $ | 35,526 | $ | 1,313 | $ | 243,496 | |||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -18,638 | -18,638 | ||||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 18,638 | 18,638 | ||||||||||||||||
Voyage Expenses** | 27,230 | 85,688 | 19,135 | 29,522 | 26,871 | 62 | 188,508 | ||||||||||||||||
(Income) Loss of Unconsolidated Entities | - | - | -75 | 290 | - | - | 215 | ||||||||||||||||
Gross Voyage Profit | $ | 6,491 | $ | 27,833 | $ | 7,020 | $ | 3,523 | $ | 8,655 | $ | 1,251 | $ | 54,773 | |||||||||
Gross Voyage Profit Margin Percentage | 19 | % | 25 | % | 27 | % | 11 | % | 24 | % | 95 | % | 22 | % | |||||||||
Segment Assets | $ | 119,377 | $ | 122,403 | $ | 162,921 | $ | 35,196 | $ | 27,767 | $ | 25,134 | $ | 492,798 | |||||||||
Expenditures for Segment Assets | $ | 90,319 | $ | 5,969 | $ | 21,899 | $ | 3,766 | $ | 23,695 | $ | 540 | $ | 146,188 | |||||||||
2011 | |||||||||||||||||||||||
Total Revenue from External Customers | $ | 29,836 | $ | 122,341 | $ | 20,183 | $ | 36,422 | $ | 52,026 | $ | 2,388 | $ | 263,196 | |||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -17,419 | -17,419 | ||||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 17,419 | 17,419 | ||||||||||||||||
Voyage Expenses** | 27,706 | 85,940 | 9,786 | 30,664 | 35,916 | 2,070 | 192,082 | ||||||||||||||||
Loss of Unconsolidated Entities | - | - | 63 | 347 | - | - | 410 | ||||||||||||||||
Gross Voyage Profit | $ | 2,130 | $ | 36,401 | $ | 10,334 | $ | 5,411 | $ | 16,110 | $ | 318 | $ | 70,704 | |||||||||
Gross Voyage Profit Margin Percentage | 7 | % | 30 | % | 51 | % | 15 | % | 31 | % | 13 | % | 27 | % | |||||||||
Segment Assets | $ | 9,363 | $ | 298,919 | $ | 129,692 | $ | 38,440 | $ | 28,448 | $ | 24,289 | $ | 529,151 | |||||||||
Expenditures for Segment Assets | $ | 158 | $ | 86,077 | $ | 74,603 | $ | 4,483 | $ | 1,120 | $ | 99 | $ | 166,540 | |||||||||
*2012 reflects one month of UOS. | |||||||||||||||||||||||
**Includes amortization. | |||||||||||||||||||||||
Following is a reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements: | |||||||||||||||||||||||
(All Amounts in Thousands) | Year Ended December 31, | ||||||||||||||||||||||
Profit or Loss: | 2013 | 2012 | 2011 | ||||||||||||||||||||
Total Gross Voyage Profit for Reportable Segments | $ | 55,168 | $ | 54,773 | $ | 70,704 | |||||||||||||||||
Unallocated Amounts: | |||||||||||||||||||||||
Vessel and Other Depreciation | -24,432 | -24,398 | -25,388 | ||||||||||||||||||||
Administrative and General Expenses | -22,734 | -23,244 | -20,961 | ||||||||||||||||||||
Gain on Sale of Other Assets | -16 | 16,625 | - | ||||||||||||||||||||
Loss from Unconsolidated Entities | 1,661 | 215 | 410 | ||||||||||||||||||||
Gain on Dry Bulk Transaction | - | - | 18,844 | ||||||||||||||||||||
Operating Income | $ | 9,647 | $ | 23,971 | $ | 43,609 | |||||||||||||||||
Interest | -9,504 | -10,409 | -10,361 | ||||||||||||||||||||
Derivative Loss | -438 | -485 | -101 | ||||||||||||||||||||
Gain (Loss) on Sale of Investment | - | 580 | -747 | ||||||||||||||||||||
Investment Income | 114 | 470 | 637 | ||||||||||||||||||||
Other Income from Vessel Financing | 2,122 | 2,387 | 2,653 | ||||||||||||||||||||
Foreign Exchange Gain (Loss) | 5,914 | 5,506 | -3,051 | ||||||||||||||||||||
Income before Income Taxes | $ | 7,855 | $ | 22,020 | $ | 32,639 | |||||||||||||||||
(All Amounts in Thousands) | Year Ended December 31, | ||||||||||||||||||||||
Assets: | 2013 | 2012 | |||||||||||||||||||||
Total Assets for Reportable Segments | $ | 507,957 | $ | 492,797 | |||||||||||||||||||
Unallocated Amounts: | |||||||||||||||||||||||
Current Assets | 87,104 | 89,244 | |||||||||||||||||||||
Investment in Unconsolidated Entities | 14,818 | 12,676 | |||||||||||||||||||||
Due from Related Parties | 1,699 | 1,709 | |||||||||||||||||||||
Other Assets | 7,383 | 5,509 | |||||||||||||||||||||
Goodwill | 2,735 | 2,700 | |||||||||||||||||||||
Deferred Tax Asset | 7,020 | - | |||||||||||||||||||||
Notes Receivable | 27,659 | 33,381 | |||||||||||||||||||||
Total Assets | $ | 656,375 | $ | 638,016 | |||||||||||||||||||
Unconsolidated_Entities
Unconsolidated Entities | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Unconsolidated Entities [Abstract] | ' | ||||||
Unconsolidated Entities | ' | ||||||
NOTE P - UNCONSOLIDATED ENTITIES | |||||||
Oslo Bulk, AS and Oslo Bulk Holding Pte Ltd | |||||||
In December 2009, we acquired for $6.25 million a 25% investment in Oslo Bulk AS (“Oslo Bulk”) with which, in 2008, we contracted to build eight new Mini-Bulkers. All of the Mini-Bulkers were delivered and deployed as of July 2011. During 2010, we invested an additional $3.9 million in Oslo Bulk Holding Pte Ltd. (formerly “Tony Bulkers”), an affiliate of Oslo Bulk, for our 25% share of the installment payments for two additional new Mini-Bulkers, both of which were delivered and deployed as of July 2011. We paid approximately $1.6 million in January 2011 for our remaining share of installment payments associated with these two Mini-Bulkers. Additional investments of $750,000 and $250,000 were made in 2012 to Oslo Bulk and Oslo Bulk Holding Pte. Ltd., respectively. In December 2012, we contributed $500,000 towards our share of a bank guarantee to finance four Mini-Bulkers delivered in early 2013. On July 1, 2013, a stock issuance to an unaffiliated co-investor caused our interest in six of the vessels to be reduced to 23.7%. In November 2013, we contributed $284,000 towards our share of a minimum value covenant. Additionally in 2013, we acquired a fifteenth vessel using our existing equity. These investments are accounted for under the equity method and our share of earnings or losses is reported in our consolidated statements of income, net of taxes. All fifteen of these Mini-Bulkers are managed by an affiliate of Oslo Bulk. | |||||||
Terminal Management Company | |||||||
In 2000, we acquired a 50% interest in TTG for $228,000, which operates a terminal in Coatzacoalcos, Mexico, utilized by our Rail-Ferry segment. During 2005, the other unaffiliated 50% owner of TTG acquired 1% of our 50% interest in TTG. As of December 31, 2013, we have a 49% interest in TTG. In 2006, TTG began making improvements to the terminal in Mexico to accommodate the second decks that were added to our two wholly owned vessels operating in our Rail-Ferry Segment during the first half of 2007. We funded 49% of the cost of the terminal improvements, of which 30% is a capital contribution and is reported as an investment in unconsolidated entities. The remaining 70% is a loan to TTG (see Note K -Transactions with Related Parties). No capital contributions were made during the years ended December 31, 2013 and 2012. The investment is accounted for under the equity method, and our share of earnings or losses is reported in our consolidated statements of income, net of taxes. In the table below, our portion of the results from our investment in TTG is included in Other. No distributions were made by TTG during 2013 and 2012. As of December 31, 2013 and 2012, TTG owed us approximately $2.0 million and $2.0 million, respectively (See Note K- Transactions with Related Parties). | |||||||
Saltholmen Shipping Ltd. | |||||||
In November 2013, we acquired a 30% interest in Saltholmen Shipping Ltd, which has contracted to build two chemical tankers scheduled to be delivered in the first quarter of 2014. We contributed $2.7 million in October of 2013 and expect to contribute another $5.6 million in the first quarter of 2014. | |||||||
Transloading and Storage Facility Company | |||||||
In 2005, we acquired a 50% interest in RTI, which owns a transloading and storage facility that was used in our Rail-Ferry segment, for approximately $1.6 million. We purchased our shares from a former owner at a premium, which resulted in a difference of approximately $973,000 between our investment in RTI and the underlying equity in net assets of the subsidiary. Additional investments of approximately $386,000 were made in 2006. On December 20, 2011, we sold our 50% interest in RTI to the other 50% owner for $526,000 in cash and two promissory notes in the amount of approximately $1.8 million and $137,500, respectively. As of December 31, 2012, RTI owed us approximately $1.9 million. The sale of our 50% interest resulted in a loss of $967,000, which was recorded in the line item Loss (Gain) on Sale of investment at year end December 31, 2012. Interest income on both notes will be earned at a rate of 6% per year for five years. As of May 2013, the note receivable was collected in full. | |||||||
The following table summarizes our equity in net loss of unconsolidated entities for the years ended December 31, 2013 and 2012, respectively. | |||||||
Years Ended December 31, | |||||||
2013 | 2012 | ||||||
(All Amounts in Thousands) | |||||||
Oslo Bulk, AS | $ | -812 | $ | 1,010 | |||
Oslo Bulk Holding Pte, Ltd (formerly Tony Bulkers) | -774 | -935 | |||||
Terminales Transgolfo, S . A . D E C . V . | -75 | -290 | |||||
Total Equity in Net Loss of Unconsolidated Entities | $ | -1,661 | $ | -215 | |||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
NOTE Q - SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||
Year Ended December 31, | |||||||||
(All Amounts in Thousands) | 2013 | 2012 | 2011 | ||||||
Cash Payments: | |||||||||
Interest Paid | $ | 7,752 | $ | 9,304 | $ | 9,971 | |||
Taxes Paid | $ | 228 | $ | 442 | $ | 813 | |||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments, Derivatives And Marketable Securities | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Of Financial Instruments, Derivatives And Marketable Securites [Abstract] | ' | |||||||||||||
Fair Value Of Financial Instruments, Derivatives And Marketable Securites | ' | |||||||||||||
NOTE R -FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND MARKETABLE SECURITIES | ||||||||||||||
We use derivative instruments to manage certain foreign currency exposures and interest rate exposures. The Company does not use derivative instruments for speculative trading purposes. All derivative instruments are recorded on the balance sheet at fair value. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded to other comprehensive income, and is reclassified to earnings when the derivative instrument is settled. Any ineffective portion of changes in the fair value of the derivative is reported in earnings. None of the Company’s derivative contracts contain credit-risk related contingent features that would require us to settle the contract upon the occurrence of such contingency. However, all of our contracts contain clauses specifying events of default under specified circumstances, including failure to pay or deliver, breach of agreement, default under the specific agreement to which the hedge relates, bankruptcy, misrepresentation and mergers, without exception. The remedy for default is settlement in entirety or payment of the fair value of the contracts, which is $4.5 million in the aggregate for all of our contracts as of December 31, 2013. The unrealized loss related to the Company’s derivative instruments included in accumulated other comprehensive income (loss) was $4.3 million and $7.4 million as of December 31, 2013 and 2012, respectively (See Note U – Accumulated Other Comprehensive Loss). | ||||||||||||||
The notional and fair value amounts of our derivative instruments as of December 31, 2013 were as follows: | ||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||
(All Amounts in Thousands) | 2013 | 2013 | ||||||||||||
Current Notional | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
As of December 31, 2013 | Amount | Location | Location | |||||||||||
Interest Rate Swaps - L/T* | $ | 46,713 | $ | - | Other Liabilities | $ | -3,724 | |||||||
Foreign Exchange Contracts | 1,800 | Current Assets | 39 | Current Liabilities | -748 | |||||||||
Total Derivatives designated as hedging instruments | $ | 48,513 | $ | 39 | $ | -4,472 | ||||||||
*We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is approximately $46.7 million (based on a Yen to USD exchange rate of 105.31 as of December 31, 2013). With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vessel’s delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. The change in fair value related to the ineffective portion of this swap was a $362,000 gain for the year ended December 31, 2013 and this amount was included in earnings. The fair value balance as of December 31, 2013, includes a negative $659,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
The notional and fair value amounts of our derivative instruments as of December 31, 2012 were as follows: | ||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||
(All Amounts in Thousands) | 2012 | 2012 | ||||||||||||
Current Notional | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
As of December 31, 2012 | Amount | Location | Location | |||||||||||
Interest Rate Swaps - L/T* | $ | 74,207 | $ | - | Other Liabilities | $ | -7,683 | |||||||
Foreign Exchange Contracts | 1,700 | Current Assets | 147 | |||||||||||
Foreign Exchange Contracts | 6,000 | - | Current Liabilities | -257 | ||||||||||
Total Derivatives designated as hedging instruments | $ | 81,907 | $ | 147 | $ | -7,940 | ||||||||
*We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is approximately $61.5 million (based on a Yen to USD exchange rate of 86.74 as of December 31, 2012). With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vessel’s delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. The change in fair value related to the ineffective portion of this swap was a $87,000 gain for the year ended December 31, 2012 and this amount was included in earnings. We paid down this facility in January 2012 in an amount of Yen 686,318,979 to bring our Asset Maintenance Loan to Value Facility requirement in line. The fair value balance as of December 31, 2012, includes a negative $1.0 million balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. Also included in earnings is a $571,000 loss, related to the early pay-off of loans relating to two of our Pure Car Truck Carriers that were part of our recent Sale Leasebacks. | ||||||||||||||
The effect of derivative instruments designated as cash flow hedges on our consolidated statement of income for the year ended December 31, 2013 is as follows: | ||||||||||||||
(All Amounts in Thousands) | Gain Recognized in OCI | Location of Gain(Loss) Reclassified from AOCI to Income | Amount of (Loss) Reclassified from AOCI to Income | (Loss) Recognized in Income from Ineffective portion | ||||||||||
2013 | 2013 | 2013 | ||||||||||||
Interest Rate Swaps | $ | 2,938 | Interest Expense | $ | -1,656 | $ | -438 | |||||||
Foreign Exchange Contracts | 135 | Other Revenues | -134 | - | ||||||||||
Total | $ | 3,073 | $ | -1,789 | $ | -438 | ||||||||
The effect of derivative instruments designated as cash flow hedges on our consolidated statement of income for the year ended December 31, 2012 is as follows: | ||||||||||||||
(All Amounts in Thousands) | Gain(Loss) Recognized in OCI | Location of Gain(Loss) Reclassified from AOCI to Income | Amount of (Loss) Reclassified from AOCI to Income | (Loss) Recognized in Income from Ineffective portion | ||||||||||
2012 | 2012 | 2012 | ||||||||||||
Interest Rate Swaps | $ | 1,486 | Interest Expense | $ | -3,106 | $ | -485 | |||||||
Foreign Exchange Contracts | -243 | Other Revenues | -180 | - | ||||||||||
Total | $ | 1,243 | $ | -3,286 | $ | -485 | ||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | ||||||||||||||
Interest Rate Swap Agreements | ||||||||||||||
We enter into interest rate swap agreements to manage well-defined interest rate risks. The Company records the fair value of the interest rate swaps as an asset or liability on its balance sheet. The Company’s interest rate swaps are accounted for as effective cash flow hedges with the exception of a small portion of one contract. Accordingly, the effective portion of the change in fair value of the swap is recorded in Other Comprehensive Income (Loss) while the ineffective portion is recorded to the earnings in the period of change in fair value. As of December 31, 2013, the Company has the following swap contract outstanding: | ||||||||||||||
Effective | Termination | Current | ||||||||||||
Date | Date | Notional Amount | Swap Rate | Type | ||||||||||
3/15/09 | 9/15/20 | $ 46,712,880 | 2.065 | % | Variable-to-Fixed | |||||||||
*Notional Amount converted from Yen at December 31, 2013 at a Yen to USD exchange rate of 105.31. | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||
We enter into forward exchange contracts to hedge certain firm purchase and sale commitments denominated in foreign currencies. The purpose of our foreign currency hedging activities is to protect us from the risk that the eventual dollar cash inflows or outflows resulting from revenue collections from foreign customers and purchases from foreign suppliers will be adversely affected by changes in exchange rates. The term of the currency contracts is rarely more than one year. Our foreign currency contracts are accounted for as effective cash flow hedges. Accordingly, the effective portion of the change in fair value is recorded in Other Comprehensive Income (Loss). | ||||||||||||||
During 2013, we entered into two forward purchase contracts for Mexican Pesos which expire in 2014. The first was for Mexican Pesos for $1.2 million U.S. Dollar equivalents at an exchange rate of 13.6103 and the second was for Mexican Pesos for $600,000 U.S. Dollar equivalents at an exchange rate of 13.3003. Our foreign exchange contracts represent approximately 60% of our projected Mexican Peso exposure. There were no forward sales contracts as of December 31, 2013 or 2012. | ||||||||||||||
In early December 2013, we entered into three forward foreign exchange contracts totaling approximately Yen 3.3 billion in order to to limit our exposure to currency fluctuations and to provide us with the option to fully payoff our current Yen Facility at an approximate exchange rate of 102.53 to $1.00. These contracts and related agreements with the current lender give us the option to convert the Yen Facility into a USD-based Facility with the current lender at this fixed exchange rate, but otherwise on the same terms and with the same collateral. As of the date of this report, we have not yet decided if or when to exercise this loan conversion option. This particular forward foreign exchange contract does not qualify for hedge accounting treatment and is thus accounted for as an economic hedge. | ||||||||||||||
The following table summarizes these contracts (All Amounts in Thousands): | ||||||||||||||
Transaction Date | Type of Currency | Amount Available in Dollars | Effective Date | Expiration Date | ||||||||||
13-Aug | Peso | $ | 1,200 | 14-Jan | 14-Dec | |||||||||
13-Nov | Peso | 600 | 14-Jan | 14-Dec | ||||||||||
13-Dec | Yen | 1,268 | 14-Mar | 14-Mar | ||||||||||
13-Dec | Yen | 1,269 | 14-Jun | 14-Jun | ||||||||||
13-Dec | Yen | 30,628 | 14-Jul | 14-Jul | ||||||||||
$ | 34,965 | |||||||||||||
Long-Term Debt | ||||||||||||||
The fair value of long-term debt, which is calculated based on the current rates offered to us versus current market rates on our outstanding obligations, is approximately $196.6 million as of December 31, 2013. | ||||||||||||||
Amounts Due from Related Parties | ||||||||||||||
The carrying amount, $33.7 million, of the notes receivable approximated fair market value as of December 31, 2013. Fair market value takes into consideration the current rates at which similar notes would be made. | ||||||||||||||
Marketable Securities | ||||||||||||||
In the fourth quarter of 2012, we sold our entire portfolio of corporate bonds and mutual funds, generating a gain of $447,000, which is included in the $580,000 gain reported on our Income Statement, under the heading (Gain) Loss on Sale of Investments. For the year ended December 31, 2013, we held no marketable securities. | ||||||||||||||
Accounts_Payable_And_Accrued_L
Accounts Payable And Accrued Liabilities | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accounts Payable And Accrued Liabilities [Abstract] | ' | |||||
Accounts Payable And Accrued Liabilities | ' | |||||
NOTE S – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ||||||
Following are the components of the consolidated balance sheet classification Accounts Payable and Accrued Liabilities: | ||||||
Years Ended December 31, | ||||||
(All Amounts in Thousands) | 2013 | 2012 | ||||
Accrued Voyage Expenses | $ | 38,035 | $ | 38,310 | ||
Trade Accounts Payable | 5,301 | 3,284 | ||||
Accrued Salaries and Benefits | 3,845 | 5,050 | ||||
Lease Incentive Obligation | 1,901 | 1,901 | ||||
Self-Insurance Liability | 1,187 | 1,186 | ||||
Accrued Insurance Premiums | 891 | 602 | ||||
Short Term Derivatives Liability | 60 | 257 | ||||
Straight Line Charter Escalation | 58 | 306 | ||||
$ | 51,278 | $ | 50,896 | |||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
NOTE T – Earnings Per Share | |||||||||||
The calculation of basic and diluted earnings per share is as follows (Amounts in thousands except share data): | |||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator | |||||||||||
Net Income | $ | 18,157 | $ | 21,962 | $ | 31,549 | |||||
Preferred Stock Dividends | 3,226 | - | - | ||||||||
Net Income Available to Common Stockholders | $ | 14,931 | $ | 21,962 | $ | 31,549 | |||||
Denominator | |||||||||||
Weighted Average Shares of Common Stock | |||||||||||
Outstanding: | |||||||||||
Basic | 7,237,472 | 7,195,606 | 7,131,820 | ||||||||
Plus: | |||||||||||
Effect of dilutive restrictive stock | 45,204 | * | 17,682 | 44,827 | |||||||
Diluted | 7,282,676 | 7,213,288 | 7,176,647 | ||||||||
Basic Earnings Per Common Share: | |||||||||||
Net Income per share - Basic | $ | 2.06 | $ | 3.05 | $ | 4.42 | |||||
Net Income per share - Diluted: | $ | 2.05 | $ | 3.04 | $ | 4.40 | |||||
*There are 45,204 incremental shares not included due to the fact it would be anti-dilutive to include these shares for the twelve months ended December 31, 2013. | |||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
NOTE U – ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation Loss | Defined Benefit Pension Items | Total | |||||||||||||
Beginning balance as of January 1, 2013 | $ | -7,352 | $ | -350 | $ | -17,244 | $ | -24,946 | |||||||||
Other comprehensive income (loss) | |||||||||||||||||
before reclassification | 5,300 | -64 | 6,677 | 11,913 | |||||||||||||
Amount reclassified from accumulated | |||||||||||||||||
other comprehensive income | -2,227 | - | 1,350 | -877 | |||||||||||||
Net current-period other comprehensive income | 3,073 | -64 | 8,027 | 11,036 | |||||||||||||
Ending balance as of December 31, 2013 | $ | -4,279 | $ | -414 | $ | -9,217 | $ | -13,910 | |||||||||
*The fair value balance as of December 31, 2013, includes a negative $659,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Gains and losses on derivatives fair value | |||||||||||||||||
Interest rate contracts | $ | -2,093 | Interest expense | ||||||||||||||
Foreign exchange contracts | -134 | Other revenues | |||||||||||||||
-2,227 | Total before tax | ||||||||||||||||
- | Tax (expense) or benefit | ||||||||||||||||
-2,227 | Net of tax | ||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Prior service costs | 97 | A&G Expense | |||||||||||||||
Actuarial losses | 1,253 | A&G Expense | |||||||||||||||
1,350 | Total before tax | ||||||||||||||||
- | Tax (expense) or benefit | ||||||||||||||||
1,350 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | -877 | Net of tax | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation Loss | Defined Benefit Pension Items | Bonds Adjusted for Market Value | Total | ||||||||||||
Beginning balance as of January 1, 2012 | $ | -8,595 | $ | -445 | $ | -15,035 | $ | 128 | $ | -23,947 | |||||||
Other comprehensive (loss) income | |||||||||||||||||
before reclassification | 5,014 | 95 | -3,173 | -128 | 1,808 | ||||||||||||
Amount reclassified from accumulated | |||||||||||||||||
other comprehensive income | -3,771 | - | 964 | - | -2,807 | ||||||||||||
Net current-period other comprehensive income | 1,243 | 95 | -2,209 | -128 | -999 | ||||||||||||
Ending balance as of December 31, 2012 | $ | -7,352 | $ | -350 | $ | -17,244 | $ | - | $ | -24,946 | |||||||
* The fair value balance as of December 31, 2012, includes a negative $1.0 million balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Gains and losses on derivatives fair value | |||||||||||||||||
Interest rate contracts | $ | -3,591 | Interest expense | ||||||||||||||
Foreign exchange contracts | -180 | Other revenues | |||||||||||||||
-3,771 | Total before tax | ||||||||||||||||
- | Tax (expense) or benefit | ||||||||||||||||
-3,771 | Net of tax | ||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Prior service costs | -15 | A&G Expense | |||||||||||||||
Actuarial losses | 979 | A&G Expense | |||||||||||||||
Actuarial gains (losses) | - | ||||||||||||||||
964 | Total before tax | ||||||||||||||||
- | Tax (expense) or benefit | ||||||||||||||||
964 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | -2,807 | Net of tax | ||||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Based Compensation [Abstract] | ' | ||||||||||||
Stock Based Compensation | ' | ||||||||||||
NOTE V – STOCK BASED COMPENSATION | |||||||||||||
We grant stock-based compensation in the form of stock awards and restricted stock units to key executive personnel and to our independent directors. For further details, see below: | |||||||||||||
On January 18, 2012, our independent directors received unrestricted stock awards of an aggregate of 5,712 shares of our common stock from the 2011 Stock Incentive Plan (“the Plan”). | |||||||||||||
On May 7, 2012, we granted 65,500 restricted stock units payable in shares of our common stock, $1.00 par value per share of our common stock, to ten key individuals from The Plan. The grants consisted of three types of restricted stock units (“RSUs”) – Time-Based RSUs, Absolute Performance-Based RSUs, and Relative Performance-Based RSUs. If we attain certain performance targets, the 65,500 RSUs could have resulted in us issuing up to 81,188 shares of our common stock. | |||||||||||||
On January 15, 2013, our independent directors received unrestricted stock awards of an aggregate of 6,708 shares of our common stock from The Plan. | |||||||||||||
On April 23, 2013, we granted 121,100 restricted stock units payable in shares of our common stock, to eleven key individuals from The Plan. The grants issued include 87,300 Time-Based RSUs, 16,901 Absolute Performance-Based RSUs, and 16,899 Relative Performance-Based RSUs. If we attain certain performance targets, the 121,100 RSUs could result in us issuing up to 138,000 shares of our common stock. | |||||||||||||
On January 16, 2014, our independent directors received unrestricted stock awards of an aggregate of 4,470 shares of our common stock from The Plan. | |||||||||||||
On January 28, 2014, we granted 42,650 restricted stock units payable in shares of our common stock, to twelve key individuals from The Plan. The grants issued include 7,950 Time-Based RSUs, 17,351 Absolute Performance-Based RSUs, and 17,349 Relative Performance-Based RSUs. If we attain certain performance targets, the 42,650 RSUs could result in us issuing up to 60,001 shares of our stock. | |||||||||||||
Stock Awards | |||||||||||||
For the years ended December 31, 2013, 2012, and 2011, our income before taxes and net income reflected $120,000, $420,000, $1.8 million and $78,000, $273,000, $1.2 million, respectively, of stock-based compensation expenses, exclusive of expense related to the RSUs discussed below, which reduced both basic and diluted earnings by $0.01 per share. | |||||||||||||
A summary of the activity for stock awards during the year ended December 31, 2013 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Shares | Weighted Average Fair Value Per Share | Shares | Weighted Average Fair Value Per Share | ||||||||||
Non-vested - December 31, | - | - | 87,500 | $ | |||||||||
22.92 | |||||||||||||
Unrestricted Shares Granted | 6,708 | $ | 5,712 | $ | |||||||||
17.89 | 21.01 | ||||||||||||
Shares Vested | -6,708 | $ | -93,212 | $ | |||||||||
17.89 | 22.79 | ||||||||||||
Shares Forfeited | - | - | - | - | |||||||||
Non-vested - December 31, | - | - | - | - | |||||||||
Restricted Stock Units | |||||||||||||
For the years ended December 31, 2013, 2012, and 2011, our net income reflected approximately $1.3 million, $797,000, and $0, respectively, of RSU stock-based compensation expenses, which reduced both basic and diluted earnings by $0.12 per share. | |||||||||||||
2012 Grants | |||||||||||||
Our Time-Based RSUs represent the right to receive one share of our common stock and will vest ratably over a three-year period, except that the Time-Based RSUs for our top two executives will vest on the first anniversary of the grant date. | |||||||||||||
Each of our Absolute Performance-Based RSUs represents the right to receive a maximum of one-and-a-half shares of our common stock. These RSUs will pay out based on our basic earnings per share for fiscal year 2012, with the actual number of shares of common stock received dependent on our level of achievement as measured against the target. The maximum pay-out was reached with this target and 18,188 shares vested on March 11, 2013, 3,376 additional shares vested on April 23, 2013, (due to accelerated vesting of two top executives’ awards), and the remaining 3,000 shares will vest ratably over the next two years. | |||||||||||||
Each of our Relative Performance-Based RSUs represents the right to receive a maximum of one-and-a-half shares of our common stock. These RSUs will pay out in shares of our common stock based on how our total stockholder return for the three-year period (or the one-year period, for our top four executives) beginning January 1, 2012 compares relative to the total stockholder return of the companies comprising the Russell 2000 index for the same period or periods. For the year ended 2012, the Company ranked in the 27th percentile, which paid out 53% of the RSUs granted and therefore 5,300 shares vested on March 11, 2013 for two of our top four executives. An additional 1,788 shares vested on April 23, 2013 due to an accelerated vesting period applicable to two of our top four executives. Any shares due under the remaining fiscal 2012 Relative Performance Based RSUs will be paid out in fiscal 2015 following the end of the applicable performance period. In all cases, vesting is contingent upon continued employment with the Company except in certain specified situations. | |||||||||||||
2013 Grants | |||||||||||||
Our Time-Based RSUs represent the right to receive one share of our common stock and, for all recipients, will vest ratably over a three-year period beginning in fiscal year 2014. | |||||||||||||
Each of our Absolute Performance-Based RSUs represents the right to receive a maximum of one-and-a-half shares of our common stock. These RSUs will pay out based on our basic earnings per share for fiscal year 2013, with the actual number of shares of common stock received dependent on our level of achievement as measured against the performance targets. The maximum pay-out was reached with this target and 8,450 additional shares will be awarded. The shares due under these RSUs will vest ratably over three years beginning in fiscal year 2014, except for the Absolute Performance-Based RSUs for our top four executives, which will all vest and pay out in fiscal year 2014. | |||||||||||||
Each of our Relative Performance-Based RSUs represents the right to receive a maximum of one-and-a-half shares of our common stock. These RSUs will pay out in shares of our common stock based on how our total stockholder return for the three-year period (or the one-year period, for our top four executives) beginning January 1, 2013 compares relative to the total stockholder return of the companies comprising the Russell 2000 index for the same period or periods. Any shares due under these RSUs will be paid out in the fiscal year following the end of the applicable performance period. For the year ended 2013, the Company ranked in the 79th percentile, which paid out 150% of the RSU’s granted or a payout of 20,060 shares on May 7, 2014 to our top four executives. Any shares due under the remaining fiscal 2013 Relative Performance-Based RSUs will be paid out in fiscal 2016 following the end of the applicable performance period. The remaining 3,525 RSUs are scheduled to vest May 7, 2016, and could pay out as much as 5,287 shares depending on the results over our total stockholder return for the entire three-year period. In all cases, vesting is contingent upon continued employment with the Company except in certain specified situations. | |||||||||||||
The fair value of the service-based awards was calculated based on the closing market price of our stock as of the grant date times the number of RSUs issued with no forfeitures assumed. For our 2013 awards and 2012 awards, we used the closing market price of our stock on April 23, 2013 and on May 7, 2012 which was $17.66 and $19.35 per share, respectively. The performance-based RSUs are subject to vesting upon two different performance metrics: an absolute performance metric based on targeted earnings per share and a relative performance metric based on our total stockholder return over a given period as measured against that of the other companies in the Russell 2000 index. In order to calculate the fair value of our absolute performance RSUs, we multiplied the closing market price of our stock as of the grant date times the number of RSU’s issued with no forfeitures assumed. For our 2013 awards and 2012 awards, we used the closing market price of our stock on April 23, 2013 and on May 7, 2012 which was $17.66 and $19.35 per share, respectively. We measured our related performance RSUs based on market conditions and were accounted for and measured differently from an award that has a performance or service feature. The effect of a market condition is reflected in the award’s fair value on the grant date. In order to derive the fair value of these awards, a Monte-Carlo simulation statistical technique was used to simulate our future stock prices and the components of the Russell 2000 Index. The stock prices were based upon the risk-free rate of return, the volatility of each entity, and the correlation of each entity with the Russell 2000 Index. We multiplied our ending simulated stock price by the payout percentage to determine a projected payout at the end of the performance period. The ending payout was then discounted, using the risk-free rate of return, to the grant date to determine the grant date fair value. Since both the 2013 and 2012 awards provided for both one year vesting (top four named executive officers) and three year vesting (all other award recipients), a fair value was calculated separately for the one- and three-year awards for each year. The following assumptions were used: | |||||||||||||
2013 Awards | 2012 Awards | ||||||||||||
1 Year Vest | 3 Year Vest | 1 Year Vest | 3 Year Vest | ||||||||||
Stock Price | $ | 17.66 | $ | 17.66 | $ | 19.35 | $ | 19.35 | |||||
Expected Volatilities | 33.5 | % | 37.03 | % | 44.31 | % | 40.50 | % | |||||
Correlation Coefficients | 0.4729 | 0.6254 | 0.719 | 0.6938 | |||||||||
Risk Free Rate | 0.1 | % | 0.31 | % | 0.16 | % | 0.34 | % | |||||
Dividend Yield | 5.7 | % | 5.7 | % | 5.17 | % | 5.17 | % | |||||
Simulated Fair Value | $ | 15.33 | $ | 16.57 | $ | 17.73 | $ | 18.88 | |||||
Fair Value as a % of Grant | 86.81 | % | 93.83 | % | 91.63 | % | 97.57 | % | |||||
Our operating results, net income and net income before taxes for the periods set forth below include (i) the following amounts of compensation expense associated with the stock grants and RSUs and (ii) the related reductions in earnings per share: | |||||||||||||
Years Ended December 31, | |||||||||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||||||||
Stock-Based Compensation | |||||||||||||
Expense: | |||||||||||||
Stock Grants to Directors & Officers | $ | 120 | $ | 420 | |||||||||
RSUs Awards to Officers | $ | 1,299 | $ | 797 | |||||||||
Related Reduction in | |||||||||||||
Earnings Per Share 1 | $ | -0.13 | $ | -0.11 | |||||||||
1 Same for basic and diluted earnings per share | |||||||||||||
A summary of the activity for the restricted stock unit awards during the year ended December 31, 2013 is as follows: | |||||||||||||
Number of RSU's | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested - December 31, 2012 | 65,500 | $ | 21.48 | ||||||||||
Additional Awards Granted | 8,188 | 19.35 | |||||||||||
Awards Granted | 121,100 | 17.37 | |||||||||||
Awards Exercised | -57,402 | 19.15 | |||||||||||
Awards Cancelled | -6,286 | 18.02 | |||||||||||
Non-vested - December 31, 2013 | 131,100 | $ | 18.77 | ||||||||||
Due to meeting the maximum performance level for the 2012 Absolute Performance-Based RSUs, an additional 8,188 shares were awarded. For the top four executives, the 2012 Relative Performance-Based RSUs met the performance level threshold, which resulted in the RSUs vesting and paying out at 53% , with the remaining 6,286 RSUs cancelled. During 2013 we retired a combined total of 18,359 shares of common stock, in order to meet the minimum tax liabilities associated with the vesting of equity awards held by our executive officers. | |||||||||||||
Stock_Repurchase_Program
Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2013 | |
Stock Repurchase Program [Abstract] | ' |
Stock Repurchase Program | ' |
NOTE W – STOCK REPURCHASE PROGRAM | |
On January 25, 2008, the Company’s Board of Directors approved a share repurchase program for up to a total of 1,000,000 shares of the Company’s common stock. We expect that any share repurchases under this program will be made from time to time for cash in open market transactions at prevailing market prices. The timing and amount of any purchases under the program will be determined by management based upon market conditions and other factors. Previously, we repurchased 491,572 shares of our common stock for approximately $11.5 million. We suspended repurchases until the second quarter of 2010, when we repurchased 223,051 shares of our common stock for approximately $5.2 million. Unless and until the Board otherwise provides, this authorization will remain open indefinitely, or until we reach the 1,000,000 share limit. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
NOTE X - FAIR Value Measurements | |||||||||
Effective January 1, 2008, we adopted the provisions of Accounting Standards Codification (“ASC”) Topic 820. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. | |||||||||
ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, and (iii) able and willing to complete a transaction. | |||||||||
ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||
Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||
Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (including interest rates, volatilities, prepayment speeds, credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. | |||||||||
Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | |||||||||
The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||
(All Amounts in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||
Derivative Assets | $ | - | $ | 39 | $ | - | $ | 39 | |
Derivative Liabilities | $ | - | $ | -4,472 | $ | - | $ | -4,472 | |
The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||
(All Amounts in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||
Derivative Assets | $ | - | $ | 147 | $ | - | $ | 147 | |
Derivative Liabilities | $ | - | $ | -7,940 | $ | - | $ | -7,940 | |
The carrying amounts of our accounts receivable, accounts payable and accrued liabilities approximated their fair value at December 31, 2013 and 2012. We estimated the fair value of our variable rate long-term debt at December 31, 2013, including current maturities, to equal approximately $196.6 million due to the variable rate nature of the debt as well as to the underlying value of the collateral. Credit risk has also been considered and has been determined to not be a material factor. | |||||||||
Impairment_Of_Long_Lived_Asset
Impairment Of Long Lived Assets | 12 Months Ended |
Dec. 31, 2013 | |
Impairment Of Long Lived Assets [Abstract] | ' |
Impairment Of Long Lived Assets | ' |
NOTE Y - Impairment Of Long lived Assets | |
The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of an asset or asset group to future net undiscounted cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. | |
In 2012 a triggering event occurred regarding our 2000-built Multi-Purpose Ice Strengthened vessel, as a result we tested the asset for impairment. We believe that no impairment existed at December 31, 2013 and 2012. The vessel is currently employed under a spot market basis. | |
Changes_In_Accounting_Estimate
Changes In Accounting Estimates | 12 Months Ended |
Dec. 31, 2013 | |
Changes In Accounting Estimates [Abstract] | ' |
Changes In Accounting Estimates | ' |
NOTE Z – CHANGES IN ACCOUNTING ESTIMATES | |
Based on company policy, we review the reasonableness of the salvage values for our fleet every three years based on the most recent three year average price of scrap steel per metric ton. In the first quarter of 2012 we reviewed and adjusted the salvage values on eight of our vessels, based on the change in the market value of scrap steel. These eight vessels have short remaining useful lives with an average of 9 years remaining. The adjustments resulted in increasing the salvage values and reducing our depreciation expense on these eight vessels by approximately $3.8 million annually. This adjustment increased both our pre-tax income and net income by $3.8 million and $3.7 million, respectively, for the twelve months ended December 31, 2013. | |
In the first quarter of 2013, after a third party review, management extended the life of two foreign flag special purpose RO/RO vessels operating in our Rail-Ferry segment. This decision was based on ongoing maintenance, including steel work that will allow the vessels to operate until 2025. The change in the life of the vessels will result in reducing our depreciation expense on these two vessels by approximately $1.1 million annually. This adjustment increased both our pre-tax and net income by $1.1 million, for the year ended December 31, 2013. In addition, we extended the economic life of both the Mobile, Alabama and Coatzacoalcos, Mexico rail terminals’ leasehold improvements due to contractual extensions of the term of the rail terminal operating agreement. The amortization periods were extended on both terminal leasehold improvements for five years. The impact of these extensions to our pre-tax and net income was $1.1 million for the year ended December 31, 2013. | |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||||
Quarterly Financial Information | ' | |||||||||||||
NOTE AA – QUARTERLY FINANCIAL INFORMATION – (Unaudited) | ||||||||||||||
Quarter Ended | ||||||||||||||
(Amounts in thousands except share data) | 31-Mar | 30-Jun | Sept. 30 | Dec. 31 | ||||||||||
2013 | Revenues | $ | 81,124 | $ | 74,897 | $ | 77,938 | $ | 76,193 | |||||
Voyage Expenses | $ | 69,591 | $ | 61,508 | $ | 64,832 | $ | 57,392 | ||||||
Operating Income | $ | 306 | $ | 1,404 | $ | 1,959 | $ | 5,978 | ||||||
Net Income (Loss) | $ | 1,653 | $ | 1,859 | $ | -2,222 | $ | 16,868 | ||||||
Basic and Diluted Earnings per Common Share: | ||||||||||||||
Basic Earnings Per Common Share | $ | 0.19 | $ | 0.17 | $ | -0.46 | $ | 2.15 | ||||||
Diluted Earnings Per Common Share | $ | 0.19 | $ | 0.17 | $ | -0.46 | $ | 2.13 | ||||||
2012 | Revenues | $ | 65,204 | $ | 60,320 | $ | 61,162 | $ | 56,810 | |||||
Voyage Expenses | $ | 50,826 | $ | 47,026 | $ | 45,394 | $ | 45,262 | ||||||
Operating Income | $ | 6,312 | $ | 3,518 | $ | 4,013 | $ | 10,128 | ||||||
Net Income | $ | 7,936 | $ | 704 | $ | 1,782 | $ | 11,540 | ||||||
Basic and Diluted Earnings per Common Share: | ||||||||||||||
Basic Earnings Per Common Share | $ | 1.11 | $ | 0.10 | $ | 0.25 | $ | 1.60 | ||||||
Diluted Earnings Per Common Share | $ | 1.11 | $ | 0.10 | $ | 0.25 | $ | 1.60 | ||||||
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock [Abstract] | ' |
Preferred Stock | ' |
NOTE AB – PREFERRED STOCK | |
Series A Issuance | |
On February 21, 2013, we sold 250,000 shares of our 9.50% Series A Cumulative Redeemable Perpetual Preferred Stock, $1.00 par value per share, with a liquidation preference of $100.00 per share. | |
Subject to the declaration of dividends by our Board of Directors, cumulative dividends on the Series A Preferred Stock are payable at a rate of 9.50% per annum per $100.00 liquidation preference per share, starting from the date of original issue, February 21, 2013. Dividends accumulate quarterly in arrears on each January 30, April 30, July 30 and October 30, beginning on April 30, 2013. However, the dividends are payable only if declared by our Board of Directors and must come from funds legally available for dividend payments. On April 10, 2013, the Board of Directors declared a dividend of $1.79 per share on our Series A Preferred Stock which was paid on April 30, 2013. On July 17, 2013 the Board of Directors declared a dividend of $2.375 per share which was paid on July 30, 2013. On October 8, 2013, the Board of Directors declared a dividend of $2.375 per share on our Series A Preferred Stock for the preferred stockholders of record as of October 29, 2013, which was paid on October 30, 2013. On January 7, 2014, the Board of Directors declared a dividend of $2.375 per share on our 9.5% Series A Cumulative Perpetual Preferred Stock to preferred stockholders of record on January 29, 2014, which was paid on January 30, 2014. As of December 31, 2013 we had no accumulated unpaid dividends for our Series A preferred stock. | |
Commencing on April 30, 2018, we may redeem, at our option, the Series A Preferred Shares, in whole or in part, at a cash redemption price of $100.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date. If at any time a “Change of Control” occurs, we will have the option to redeem the Series A Preferred Shares, in whole, within 120 days after the date of the Change of Control at the same cash redemption price. The Series A Preferred Shares have no stated maturity, will not be subject to any sinking fund or other mandatory redemption, and will not be convertible into or exchangeable for any of our other securities. | |
Holders of the Series A Preferred Shares generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series A Preferred Shares are in arrears for six or more consecutive or non-consecutive quarters, and under certain other limited circumstances. | |
Net proceeds from the issuance of the Series A Preferred Shares were approximately $23.4 million, net of underwriter discounts and related costs totaling approximately $1.6 million. | |
Series B Issuance | |
On August 1, 2013, we sold 316,250 shares of our 9.00% Series B Cumulative Redeemable Perpetual Preferred Stock, $1.00 par value per share, with a liquidation preference of $100.00 per share, including 41,250 shares sold pursuant to an over-allotment option granted to the underwriters for the offering. | |
Subject to the declaration of dividends by our Board of Directors, cumulative dividends on the Series B Preferred Stock are payable at a rate of 9.00% per annum per $100.00 liquidation preference per share, starting from the date of original issue, August 1, 2013. Dividends accumulate quarterly in arrears on each January 30, April 30, July 30 and October 30, beginning on October 30, 2013. However, the dividends are payable only if declared by our Board of Directors and must come from funds legally available for dividend payments. On October 8, 2013, the Board of Directors declared a dividend of $2.25 per share on our Series B Preferred Stock for the preferred stockholders of record as of October 29, 2013, which was paid on October 30, 2013. On January 7, 2014, the Board of Directors declared a dividend of $2.25 per share on our 9.0% Series B Cumulative Perpetual Preferred Stock to preferred stockholders of record on January 29, 2014, which was paid on January 30, 2014. As of December 31, 2013 we had no accumulated unpaid dividends for our Series B preferred stock. | |
Commencing on October 30, 2018, we may redeem, at our option, the Series B Preferred Shares, in whole or in part, at a cash redemption price of $100.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date. If at any time a “Change of Control” occurs, we will have the option to redeem the Series B Preferred Shares, in whole, within 120 days after the date of the Change of Control at the same cash redemption price. The Series B Preferred Shares have no stated maturity, will not be subject to any sinking fund or other mandatory redemption, and will not be convertible into or exchangeable for any of our other securities. | |
Holders of the Series B Preferred Shares generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series B Preferred Shares are in arrears for six or more consecutive or non-consecutive quarters, and under certain other limited circumstances. | |
Net proceeds from the issuance of the Series B Preferred Shares were approximately $30.0 million, net of underwriter discounts and related costs totaling approximately $1.7 million. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE AC – SUBSEQUENT EVENTS | |
On February 5, 2014, we announced our plans to relocate our corporate headquarters from Mobile, Alabama, back to New Orleans, Louisiana. This move will apply solely to our corporate headquarters, with significant operations remaining in Mobile. We expect the move to be completed by the fourth quarter of 2015 with no material impact on our results in 2014 expected from this relocation. However, in 2015, we will expend approximately $3.0 million in lease termination expense. The Louisiana incentive package includes performance based grants at $5.17 million to offset cost of establishing the new headquarters facility in New Orleans and $5.1 million to reimburse relocation costs associated with the move. | |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts And Reserves | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts And Reserves [Abstract] | ' | ||||||||||||||||
Valuation And Qualifying Accounts And Reserves | ' | ||||||||||||||||
SCHEDULE I – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Deductions | |||||||||||||||||
Balance at | Additions | for purpose for | Balance at | ||||||||||||||
beginning of | Charged to | Charged to | which accounts | end of | |||||||||||||
period | expense | Other accounts | were set up | period | |||||||||||||
December 31, 2011: | |||||||||||||||||
Insurance Reserves | $ | 3,233 | $ | 1,818 | $ | - | $ | 2,568 | $ | 2,483 | |||||||
Other Reserves | 1,208 | 42 | - | - | 1,250 | ||||||||||||
Total | $ | 4,441 | $ | 1,860 | $ | - | $ | 2,568 | $ | 3,733 | |||||||
December 31, 2012: | |||||||||||||||||
Insurance Reserves | $ | 2,483 | $ | 5,658 | $ | 1,141 | $ | 3,551 | $ | 4,985 | |||||||
Other Reserves | 1,250 | 23 | 5 | - | 1,278 | ||||||||||||
Total | $ | 3,733 | $ | 5,681 | $ | 1,146 | $ | 3,551 | $ | 6,263 | |||||||
December 31, 2013: | |||||||||||||||||
Insurance Reserves | $ | 4,985 | $ | 4,671 | $ | - | $ | 3,047 | $ | 5,453 | |||||||
Other Reserves | 1,278 | 24 | - | - | 1,302 | ||||||||||||
Total | $ | 6,263 | $ | 4,695 | $ | - | $ | 3,047 | $ | 6,755 | |||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||
Organization And Basis Of Presentation | ' | ||||||
Organization and Basis of Presentation - International Shipholding Corporation (a Delaware corporation) and its majority-owned subsidiaries, referred to in this report using the terms “we,” “us,” “our,” and “the Company”, operate a diversified fleet of U.S. and International Flag vessels that provide domestic and international maritime transportation services to commercial customers and agencies of the United States government primarily under medium to long-term charters or contracts of affreightment. At December 31, 2013, our fleet consisted of 50 ocean-going vessels and related shoreside facilities. Our core business strategy consists of identifying growth opportunities in niche markets as market needs change, utilizing our extensive experience to meet those needs, and continuing to maintain a diverse portfolio of medium to long-term contracts, as well as protect our long-standing customer base by providing quality transportation services. From time to time, we augment our core business strategy with opportunistic transactions involving short term spot market contracts. The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. | |||||||
Consolidation | ' | ||||||
Consolidation - The accompanying financial statements include the accounts of International Shipholding Corporation and its’ majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Our policy is to consolidate all subsidiaries in which we hold a greater than 50% voting interest or otherwise control its operating and financial activities. We use the equity method to account for investments in entities in which we hold a 20% to 50% voting interest and have the ability to exercise significant influence over their operating and financial activities. | |||||||
Financial Statement Preparation | ' | ||||||
Financial Statement Preparation - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||
Revenue And Expense Recognition | ' | ||||||
Revenue and Expense Recognition - Revenue for our Rail-Ferry, Jones Act, and Specialty segments’ voyages is recorded over the duration of the voyage. Our voyage expenses are estimated at the beginning of the voyages based on historical actual costs or from industry sources familiar with those types of charges. As the voyage progresses, these estimated costs are revised with actual charges and timely adjustments made. The expenses are ratably expensed over the voyage based on the number of days in progress at the end of the period. Based on our experience, we believe there is not a material difference between recording estimated expenses ratably over the voyage versus recording expenses as incurred. Revenues and expenses relating to our other segments’ voyages, which require limited estimates or assumptions, are recorded when earned or incurred during the reporting period. | |||||||
The Maritime Security Act, which established the MSP, was signed into law in October of 1996 and has been extended to 2025. We recognize MSP revenue on a monthly basis over the duration of the qualifying contracts. The carrying amount approximates fair value for these instruments. As of December 31, 2013, five of our PCTCs, two of our Container vessels, and one Multi-Purpose vessel were qualified and received contracts for MSP participation. These vessels earned $2.8 million in 2013, $3.1 million in 2012, and $2.95 million in 2011. | |||||||
Income Taxes | ' | ||||||
Income Taxes - Income taxes are accounted for in accordance with ASC Topic 740. Provisions for income taxes include deferred income taxes for temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. Deferred income taxes are computed using enacted tax rates that are expected to be in effect when the temporary differences reverse. A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some portion or the entire deferred tax asset will not be realized. The Company records uncertain tax positions within income tax expense and classifies interest and penalties related to income taxes as income tax expense. | |||||||
Certain foreign operations are not subject to income taxation under pertinent provisions of the laws of the country of incorporation or operation. However, pursuant to existing U.S. tax laws, earnings from certain of our foreign operations are subject to U.S. income taxes when those earnings are repatriated to the U.S. | |||||||
The Jobs Creation Act, which first applied to us on January 1, 2005, changed the U.S. tax treatment of the foreign operations of our U.S. flag vessels and our International Flag shipping operations. We made an election under the Jobs Creation Act to have our qualifying U.S. Flag operations taxed under the “tonnage tax” regime rather than under the usual U.S. corporate income tax regime (See Note J – Income Taxes). | |||||||
Cash And Cash Equivalents | ' | ||||||
Cash and Cash Equivalents - We consider highly liquid debt instruments and money market funds with an original maturity of three months or less to be cash equivalents. | |||||||
Accounts Receivable | ' | ||||||
Accounts Receivable - We provide an allowance for doubtful accounts for accounts receivable balances estimated to be non-collectible. These provisions are maintained based on identified specific accounts, past experiences, and current trends, and require management’s estimates with respect to the amounts that are non-collectible. Accounts receivable balances are written off against our allowance for doubtful accounts when deemed non-collectible. | |||||||
Inventories | ' | ||||||
Inventories - The Company values spare parts and warehouse inventories at the lower of cost or market, using the first-in, first-out (FIFO) method of accounting. Fuel inventory is based on the average inventory method of accounting. As of December 31, 2013 and 2012, our inventory balances were approximately $11.3 million and $11.8 million, respectively. Our inventory consists of three major classes, the break out of which is included in the following table: | |||||||
(All Amounts in Thousands) | For the Years Ended December 31, | ||||||
Inventory Classes | 2013 | 2012 | |||||
Spare Parts Inventory | $ | 3,968 | $ | 3,652 | |||
Fuel Inventory | 4,627 | 4,633 | |||||
Warehouse Inventory | 2,691 | 3,562 | |||||
$ | 11,286 | $ | 11,847 | ||||
Vessels, Property And Other Equipment | ' | ||||||
Vessels, Property and Other Equipment - For financial reporting purposes, vessels are depreciated over their estimated useful lives using the straight-line method to the estimated salvage value. | |||||||
Estimated useful lives (in years) of Vessels, Leasehold Improvements, and Furniture and Equipment from now or when built are as follows: | |||||||
Jones Act | |||||||
1 | Coal Carrier | 15 | |||||
2 | Bulk Carriers | 25 | |||||
1 | Harbor Tug | 20 | |||||
3 | ATB Barge and Tug Units | 30-Sep | |||||
1 | ITB Barge and Tug Unit | 30-Sep | |||||
Pure Car Truck Carriers | |||||||
4 | Pure Car/Truck Carriers | 20-25 | |||||
Rail-Ferry | |||||||
2 | Special Purpose Vessels | 25 | |||||
Building | 15-25 | ||||||
Dry Bulk Carriers | |||||||
5 | Bulk Carriers | 25 | |||||
Specialty Contracts | |||||||
1 | Tanker | 25 | |||||
1 | Multi-Purpose Ice Strengthened | 25 | |||||
Other | |||||||
Leasehold Improvements | 20-Oct | ||||||
Other Equipment | 12-Mar | ||||||
Furniture and Equipment | 10-Mar | ||||||
At December 31, 2013, our fleet of 50 vessels also included (i) a Molten Sulphur Carrier, two Multi-Purpose vessels, five Container vessels, which we charter in one of our services, (ii) one Tanker, (iii) three Pure Car Truck Carriers, (iv) one Bulk Carrier, (v) fifteen Mini-Bulker Carriers, (vi) and one Multi-Purpose heavy lift vessel. | |||||||
Costs of all major property additions and betterments are capitalized. Ordinary maintenance and repair costs are expensed as incurred. Interest and finance costs relating to vessels and other equipment under construction are capitalized to properly reflect the cost of assets acquired. Capitalized interest totaled $52,000, $120,045 and $339,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Capitalized interest was calculated based on our weighted-average interest rate on our outstanding debt. | |||||||
We monitor our fixed assets for impairment and perform an impairment analysis in accordance with Accounting Standards Codification (“ASC”) Topic 360 when triggering events or circumstances indicate a fixed asset or asset group may be impaired. Such events or circumstances may include a decrease in the market price of the long-lived asset or asset group or a significant change in the way the asset is being used. Once a triggering event or circumstance is identified, an analysis is done which shows the net book value of the asset as compared to the estimated undiscounted future cash flows the asset will generate over its remaining useful life. It is possible that our asset impairment review would include a determination of the asset’s fair value based on a third-party evaluation or appraisal. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. We believe that no impairment existed at December 31, 2013 and 2012 (See Note Y – Impairment of Long Lived Assets). | |||||||
Drydocking Costs | ' | ||||||
Drydocking Costs - We defer certain costs related to the drydocking of our vessels. Deferred drydocking costs are capitalized as incurred and amortized on a straight-line basis over the period between drydockings (generally two to five years). Because drydocking charges can be material in any one period, we believe that the capitalization and amortization of these costs over the drydocking period provides a better matching with the future revenue generated by our vessels. We capitalize only those costs that are incurred to meet regulatory requirements. Normal repairs, whether incurred as part of the drydocking or not, are expensed as incurred (See Note N – Deferred Charges and Intangible Assets). | |||||||
Goodwill And Intangible Assets | ' | ||||||
Goodwill and Intangible Assets - Under FASB ASC 350, Intangibles – Goodwill and Other, goodwill and indefinite-lived intangible assets are reviewed at least annually for impairment. Intangible assets with definite lives are amortized using the straight line method over their individual useful lives. Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. On August 6, 2012, the Company acquired companies FSI and Tower, resulting in Goodwill of $828,000. On November 30, 2012, the Company acquired UOS, resulting in Goodwill of approximately $1.9 million. At December 31, 2013 and 2012, our Goodwill balances were $2.7 million. Goodwill is monitored for impairment and we perform an impairment analysis on an annual basis, or whenever events or circumstances indicate that interim impairment testing is necessary (See Note B–Acquisition). | |||||||
Deferred Financing Charges | ' | ||||||
Deferred Financing Charges - We amortize our deferred financing charges over the terms of the related financing agreements and contracts using the effective interest method (See Note N – Deferred Charges and Intangible Assets). | |||||||
Self-Retention Insurance | ' | ||||||
Self-Retention Insurance - We maintain provisions for estimated losses under our self-retention insurance program based on estimates of the eventual claims settlement costs. The measurement of our exposure for self-insurance liability requires management to make estimates and assumptions that affect the amount of loss provisions recorded during the reporting period. Actual results could differ materially from those estimates (See Note H – Self-Retention Insurance). | |||||||
Asbestos Claims | ' | ||||||
Asbestos Claims - We maintain provisions for estimated losses for asbestos claims based on estimates of eventual claims settlement costs. Our policy is to establish provisions based on a range of estimated exposure. We estimate this potential range of exposure using input from legal counsel and internal estimates based on the individual deductible levels for each policy year. We believe that insurance and the indemnification of a previous owner of one of our wholly-owned subsidiaries will partially mitigate our exposure. The measurement of our exposure for asbestos liability requires management to make estimates and assumptions that affect the amount of the loss provisions recorded during the period. Our estimates and assumptions are formed from variables such as the maximum deductible levels in a claim year, the amount of the indemnification recovery and the claimant's employment history with the Company. Actual results could differ materially from those estimates. | |||||||
Foreign Currency Transactions | ' | ||||||
Foreign Currency Transactions - Certain of our revenues and expenses are converted into or denominated in foreign currencies, primarily the Singapore Dollar, Indonesian Rupiah, Euro, British Pound, Mexican Peso, Australian Dollar, and Japanese Yen. All exchange adjustments are charged or credited to income in the year incurred. Excluding the foreign exchange losses related to the Yen-denominated loan facility, we recognized an exchange gain of approximately $412,000, $10,000 and $460,000 for the years ended December 31, 2013, 2012 and 2011, respectively, on foreign currency transactions related to operations. | |||||||
In addition to the foreign currency operational transactions, we also recorded non-cash foreign exchange gains of $5.9 million, $5.5 million, and losses of $3.1 million for the years ending December 31, 2013, 2012, and 2011, respectively, reflecting the periodic re-measurement of a Yen-denominated credit facility to U.S. Dollars. These gains/losses are reflected in our Consolidated Statements of Income as “Interest and Other”. In the fourth quarter of 2013, we entered into several Yen foreign exchange contracts which effectively locked in our Yen to U.S. dollar exchange rate at 102.53 to 1 USD. | |||||||
Dividend Policy | ' | ||||||
Dividend Policy - The payment of dividends is at the discretion of our Board of Directors. On October 29, 2008, our Board of Directors authorized the reinstitution of a quarterly common stock cash dividend program beginning in the fourth quarter of 2008. | |||||||
Dividends were payable quarterly beginning April 30 and October 30, 2013, in respect of our Series A and Series B Preferred shares, respectively, when and if declared by our Board of Directors (See Note AB – Preferred Stock). | |||||||
Earnings Per Share | ' | ||||||
Earnings Per Share - Basic earnings per share was computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per share also reflect the effect of dilutive potential common shares, including shares issuable under restricted stock units using the treasury stock method (See Note T – Earnings Per Share). | |||||||
Derivative Instruments And Hedging Activities | ' | ||||||
Derivative Instruments and Hedging Activities - Under ASC Topic 815, in order to consider a derivative instrument as a hedge, (i) we must designate the instrument as a hedge of future transactions, and (ii) the instrument must reduce our exposure to the applicable risk. If the above criteria are not met, we record the fair market value of the instrument at the end of each period and recognize the related gain or loss through earnings. If the instrument qualifies as a hedge, net settlements under the agreement are recognized as an adjustment to earnings, while changes in the fair value of the hedge are recorded through Stockholders’ Equity in Other Comprehensive Income (Loss). We currently employ, or have employed in the recent past, interest rate swap agreements and foreign currency contracts (See Note R – Fair Value of Financial Instruments, Derivatives and Marketable Securities). | |||||||
Stock-Based Compensation | ' | ||||||
Stock-Based Compensation - Under ASC Topic 505, we determine stock based compensation cost based on the grant date fair value of awards and record compensation expense over the vesting period of such awards. The compensation cost related to our restricted stock is determined based on the average stock price on the date of grant and is amortized on a straight-line basis over the vesting period (See Note V – Stock-Based Compensation). | |||||||
Pension And Postretirement Benefits | ' | ||||||
Pension and Postretirement Benefits - Our pension and postretirement benefit costs are calculated using various actuarial assumptions and methodologies. These assumptions include discount rates, health care cost trend rates, inflation, rate of compensation increases, expected return on plan assets, mortality rates, and other factors. We believe that the assumptions utilized in recording the obligations under our plans are reasonable based on input from our outside actuary and information as to historical experience and performance. Differences in actual experience or changes in assumptions may affect our pension and postretirement obligations and future expense. | |||||||
We account for our pension and postretirement benefit plans in accordance with ASC Topic 715. This statement requires balance sheet recognition of the overfunded or underfunded status of pension and postretirement benefit plans. Under ASC Topic 715, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in Other Comprehensive Income (Loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. In addition, the measurement date, the date at which plan assets and the benefit obligation are measured, is required to be the Company’s fiscal year end. This standard does not change the determination of net periodic benefit cost included in net income or the measurement issues associated with benefit plan accounting. | |||||||
For the period ended December 31, 2013, the effect of the adjustment to our overfunded status was a decrease in the liability of $9.4 million and a decrease in Other Comprehensive Loss of $7.1 million, net of taxes of $2.3 million. For the period ended December 31, 2012, the effect of the adjustment to our underfunded status was an increase in the liability of $2.6 million, and an increase in Other Comprehensive Loss of $2.2 million, net of taxes of $452,000 with a full valuation allowance. As of December 31, 2013, our pension plan was overfunded by $1.5 million or 104.6% (See Note I – Employee Benefit Plans). | |||||||
Recent Accounting Pronouncements | ' | ||||||
Recent Accounting Pronouncements - In January 2013, the FASB issued ASU 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities" to amend Accounting Standards Codification Topic 210, "Balance Sheet". The amendment is to clarify that the scope of Update 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013 and interim and annual periods thereafter. We adopted ASU 2013-01 in the first quarter of 2013 and the application of the new requirements did not have a material effect on our operating results or financial position. | |||||||
In February 2013, the FASB issued ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" to amend Accounting Standards Codification Topic 220, "Comprehensive Income". The amendment requires an entity to provide information about the amounts reclassified out of other comprehensive income by component. Entities are also required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross reference to other disclosures required under US GAAP that provide additional details about those amounts ASU 2013-02 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. We adopted ASU 2013-02 in the first quarter of 2013 and the application of the new requirements did not have a material effect on our operating results or financial position. | |||||||
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the Emerging Issues Task Force)”, to amend Accounting Standards Codification Topic 405, “Liabilities”. This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This stipulates that (1) it will include the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and (2) any additional amount the entity expects to pay on behalf of the other entities. The objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. ASU 2013-04 is effective for fiscal periods (and interim reporting periods within those years) beginning after December 15, 2013. We are currently evaluating the adoption of this standard. | |||||||
In March 2013, the FASB issued ASU 2013-05,“Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” to amend Accounting Standards Codification Topic 830, “ Foreign Currency Matters”. The objective of the amendments in this Update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the adoption of this standard. | |||||||
In July 2013, the FASB issued ASU No. 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes” (a consensus of the FASB Emerging Issues Task Force), which permits the use of the Fed Funds Effective Swap Rate (also referred to as the Overnight Index Swap Rate), in addition to the U.S. government rate (UST) and London Interbank Offered Rate (LIBOR), as a U.S. benchmark interest rate for hedge accounting purposes under FASB ASC Topic 815, Derivatives and Hedging. Entities should apply the ASU prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. We are currently evaluating the adoption of this standard. | |||||||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (a consensus of the FASB Emerging Issues Task Force), which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. The ASU does not require new recurring disclosures. It is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013 and December 15, 2014, for public and nonpublic entities, respectively. Early adoption and retrospective application are permitted. We are currently evaluating the adoption of this standard. | |||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||
Inventory By Class | ' | ||||||
(All Amounts in Thousands) | For the Years Ended December 31, | ||||||
Inventory Classes | 2013 | 2012 | |||||
Spare Parts Inventory | $ | 3,968 | $ | 3,652 | |||
Fuel Inventory | 4,627 | 4,633 | |||||
Warehouse Inventory | 2,691 | 3,562 | |||||
$ | 11,286 | $ | 11,847 | ||||
Estimated Useful Lives Of Property And Equipment | ' | ||||||
Jones Act | |||||||
1 | Coal Carrier | 15 | |||||
2 | Bulk Carriers | 25 | |||||
1 | Harbor Tug | 20 | |||||
3 | ATB Barge and Tug Units | 30-Sep | |||||
1 | ITB Barge and Tug Unit | 30-Sep | |||||
Pure Car Truck Carriers | |||||||
4 | Pure Car/Truck Carriers | 20-25 | |||||
Rail-Ferry | |||||||
2 | Special Purpose Vessels | 25 | |||||
Building | 15-25 | ||||||
Dry Bulk Carriers | |||||||
5 | Bulk Carriers | 25 | |||||
Specialty Contracts | |||||||
1 | Tanker | 25 | |||||
1 | Multi-Purpose Ice Strengthened | 25 | |||||
Other | |||||||
Leasehold Improvements | 20-Oct | ||||||
Other Equipment | 12-Mar | ||||||
Furniture and Equipment | 10-Mar | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Acquisition [Line Items] | ' | ||||
Schedule Of Step Acquisition | ' | ||||
(All Amounts in thousands) | |||||
Fair Value of Previously Held 50% Interest | $32,700 | ||||
Less: Book Value of Previously Held Interest | -14,400 | ||||
Gain on Previously Held 50% Interest | $18,300 | ||||
Schedule Of Bargain Purchase Gain | ' | ||||
(All Amounts in thousands) | |||||
Fair Value of Net Assets Acquired | $69,000 | ||||
Less: Fair Value of Purchase Consideration | -35,800 | ||||
Less: Fair Value of Previously Held 50% Interest | -32,700 | ||||
Bargain Purchase Gain | $ 500 | ||||
United Ocean Services, LLC [Member] | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Assets Acquired And Liabilities Assumed | ' | ||||
The following is a tabular summary of the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: | |||||
Amount Recognized as of Acquisition Date | |||||
Description | (All Amounts in Thousands) | ||||
Working Capital including Cash Acquired | $ | 8,511 | |||
Inventory | 6,510 | ||||
Property, Plant, and Equipment | 60,037 | ||||
Identifiable Intangible Assets | 45,131 | ||||
Total Assets Acquired | 120,189 | ||||
Misc. Payables and Accrued Expenses | -5,434 | ||||
Other Long Term Liability | -1,945 | ||||
Total Liabilities Assumed | -7,379 | ||||
Net Assets Acquired | 112,810 | ||||
Total Consideration Transferred | -114,717 | ||||
Goodwill* | $ | 1,907 | |||
* Goodwill represents the fair value of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of UOS includes the following: | |||||
· | the expected synergies and other benefits that we believe will result from combining the operations of UOS with our existing Jones Act operations. | ||||
· | any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, and | ||||
· | the anticipated higher rate of return of UOS’s existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. | ||||
Business Acquisition, Pro Forma Information | ' | ||||
2012 Pro | 2011 Pro | ||||
Forma | Forma | ||||
Revenues | $ | 329,079 | $ | 385,938 | |
Net earnings attributable to ISH | $ | 30,765 | $ | 39,166 | |
Net earnings per share attributable to ISH common stockholders: | |||||
Basic | $ | 4.28 | $ | 5.49 | |
Diluted | $ | 4.27 | $ | 5.46 | |
Frascati Shops, Inc. And Tower, LLC [Member] | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Assets Acquired And Liabilities Assumed | ' | ||||
The following is a tabular summary of the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: | |||||
Amount Recognized as of Acquisition Date | |||||
Description | (All Amounts in Thousands) | ||||
Working Capital including Cash Acquired | $ | 18 | |||
Inventory | 231 | ||||
Property, Plant, and Equipment | 3,411 | ||||
Identifiable Intangible Assets | 490 | ||||
Total Assets Acquired | 4,150 | ||||
Misc. Payables and Accrued Expenses | -412 | ||||
Long Term Debt | -3,490 | ||||
Deferred Tax Liability | -453 | ||||
Total Liabilities Assumed | -4,355 | ||||
Net Liabilities Assumed | -205 | ||||
Total Consideration Transferred | -623 | ||||
Goodwill* | $ | 828 | |||
* Goodwill represents the sum of the consideration transferred and the net liabilities assumed and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of the Acquired Companies includes the following: | |||||
· | the expected synergies and other benefits that we believe will result from combining the operations of the Acquired Companies with our existing Rail-Ferry operations. | ||||
· | any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, and | ||||
· | the anticipated higher rate of return of the Acquired Companies existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. | ||||
Property_Plant_Equipment_Table
Property, Plant & Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property, Plant & Equipment [Abstract] | ' | ||||||
Property, Plant And Equipment | ' | ||||||
For the Year Ended December 31, | |||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||
Pure Car/Truck Carriers | $ | 146,190 | $ | 132,393 | |||
Special Purpose vessels | 59,481 | 59,462 | |||||
Coal Carrier | 92,771 | 92,771 | |||||
Tanker | 8,009 | 8,009 | |||||
Bulk Carriers | 203,394 | 200,537 | |||||
Tug and Barge Units | 72,571 | 32,000 | |||||
Non-vessel related property, plant and equipment | 39,909 | 39,796 | |||||
622,325 | 564,968 | ||||||
Less: Accumulated depreciation | -175,106 | -151,318 | |||||
447,219 | 413,650 | ||||||
Construction-in-progress (vessel and non-vessel) | 2,673 | 10 | |||||
$ | 449,892 | $ | 413,660 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Long-Term Debt [Abstract] | ' | ||||||||||||||
Schedule Of Long-Term Debt | ' | ||||||||||||||
Long-term debt consisted of the following: | |||||||||||||||
Interest Rate | Total Principal Due | ||||||||||||||
(All Amount in Thousands) | Year Ended December 31, | Maturity | Year Ended December 31, | ||||||||||||
Description | 2013 | 2012 | Date | 2013 | 2012 | ||||||||||
Secured: | |||||||||||||||
Notes Payable – Variable Rate | -1 | 2.0600 | % | $ | - | $ | 12,666 | ||||||||
Notes Payable – Variable Rate | -3 | 2.7451 | % | 2.8090 | % | 2018 | 15,460 | 18,896 | |||||||
Notes Payable – Variable Rate | (2,5) | 2.7090 | % | - | 30,000 | ||||||||||
Notes Payable – Variable Rate | 2.7400 | % | 2.81-2.85 | % | 2018 | 45,081 | 48,760 | ||||||||
Notes Payable – Variable Rate | 2.5188 | % | 2.5590 | % | 2017 | 11,383 | 13,436 | ||||||||
Notes Payable – Variable Rate | 2.9181 | % | 2.9810 | % | 2018 | 12,780 | 15,620 | ||||||||
Notes Payable – Variable Rate | -3 | 2.7384 | % | 2.8158 | % | 2018 | 16,651 | 17,908 | |||||||
Notes Payable – Variable Rate | -4 | 2.8964 | % | 1.8314 | % | 2020 | 31,437 | 42,089 | |||||||
Notes Payable – Variable Rate | -5 | 3.7500 | % | 2018 | 44,437 | - | |||||||||
Unsecured Line of Credit-Old | -6 | 3.9597 | % | - | 38,255 | ||||||||||
Secured Line of Credit-New | -5 | 3.6700 | % | 2018 | 21,000 | - | |||||||||
198,229 | 237,630 | ||||||||||||||
Less Current Maturities | -19,213 | -26,040 | |||||||||||||
$ | 179,016 | $ | 211,590 | ||||||||||||
1 | We had an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2015 at 4.41%. Upon early repayment of approximately $13.3 million to close this credit facility, the interest rate swap was settled and terminated in the third quarter of 2013. | ||||||||||||||
2.We entered into a variable rate financing agreement with Capital One N.A. on November 30, 2012 for a five year facility totaling $30.0 million to finance a portion of the acquisition of UOS. This facility was fully drawn prior to the end of 2012. Upon execution of the new U.S. Senior Credit Facility, this credit facility was paid off in full. The early pre-payment amount was approximately $25.5 million. | |||||||||||||||
3.We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Cape Size vessel and a Supramax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn on June 20, 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million on January 24, 2012. | |||||||||||||||
4.We have a Yen interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 4.815%. The swap agreement is for the same term as the associated note payable. | |||||||||||||||
5.As described in greater detail above, on September 24, 2013, we entered into a senior secured Credit Facility. The Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45.0 million and a LOC, which allows for borrowing up to a principal amount of $50.0 million. The LOC facility includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. As of September 24, 2013, the Credit Facility had four lenders, each with commitments ranging from $15 million to $30 million. The facility carries an accordion feature, whereby an additional term loan up to $50.0 million may be advanced subject to certain financial requirements. | |||||||||||||||
6.Our previously-existing unsecured line of credit agreement was paid off with the execution of the new secured credit facility on September 24, 2013. | |||||||||||||||
Other_Long_Term_Liabilities_Ta
Other Long Term Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Long Term Liabilities [Abstract] | ' | ||||||
Other Long Term Liabilities | ' | ||||||
For the Year Ended December 31, | |||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||
Derivatives | $ | 4,412 | $ | 6,680 | |||
Alabama Lease Incentive | 6,887 | 8,035 | |||||
Deferred Gains, net of Amortization | 34,009 | 39,227 | |||||
Insurance Reserves | 5,521 | 5,073 | |||||
Pension & Post Retirement | 10,339 | 19,781 | |||||
Other | 4,138 | 2,245 | |||||
$ | 65,306 | $ | 81,041 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||
31-Dec-13 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||
(All Amounts in Thousands) | ||||||||||||||||||||
Cash Equivalents | ||||||||||||||||||||
Money Market Funds | $ | 344 | $ | - | $ | - | $ | 344 | ||||||||||||
Equities | ||||||||||||||||||||
Domestic Equity Mutual Funds | $ | 20,939 | $ | - | $ | - | $ | 20,939 | ||||||||||||
International Equity Mutual Funds | $ | 3,676 | $ | - | $ | - | $ | 3,676 | ||||||||||||
Fixed Income | ||||||||||||||||||||
Taxable Fixed Income Funds | $ | 9,455 | $ | - | $ | - | $ | 9,455 | ||||||||||||
Total Assets at Fair Value | $ | 34,414 | $ | - | $ | - | $ | 34,414 | ||||||||||||
31-Dec-12 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||
(All Amounts in Thousands) | ||||||||||||||||||||
Cash Equivalents | ||||||||||||||||||||
Money Market Funds | $ | 236 | $ | - | $ | - | $ | 236 | ||||||||||||
Equities | ||||||||||||||||||||
Domestic Equity Mutual Funds | $ | 17,631 | $ | - | $ | - | $ | 17,631 | ||||||||||||
International Equity Mutual Funds | $ | 2,614 | $ | - | $ | - | $ | 2,614 | ||||||||||||
Fixed Income | ||||||||||||||||||||
Taxable Fixed Income Funds | $ | 8,432 | $ | - | $ | - | $ | 8,432 | ||||||||||||
Total Assets at Fair Value | $ | 28,913 | $ | - | $ | - | $ | 28,913 | ||||||||||||
Changes in Benefit Obligations and Fair Value of Assets | ' | |||||||||||||||||||
Retirement Plan | Postretirement Benefits | |||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
(All Amounts in Thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||||
Projected Benefit Obligation at Beginning of Year | $ | 36,617 | $ | 32,496 | $ | 13,084 | $ | 11,898 | ||||||||||||
Service Cost (Credit) | 671 | 649 | 16 | -6 | ||||||||||||||||
Interest Cost | 1,335 | 1,426 | 531 | 471 | ||||||||||||||||
Plan Amendments | - | - | - | 1,318 | ||||||||||||||||
Actuarial Loss (Gain) | -4,367 | 3,371 | -611 | -133 | ||||||||||||||||
Benefits Paid and Expected Expenses | -1,359 | -1,325 | -539 | -506 | ||||||||||||||||
Medicare Part D Reimbursements | - | - | 49 | 41 | ||||||||||||||||
Projected Benefit Obligation at End of Year | $ | 32,897 | $ | 36,617 | $ | 12,530 | $ | 13,083 | ||||||||||||
Change in Plan Assets | ||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 28,913 | $ | 25,645 | $ | - | $ | - | ||||||||||||
Actual Return on Plan Assets | 5,274 | 2,994 | - | - | ||||||||||||||||
Employer Contribution | 1,600 | 1,600 | 490 | 464 | ||||||||||||||||
Benefits Paid and Actual Expenses | -1,373 | -1,326 | -539 | -505 | ||||||||||||||||
Medicare Part D reimbursements | - | - | 49 | 41 | ||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 34,414 | $ | 28,913 | $ | - | $ | - | ||||||||||||
Funded Status | $ | 1,517 | $ | -7,704 | $ | -12,530 | $ | -13,083 | ||||||||||||
Key Assumptions | ||||||||||||||||||||
Discount Rate | 4.75% | 3.75% | 4.75% | 3.75% | ||||||||||||||||
Rate of Compensation Increase | 4.50% | 4.50% | N/A | N/A | ||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
(All Amounts in Thousands) | Retirement Plan | Postretirement Benefits | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Prior Service Credit (Cost) | $ | 16 | $ | 19 | $ | -1,187 | $ | -1,288 | ||||||||||||
Net Loss | -4,768 | -13,054 | -3,278 | -4,253 | ||||||||||||||||
Change in Other Comprehensive Loss | $ | -4,752 | $ | -13,035 | $ | -4,465 | $ | -5,541 | ||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||
Pension Plan | Postretirement Benefits | |||||||||||||||||||
(All Amounts in Thousands) | Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||
Components of net periodic benefit cost: | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 671 | $ | 649 | $ | 542 | $ | 16 | $ | -6 | $ | 41 | ||||||||
Interest cost | 1,335 | 1,426 | 1,496 | 531 | 471 | 565 | ||||||||||||||
Expected return on plan assets | -2,229 | -1,987 | -1,907 | - | - | - | ||||||||||||||
Amortization of prior service cost | -3 | -3 | -3 | 100 | -12 | -11 | ||||||||||||||
Amortization of Net Loss | 888 | 778 | 380 | 365 | 201 | 213 | ||||||||||||||
Net periodic benefit cost | $ | 662 | $ | 863 | $ | 508 | $ | 1,012 | $ | 654 | $ | 808 | ||||||||
The assumptions used in the measurement of net pension cost are shown in the following table: | ||||||||||||||||||||
Key Assumptions | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Discount Rate | 3.75 | % | 4.50 | % | 5.50 | % | 4.75 | % | 3.75 | % | 5.50 | % | ||||||||
Expected Return on Plan Assets | 7.75 | % | 7.75 | % | 7.75 | % | N/A | % | N/A | % | N/A | % | ||||||||
Rate of Compensation Increase | 4.50 | % | 4.50 | % | 4.50 | % | N/A | % | N/A | % | N/A | % | ||||||||
One Percent Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||
(All Amounts in Thousands) | 1% Increase | 1% Decrease | ||||||||||||||||||
Change in total service and interest cost components | ||||||||||||||||||||
for the year ended December 31, 2013 | $ | 64 | $ | -53 | ||||||||||||||||
Change in postretirement benefit obligation as of December 31, 2013 | $ | 1,542 | $ | -1,293 | ||||||||||||||||
Expected Future Benefit Payments | ' | |||||||||||||||||||
(All Amounts in Thousands) | ||||||||||||||||||||
Fiscal Year Beginning | Retirement Plan | Postretirement Benefits | ||||||||||||||||||
2014 | $ | 1,654 | $ | 691 | ||||||||||||||||
2015 | $ | 1,697 | $ | 705 | ||||||||||||||||
2016 | $ | 1,789 | $ | 717 | ||||||||||||||||
2017 | $ | 1,810 | $ | 742 | ||||||||||||||||
2018 | $ | 1,903 | $ | 752 | ||||||||||||||||
2019-2023 | $ | 11,197 | $ | 3,996 | ||||||||||||||||
Multi-employer Pension and Other Postretirement Benefit Plans | ' | |||||||||||||||||||
Plan | Company | EIN | Pension Protection Act Zone Status | FIP/RP Status Pending/ Implemented (5) | Contribution Amount (In Thousands) | Surcharge Imposed | Expiration Date | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
MM&P | -1 | WSC | 13-100310 | Green | Yes | $ | 664 | $ | 996 | $ | 1,297 | No | 9/30/2025 & 9/30/2025 | |||||||
SCI | $ | 468 | $ | 298 | $ | 280 | 6/30/27 | |||||||||||||
CGL | $ | 950 | $ | 1,039 | $ | 1,029 | 9/30/2025 & 6/30/2020 | |||||||||||||
MEBA | -2 | WSC | 51-029896 | Green | No | $ | 259 | $ | 311 | $ | 408 | No | 9/30/20 | |||||||
SCI | $ | 125 | $ | 68 | $ | 62 | 6/30/17 | |||||||||||||
CGL | $ | 249 | $ | 242 | $ | 237 | 9/30/2020 & 6/30/2020 | |||||||||||||
ARA | -3 | WSC | 13-161999 | Green | No | $ | - | $ | 2 | $ | 20 | No | * | |||||||
CGL | $ | 54 | $ | 52 | $ | 51 | 9/30/15 & 6/30/17 | |||||||||||||
SPP | -4 | WSC | 13-100329 | Green | No | $ | 80 | $ | 81 | $ | 61 | No | 9/30/2017 & 12/31/2016 | |||||||
SCI | $ | 72 | $ | 20 | $ | 18 | 6/30/17 | |||||||||||||
CGL | $ | 90 | $ | 86 | $ | 85 | 12/31/2016 & 6/30/2017 | |||||||||||||
Total Contributions | $ | 3,011 | $ | 3,195 | $ | 3,548 | ||||||||||||||
-1 | Masters, Mates & Pilots Pension Plan | |||||||||||||||||||
-2 | MEBA Pension Trust | |||||||||||||||||||
-3 | American Radio Association Pension Trust | |||||||||||||||||||
-4 | Seafarers Pension Plan | |||||||||||||||||||
-5 | Financial Improvement Plan/Rehabilitation Plan | |||||||||||||||||||
*In full force and effect until otherwise noted | ||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Components of Net Deferred Tax (Liability) Asset | ' | ||||||||
Year Ended December 31, | |||||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||||
DEFERRED TAX LIABILITIES | |||||||||
Fixed Assets | $ | -10,067 | $ | -7,576 | |||||
Drydock Activities | -6,315 | -2,825 | |||||||
Intangibles/Goodwill | - | -173 | |||||||
Post-Retirement Benefits | -794 | -324 | |||||||
Total Deferred Tax Liabilities | $ | -17,176 | $ | -10,898 | |||||
DEFERRED TAX ASSETS | |||||||||
Net Operating Loss Carryforwards | $ | 15,525 | $ | 9,861 | |||||
Minimum Tax Credit | 5,179 | 5,179 | |||||||
Deferred Gain | 2,374 | 2,524 | |||||||
Pension/Postretirement | 2,568 | 4,510 | |||||||
Intangibles/Goodwill | 586 | - | |||||||
Insurance and Claims Reserve | 76 | 411 | |||||||
Work Opportunity Tax Credit | 537 | 537 | |||||||
Lease Incentives | 508 | 546 | |||||||
Other Assets | 796 | 844 | |||||||
Total Deferred Tax Assets | $ | 28,149 | $ | 24,412 | |||||
Valuation Allowance | -869 | -13,514 | |||||||
Net Deferred Tax Assets | $ | 27,280 | $ | 10,898 | |||||
TOTAL DEFERRED TAX | $ | 10,104 | $ | - | |||||
DEFERRED TAX COMPONENTS | |||||||||
Current | $ | 3,084 | $ | 323 | |||||
Non-current | 7,020 | -323 | |||||||
TOTAL DEFERRED TAX | $ | 10,104 | $ | - | |||||
Components Of Income Tax Provision (Benefit) | ' | ||||||||
Year Ended December 31, | |||||||||
(All Amounts in Thousands) | 2013 | 2012 | 2011 | ||||||
Domestic | $ | 8,439 | $ | 16,668 | $ | 11,704 | |||
Foreign | -584 | 5,352 | 20,935 | ||||||
Total | $ | 7,855 | $ | 22,020 | $ | 32,639 | |||
The components of the income tax provision (benefit) are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Current | $ | 83 | $ | 296 | $ | 680 | |||
Deferred | -12,046 | -453 | - | ||||||
Total | $ | -11,963 | $ | -157 | $ | 680 | |||
Reconciliation of U.S. Statutory Tax Rate | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Statutory Rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
State Income Taxes | 3.5 | % | 0.1 | % | 0.1 | % | |||
Effect of Tonnage Tax Rate | -15.4 | % | -35 | % | -19.9 | % | |||
Foreign Earnings - Indefinitely Reinvested | -12.4 | % | -6.9 | % | -26.2 | % | |||
Change in Valuation Allowance | -178.3 | % | 3.5 | % | 7.6 | % | |||
Foreign Income Taxes | -0.1 | % | 0.9 | % | 1.8 | % | |||
E&P Limitations | 15.0 | % | 1.6 | % | 3.6 | % | |||
Permanent Differences and Other, Primarily Non-deductible Expenditures | 0.4 | % | 0.1 | % | 0.1 | % | |||
-152.3 | % | -0.7 | % | 2.1 | % | ||||
Unrecognized Tax Benefits | ' | ||||||||
2013 | 2012 | ||||||||
Total unrecognized tax benefits as of: January 1, | $ | - | $ | 1,400 | |||||
Increases in unrecognized tax benefits as a result of: | |||||||||
Tax positions taken during a prior year | 349 | - | |||||||
Lapse of applicable statute of limitations | - | -1,400 | |||||||
Total unrecognized tax benefits as of: December 31, | $ | 349 | $ | - | |||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Leases [Abstract] | ' | |||||||||
Future Minimum Rental Payments For Operating Leases | ' | |||||||||
Payments Under Operating Leases | ||||||||||
(All Amounts in Thousands) | Vessels | Other Leases | Total | |||||||
Year Ended December 31, | ||||||||||
2014 | $ | 18,071 | $ | 1,294 | $ | 19,365 | ||||
2015 | 18,071 | 4,359 | 22,430 | |||||||
2016 | 18,071 | 731 | 18,802 | |||||||
2017 | 18,071 | 731 | 18,802 | |||||||
2018 | 17,307 | 406 | 17,713 | |||||||
Thereafter | 20,769 | 0 | 20,769 | |||||||
Total Future Minimum Payments | $ | 110,360 | $ | 7,521 | $ | 117,881 | ||||
Deferred_Charges_And_Intangibl1
Deferred Charges And Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Deferred Charges And Intangible Assets [Abstract] | ' | |||||||||||||
Deferred Charges And Intangible Assets | ' | |||||||||||||
The following table presents details of goodwill, other intangible assets and deferred charges as of December 31, 2013: | ||||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Reclassified | Net Carrying Amount | ||||||||||
Indefinite Life Intangibles | ||||||||||||||
Goodwill | $ | 2,735 | $ | - | $ | - | $ | 2,735 | ||||||
Total Indefinite Life Intangibles | $ | 2,735 | $ | - | $ | - | $ | 2,735 | ||||||
Definite Life Intangibles | ||||||||||||||
Trade names - FSI | 240 months | $ | 65 | $ | -5 | $ | - | $ | 60 | |||||
Trade names - UOS | 96 months | 1,805 | -244 | - | 1,561 | |||||||||
Customer Relationships - FSI | 240 months | 425 | -29 | - | 396 | |||||||||
Customer Relationships - UOS | 96 months | 30,927 | -4,188 | - | 26,739 | |||||||||
Favorable Lease - UOS | 13 months | 1,071 | -1,071 | - | - | |||||||||
Favorable Lease - UOS EBO | 11,327 | - | -11,327 | - | ||||||||||
Favorable Charter - Dry Bulk Cape Holding, Inc. | 24 months | 5,151 | -5,151 | - | - | |||||||||
Total Definite Life Intangibles | $ | 50,771 | $ | -10,688 | $ | -11,327 | $ | 28,756 | ||||||
Deferred Charges | ||||||||||||||
Drydocking Costs | various | $ | 46,667 | $ | -18,394 | $ | -1,845 | $ | 26,428 | |||||
Financing Charges and Other | various | 3,921 | -1,040 | - | 2,881 | |||||||||
Total Deferred Charges | $ | 50,588 | $ | -19,434 | $ | -1,845 | $ | 29,309 | ||||||
The following table presents details of goodwill, other intangible assets and deferred charges as of December 31, 2012: | ||||||||||||||
(All Amounts in Thousands) | ||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Reclassified | Net Carrying Amount | ||||||||||
Indefinite Life Intangibles | ||||||||||||||
Goodwill | $ | 2,700 | $ | - | $ | - | $ | 2,700 | ||||||
Total Indefinite Life Intangibles | $ | 2,700 | $ | - | $ | - | $ | 2,700 | ||||||
Definite Life Intangibles | ||||||||||||||
Trade names - FSI | 240 months | $ | 65 | $ | -1 | $ | - | $ | 64 | |||||
Trade names - UOS | 96 months | 1,805 | -19 | - | 1,786 | |||||||||
Customer Relationships - FSI | 240 months | 425 | -8 | - | 417 | |||||||||
Customer Relationships - UOS | 96 months | 30,927 | -323 | - | 30,604 | |||||||||
Favorable Lease - UOS | 13 months | 1,071 | -129 | - | 942 | |||||||||
Favorable Lease - UOS EBO | 11,327 | - | - | 11,327 | ||||||||||
Favorable Charter - Dry Bulk Cape Holding, Inc. | 24 months | 5,151 | -4,507 | - | 644 | |||||||||
Total Definite Life Intangibles | $ | 50,771 | $ | -4,987 | $ | - | $ | 45,784 | ||||||
Deferred Charges | ||||||||||||||
Drydocking Costs | various | $ | 27,076 | $ | -9,835 | $ | - | $ | 17,241 | |||||
Financing Charges and Other | various | 3,801 | -1,150 | - | 2,651 | |||||||||
Total Deferred Charges | $ | 30,877 | $ | -10,985 | $ | - | $ | 19,892 | ||||||
Significant_Operations_Tables
Significant Operations (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Significant Operations [Abstract] | ' | ||||||||||||||||||||||
Revenues Attributable To Major Geographic Areas | ' | ||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||||||||||||||||||
United States | $ | 192,332 | $ | 123,782 | |||||||||||||||||||
Asian Countries | 67,830 | 63,860 | |||||||||||||||||||||
Rail-Ferry Service Operating Between U.S. Gulf Coast and Mexico | 34,390 | 32,479 | |||||||||||||||||||||
South America | 2,905 | 10,416 | |||||||||||||||||||||
Europe | 6,966 | 12,474 | |||||||||||||||||||||
Other Countries | 5,729 | 485 | |||||||||||||||||||||
Total Revenues | $ | 310,152 | $ | 243,496 | |||||||||||||||||||
Internally Restructured Business to Replace Prior Operating Segments | ' | ||||||||||||||||||||||
New Segments | Prior Segments | ||||||||||||||||||||||
• Jones Act | • Time Charter Contracts – U.S. Flag | ||||||||||||||||||||||
• Pure Car Truck Carriers | • Time Charter Contracts – International Flag | ||||||||||||||||||||||
• Dry Bulk Carriers | • Contracts of Affreightment | ||||||||||||||||||||||
• Rail-Ferry | • Rail-Ferry Service | ||||||||||||||||||||||
• Specialty Contracts | • Other | ||||||||||||||||||||||
• Other | |||||||||||||||||||||||
Segment Reporting Information By Segment | ' | ||||||||||||||||||||||
(All Amounts in Thousands) | Jones Act* | Pure Car Truck Carriers | Dry Bulk Carriers | Rail-Ferry | Specialty Contracts | Other | Total | ||||||||||||||||
2013 | |||||||||||||||||||||||
Total Revenue from External Customers | $ | 122,751 | $ | 94,608 | $ | 21,098 | $ | 37,207 | $ | 34,483 | $ | 5 | $ | 310,152 | |||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -17,876 | -17,876 | ||||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 17,876 | 17,876 | ||||||||||||||||
Voyage Expenses** | 95,227 | 79,155 | 18,425 | 30,456 | 31,190 | -1,130 | 253,323 | ||||||||||||||||
Loss of Unconsolidated Entities | - | - | 1,587 | 74 | - | - | 1,661 | ||||||||||||||||
Gross Voyage Profit | $ | 27,524 | $ | 15,453 | $ | 1,086 | $ | 6,677 | $ | 3,293 | $ | 1,135 | $ | 55,168 | |||||||||
Gross Voyage Profit Margin Percentage | 22 | % | 16 | % | 5 | % | 18 | % | 10 | % | 227 | % | 18 | % | |||||||||
Segment Assets | $ | 150,529 | $ | 117,252 | $ | 158,521 | $ | 32,982 | $ | 25,467 | $ | 23,206 | $ | 507,957 | |||||||||
Expenditures for Segment Assets | $ | 41,973 | $ | 23,324 | $ | 3,043 | $ | 763 | $ | 3,116 | $ | 261 | $ | 72,480 | |||||||||
2012 | |||||||||||||||||||||||
Total Revenue from External Customers | $ | 33,721 | $ | 113,521 | $ | 26,080 | $ | 33,335 | $ | 35,526 | $ | 1,313 | $ | 243,496 | |||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -18,638 | -18,638 | ||||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 18,638 | 18,638 | ||||||||||||||||
Voyage Expenses** | 27,230 | 85,688 | 19,135 | 29,522 | 26,871 | 62 | 188,508 | ||||||||||||||||
(Income) Loss of Unconsolidated Entities | - | - | -75 | 290 | - | - | 215 | ||||||||||||||||
Gross Voyage Profit | $ | 6,491 | $ | 27,833 | $ | 7,020 | $ | 3,523 | $ | 8,655 | $ | 1,251 | $ | 54,773 | |||||||||
Gross Voyage Profit Margin Percentage | 19 | % | 25 | % | 27 | % | 11 | % | 24 | % | 95 | % | 22 | % | |||||||||
Segment Assets | $ | 119,377 | $ | 122,403 | $ | 162,921 | $ | 35,196 | $ | 27,767 | $ | 25,134 | $ | 492,798 | |||||||||
Expenditures for Segment Assets | $ | 90,319 | $ | 5,969 | $ | 21,899 | $ | 3,766 | $ | 23,695 | $ | 540 | $ | 146,188 | |||||||||
2011 | |||||||||||||||||||||||
Total Revenue from External Customers | $ | 29,836 | $ | 122,341 | $ | 20,183 | $ | 36,422 | $ | 52,026 | $ | 2,388 | $ | 263,196 | |||||||||
Intersegment Revenues (Eliminated) | - | - | - | - | - | -17,419 | -17,419 | ||||||||||||||||
Intersegment Expenses Eliminated | - | - | - | - | - | 17,419 | 17,419 | ||||||||||||||||
Voyage Expenses** | 27,706 | 85,940 | 9,786 | 30,664 | 35,916 | 2,070 | 192,082 | ||||||||||||||||
Loss of Unconsolidated Entities | - | - | 63 | 347 | - | - | 410 | ||||||||||||||||
Gross Voyage Profit | $ | 2,130 | $ | 36,401 | $ | 10,334 | $ | 5,411 | $ | 16,110 | $ | 318 | $ | 70,704 | |||||||||
Gross Voyage Profit Margin Percentage | 7 | % | 30 | % | 51 | % | 15 | % | 31 | % | 13 | % | 27 | % | |||||||||
Segment Assets | $ | 9,363 | $ | 298,919 | $ | 129,692 | $ | 38,440 | $ | 28,448 | $ | 24,289 | $ | 529,151 | |||||||||
Expenditures for Segment Assets | $ | 158 | $ | 86,077 | $ | 74,603 | $ | 4,483 | $ | 1,120 | $ | 99 | $ | 166,540 | |||||||||
*2012 reflects one month of UOS. | |||||||||||||||||||||||
**Includes amortization. | |||||||||||||||||||||||
Reconciliation From Segment Totals To Consolidated | ' | ||||||||||||||||||||||
(All Amounts in Thousands) | Year Ended December 31, | ||||||||||||||||||||||
Profit or Loss: | 2013 | 2012 | 2011 | ||||||||||||||||||||
Total Gross Voyage Profit for Reportable Segments | $ | 55,168 | $ | 54,773 | $ | 70,704 | |||||||||||||||||
Unallocated Amounts: | |||||||||||||||||||||||
Vessel and Other Depreciation | -24,432 | -24,398 | -25,388 | ||||||||||||||||||||
Administrative and General Expenses | -22,734 | -23,244 | -20,961 | ||||||||||||||||||||
Gain on Sale of Other Assets | -16 | 16,625 | - | ||||||||||||||||||||
Loss from Unconsolidated Entities | 1,661 | 215 | 410 | ||||||||||||||||||||
Gain on Dry Bulk Transaction | - | - | 18,844 | ||||||||||||||||||||
Operating Income | $ | 9,647 | $ | 23,971 | $ | 43,609 | |||||||||||||||||
Interest | -9,504 | -10,409 | -10,361 | ||||||||||||||||||||
Derivative Loss | -438 | -485 | -101 | ||||||||||||||||||||
Gain (Loss) on Sale of Investment | - | 580 | -747 | ||||||||||||||||||||
Investment Income | 114 | 470 | 637 | ||||||||||||||||||||
Other Income from Vessel Financing | 2,122 | 2,387 | 2,653 | ||||||||||||||||||||
Foreign Exchange Gain (Loss) | 5,914 | 5,506 | -3,051 | ||||||||||||||||||||
Income before Income Taxes | $ | 7,855 | $ | 22,020 | $ | 32,639 | |||||||||||||||||
(All Amounts in Thousands) | Year Ended December 31, | ||||||||||||||||||||||
Assets: | 2013 | 2012 | |||||||||||||||||||||
Total Assets for Reportable Segments | $ | 507,957 | $ | 492,797 | |||||||||||||||||||
Unallocated Amounts: | |||||||||||||||||||||||
Current Assets | 87,104 | 89,244 | |||||||||||||||||||||
Investment in Unconsolidated Entities | 14,818 | 12,676 | |||||||||||||||||||||
Due from Related Parties | 1,699 | 1,709 | |||||||||||||||||||||
Other Assets | 7,383 | 5,509 | |||||||||||||||||||||
Goodwill | 2,735 | 2,700 | |||||||||||||||||||||
Deferred Tax Asset | 7,020 | - | |||||||||||||||||||||
Notes Receivable | 27,659 | 33,381 | |||||||||||||||||||||
Total Assets | $ | 656,375 | $ | 638,016 | |||||||||||||||||||
Unconsolidated_Entities_Tables
Unconsolidated Entities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Unconsolidated Entities [Abstract] | ' | ||||||
Summarized Equity In Net Income Of Unconsolidated Entities | ' | ||||||
Years Ended December 31, | |||||||
2013 | 2012 | ||||||
(All Amounts in Thousands) | |||||||
Oslo Bulk, AS | $ | -812 | $ | 1,010 | |||
Oslo Bulk Holding Pte, Ltd (formerly Tony Bulkers) | -774 | -935 | |||||
Terminales Transgolfo, S . A . D E C . V . | -75 | -290 | |||||
Total Equity in Net Loss of Unconsolidated Entities | $ | -1,661 | $ | -215 | |||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Year Ended December 31, | |||||||||
(All Amounts in Thousands) | 2013 | 2012 | 2011 | ||||||
Cash Payments: | |||||||||
Interest Paid | $ | 7,752 | $ | 9,304 | $ | 9,971 | |||
Taxes Paid | $ | 228 | $ | 442 | $ | 813 | |||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments, Derivatives And Marketable Securities (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Of Financial Instruments, Derivatives And Marketable Securites [Abstract] | ' | |||||||||||||
Notional And Fair Value Of Derivative Instruments | ' | |||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||
(All Amounts in Thousands) | 2013 | 2013 | ||||||||||||
Current Notional | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
As of December 31, 2013 | Amount | Location | Location | |||||||||||
Interest Rate Swaps - L/T* | $ | 46,713 | $ | - | Other Liabilities | $ | -3,724 | |||||||
Foreign Exchange Contracts | 1,800 | Current Assets | 39 | Current Liabilities | -748 | |||||||||
Total Derivatives designated as hedging instruments | $ | 48,513 | $ | 39 | $ | -4,472 | ||||||||
*We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is approximately $46.7 million (based on a Yen to USD exchange rate of 105.31 as of December 31, 2013). With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vessel’s delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. The change in fair value related to the ineffective portion of this swap was a $362,000 gain for the year ended December 31, 2013 and this amount was included in earnings. The fair value balance as of December 31, 2013, includes a negative $659,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
The notional and fair value amounts of our derivative instruments as of December 31, 2012 were as follows: | ||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||
(All Amounts in Thousands) | 2012 | 2012 | ||||||||||||
Current Notional | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
As of December 31, 2012 | Amount | Location | Location | |||||||||||
Interest Rate Swaps - L/T* | $ | 74,207 | $ | - | Other Liabilities | $ | -7,683 | |||||||
Foreign Exchange Contracts | 1,700 | Current Assets | 147 | |||||||||||
Foreign Exchange Contracts | 6,000 | - | Current Liabilities | -257 | ||||||||||
Total Derivatives designated as hedging instruments | $ | 81,907 | $ | 147 | $ | -7,940 | ||||||||
*We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is approximately $61.5 million (based on a Yen to USD exchange rate of 86.74 as of December 31, 2012). With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vessel’s delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. The change in fair value related to the ineffective portion of this swap was a $87,000 gain for the year ended December 31, 2012 and this amount was included in earnings. We paid down this facility in January 2012 in an amount of Yen 686,318,979 to bring our Asset Maintenance Loan to Value Facility requirement in line. The fair value balance as of December 31, 2012, includes a negative $1.0 million balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. Also included in earnings is a $571,000 loss, related to the early pay-off of loans relating to two of our Pure Car Truck Carriers that were part of our recent Sale Leasebacks. | ||||||||||||||
Derivative Instruments, Effect On Other Comprehensive Income (Loss) | ' | |||||||||||||
(All Amounts in Thousands) | Gain Recognized in OCI | Location of Gain(Loss) Reclassified from AOCI to Income | Amount of (Loss) Reclassified from AOCI to Income | (Loss) Recognized in Income from Ineffective portion | ||||||||||
2013 | 2013 | 2013 | ||||||||||||
Interest Rate Swaps | $ | 2,938 | Interest Expense | $ | -1,656 | $ | -438 | |||||||
Foreign Exchange Contracts | 135 | Other Revenues | -134 | - | ||||||||||
Total | $ | 3,073 | $ | -1,789 | $ | -438 | ||||||||
The effect of derivative instruments designated as cash flow hedges on our consolidated statement of income for the year ended December 31, 2012 is as follows: | ||||||||||||||
(All Amounts in Thousands) | Gain(Loss) Recognized in OCI | Location of Gain(Loss) Reclassified from AOCI to Income | Amount of (Loss) Reclassified from AOCI to Income | (Loss) Recognized in Income from Ineffective portion | ||||||||||
2012 | 2012 | 2012 | ||||||||||||
Interest Rate Swaps | $ | 1,486 | Interest Expense | $ | -3,106 | $ | -485 | |||||||
Foreign Exchange Contracts | -243 | Other Revenues | -180 | - | ||||||||||
Total | $ | 1,243 | $ | -3,286 | $ | -485 | ||||||||
Interest Rate Derivatives | ' | |||||||||||||
Effective | Termination | Current | ||||||||||||
Date | Date | Notional Amount | Swap Rate | Type | ||||||||||
3/15/09 | 9/15/20 | $ 46,712,880 | 2.065 | % | Variable-to-Fixed | |||||||||
*Notional Amount converted from Yen at December 31, 2013 at a Yen to USD exchange rate of 105.31. | ||||||||||||||
Notional Amount Of Foreign Exchange Contracts | ' | |||||||||||||
Transaction Date | Type of Currency | Amount Available in Dollars | Effective Date | Expiration Date | ||||||||||
13-Aug | Peso | $ | 1,200 | 14-Jan | 14-Dec | |||||||||
13-Nov | Peso | 600 | 14-Jan | 14-Dec | ||||||||||
13-Dec | Yen | 1,268 | 14-Mar | 14-Mar | ||||||||||
13-Dec | Yen | 1,269 | 14-Jun | 14-Jun | ||||||||||
13-Dec | Yen | 30,628 | 14-Jul | 14-Jul | ||||||||||
$ | 34,965 | |||||||||||||
Accounts_Payable_And_Accrued_L1
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accounts Payable And Accrued Liabilities [Abstract] | ' | |||||
Accounts Payable and Accrued Liabilities | ' | |||||
Years Ended December 31, | ||||||
(All Amounts in Thousands) | 2013 | 2012 | ||||
Accrued Voyage Expenses | $ | 38,035 | $ | 38,310 | ||
Trade Accounts Payable | 5,301 | 3,284 | ||||
Accrued Salaries and Benefits | 3,845 | 5,050 | ||||
Lease Incentive Obligation | 1,901 | 1,901 | ||||
Self-Insurance Liability | 1,187 | 1,186 | ||||
Accrued Insurance Premiums | 891 | 602 | ||||
Short Term Derivatives Liability | 60 | 257 | ||||
Straight Line Charter Escalation | 58 | 306 | ||||
$ | 51,278 | $ | 50,896 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Calculation of Basic and Diluted Earnings per Share | ' | ||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator | |||||||||||
Net Income | $ | 18,157 | $ | 21,962 | $ | 31,549 | |||||
Preferred Stock Dividends | 3,226 | - | - | ||||||||
Net Income Available to Common Stockholders | $ | 14,931 | $ | 21,962 | $ | 31,549 | |||||
Denominator | |||||||||||
Weighted Average Shares of Common Stock | |||||||||||
Outstanding: | |||||||||||
Basic | 7,237,472 | 7,195,606 | 7,131,820 | ||||||||
Plus: | |||||||||||
Effect of dilutive restrictive stock | 45,204 | * | 17,682 | 44,827 | |||||||
Diluted | 7,282,676 | 7,213,288 | 7,176,647 | ||||||||
Basic Earnings Per Common Share: | |||||||||||
Net Income per share - Basic | $ | 2.06 | $ | 3.05 | $ | 4.42 | |||||
Net Income per share - Diluted: | $ | 2.05 | $ | 3.04 | $ | 4.40 | |||||
*There are 45,204 incremental shares not included due to the fact it would be anti-dilutive to include these shares for the twelve months ended December 31, 2013. | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation Loss | Defined Benefit Pension Items | Total | |||||||||||||
Beginning balance as of January 1, 2013 | $ | -7,352 | $ | -350 | $ | -17,244 | $ | -24,946 | |||||||||
Other comprehensive income (loss) | |||||||||||||||||
before reclassification | 5,300 | -64 | 6,677 | 11,913 | |||||||||||||
Amount reclassified from accumulated | |||||||||||||||||
other comprehensive income | -2,227 | - | 1,350 | -877 | |||||||||||||
Net current-period other comprehensive income | 3,073 | -64 | 8,027 | 11,036 | |||||||||||||
Ending balance as of December 31, 2013 | $ | -4,279 | $ | -414 | $ | -9,217 | $ | -13,910 | |||||||||
*The fair value balance as of December 31, 2013, includes a negative $659,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Gains and losses on derivatives fair value | |||||||||||||||||
Interest rate contracts | $ | -2,093 | Interest expense | ||||||||||||||
Foreign exchange contracts | -134 | Other revenues | |||||||||||||||
-2,227 | Total before tax | ||||||||||||||||
- | Tax (expense) or benefit | ||||||||||||||||
-2,227 | Net of tax | ||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Prior service costs | 97 | A&G Expense | |||||||||||||||
Actuarial losses | 1,253 | A&G Expense | |||||||||||||||
1,350 | Total before tax | ||||||||||||||||
- | Tax (expense) or benefit | ||||||||||||||||
1,350 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | -877 | Net of tax | ||||||||||||||
(All Amounts in Thousands) | Gains and Losses on Derivatives Fair Value * | Unrealized Translation Loss | Defined Benefit Pension Items | Bonds Adjusted for Market Value | Total | ||||||||||||
Beginning balance as of January 1, 2012 | $ | -8,595 | $ | -445 | $ | -15,035 | $ | 128 | $ | -23,947 | |||||||
Other comprehensive (loss) income | |||||||||||||||||
before reclassification | 5,014 | 95 | -3,173 | -128 | 1,808 | ||||||||||||
Amount reclassified from accumulated | |||||||||||||||||
other comprehensive income | -3,771 | - | 964 | - | -2,807 | ||||||||||||
Net current-period other comprehensive income | 1,243 | 95 | -2,209 | -128 | -999 | ||||||||||||
Ending balance as of December 31, 2012 | $ | -7,352 | $ | -350 | $ | -17,244 | $ | - | $ | -24,946 | |||||||
* The fair value balance as of December 31, 2012, includes a negative $1.0 million balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||
(All Amounts in Thousands) | |||||||||||||||||
Gains and losses on derivatives fair value | |||||||||||||||||
Interest rate contracts | $ | -3,591 | Interest expense | ||||||||||||||
Foreign exchange contracts | -180 | Other revenues | |||||||||||||||
-3,771 | Total before tax | ||||||||||||||||
- | Tax (expense) or benefit | ||||||||||||||||
-3,771 | Net of tax | ||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Prior service costs | -15 | A&G Expense | |||||||||||||||
Actuarial losses | 979 | A&G Expense | |||||||||||||||
Actuarial gains (losses) | - | ||||||||||||||||
964 | Total before tax | ||||||||||||||||
- | Tax (expense) or benefit | ||||||||||||||||
964 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | -2,807 | Net of tax | ||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Based Compensation [Abstract] | ' | ||||||||||||
Summary Of Activity For Stock Awards | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Shares | Weighted Average Fair Value Per Share | Shares | Weighted Average Fair Value Per Share | ||||||||||
Non-vested - December 31, | - | - | 87,500 | $ | |||||||||
22.92 | |||||||||||||
Unrestricted Shares Granted | 6,708 | $ | 5,712 | $ | |||||||||
17.89 | 21.01 | ||||||||||||
Shares Vested | -6,708 | $ | -93,212 | $ | |||||||||
17.89 | 22.79 | ||||||||||||
Shares Forfeited | - | - | - | - | |||||||||
Non-vested - December 31, | - | - | - | - | |||||||||
Schedule Of Assumptions Used | ' | ||||||||||||
2013 Awards | 2012 Awards | ||||||||||||
1 Year Vest | 3 Year Vest | 1 Year Vest | 3 Year Vest | ||||||||||
Stock Price | $ | 17.66 | $ | 17.66 | $ | 19.35 | $ | 19.35 | |||||
Expected Volatilities | 33.5 | % | 37.03 | % | 44.31 | % | 40.50 | % | |||||
Correlation Coefficients | 0.4729 | 0.6254 | 0.719 | 0.6938 | |||||||||
Risk Free Rate | 0.1 | % | 0.31 | % | 0.16 | % | 0.34 | % | |||||
Dividend Yield | 5.7 | % | 5.7 | % | 5.17 | % | 5.17 | % | |||||
Simulated Fair Value | $ | 15.33 | $ | 16.57 | $ | 17.73 | $ | 18.88 | |||||
Fair Value as a % of Grant | 86.81 | % | 93.83 | % | 91.63 | % | 97.57 | % | |||||
Schedule Of Compensation Expense And Reductions In Earnings Per Share | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
(All Amounts in Thousands) | 2013 | 2012 | |||||||||||
Stock-Based Compensation | |||||||||||||
Expense: | |||||||||||||
Stock Grants to Directors & Officers | $ | 120 | $ | 420 | |||||||||
RSUs Awards to Officers | $ | 1,299 | $ | 797 | |||||||||
Related Reduction in | |||||||||||||
Earnings Per Share 1 | $ | -0.13 | $ | -0.11 | |||||||||
1 Same for basic and diluted earnings per share | |||||||||||||
Summary Of RSU Activity And Related Information | ' | ||||||||||||
Number of RSU's | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested - December 31, 2012 | 65,500 | $ | 21.48 | ||||||||||
Additional Awards Granted | 8,188 | 19.35 | |||||||||||
Awards Granted | 121,100 | 17.37 | |||||||||||
Awards Exercised | -57,402 | 19.15 | |||||||||||
Awards Cancelled | -6,286 | 18.02 | |||||||||||
Non-vested - December 31, 2013 | 131,100 | $ | 18.77 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||
The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||
(All Amounts in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||
Derivative Assets | $ | - | $ | 39 | $ | - | $ | 39 | |
Derivative Liabilities | $ | - | $ | -4,472 | $ | - | $ | -4,472 | |
The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||
(All Amounts in Thousands) | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | |||||
Derivative Assets | $ | - | $ | 147 | $ | - | $ | 147 | |
Derivative Liabilities | $ | - | $ | -7,940 | $ | - | $ | -7,940 | |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||||
Quarterly Financial Information | ' | |||||||||||||
Quarter Ended | ||||||||||||||
(Amounts in thousands except share data) | 31-Mar | 30-Jun | Sept. 30 | Dec. 31 | ||||||||||
2013 | Revenues | $ | 81,124 | $ | 74,897 | $ | 77,938 | $ | 76,193 | |||||
Voyage Expenses | $ | 69,591 | $ | 61,508 | $ | 64,832 | $ | 57,392 | ||||||
Operating Income | $ | 306 | $ | 1,404 | $ | 1,959 | $ | 5,978 | ||||||
Net Income (Loss) | $ | 1,653 | $ | 1,859 | $ | -2,222 | $ | 16,868 | ||||||
Basic and Diluted Earnings per Common Share: | ||||||||||||||
Basic Earnings Per Common Share | $ | 0.19 | $ | 0.17 | $ | -0.46 | $ | 2.15 | ||||||
Diluted Earnings Per Common Share | $ | 0.19 | $ | 0.17 | $ | -0.46 | $ | 2.13 | ||||||
2012 | Revenues | $ | 65,204 | $ | 60,320 | $ | 61,162 | $ | 56,810 | |||||
Voyage Expenses | $ | 50,826 | $ | 47,026 | $ | 45,394 | $ | 45,262 | ||||||
Operating Income | $ | 6,312 | $ | 3,518 | $ | 4,013 | $ | 10,128 | ||||||
Net Income | $ | 7,936 | $ | 704 | $ | 1,782 | $ | 11,540 | ||||||
Basic and Diluted Earnings per Common Share: | ||||||||||||||
Basic Earnings Per Common Share | $ | 1.11 | $ | 0.10 | $ | 0.25 | $ | 1.60 | ||||||
Diluted Earnings Per Common Share | $ | 1.11 | $ | 0.10 | $ | 0.25 | $ | 1.60 | ||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 06, 2012 | Nov. 30, 2012 | |||
item | Deferred Drydocking Cost [Member] | Deferred Drydocking Cost [Member] | Molten Sulphur Carrier Vessel [Member] | Multi-Purpose Vessels [Member] | Container Vessels [Member] | Tanker [Member] | PCTC [Member] | Bulk Carriers [Member] | Mini-Bulkers [Member] | Multi-Purpose Heavy Lift Vessel [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | United Ocean Services, LLC [Member] | |||||
Maximum [Member] | Minimum [Member] | item | item | item | item | item | item | item | item | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of vessels | 50 | ' | ' | ' | ' | 1 | 2 | 5 | 1 | 3 | 1 | 15 | 1 | ' | ' | ||
Minimum percentage of ownership considered for consolidation (in hundredths) | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Minimum percentage of ownership considered for equity method of accounting for investments (in hundredths) | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum percentage of ownership considered for equity method of accounting for investments (in hundredths) | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of vehicle/ships owned | ' | ' | ' | ' | ' | ' | 1 | 2 | ' | 5 | ' | ' | ' | ' | ' | ||
Annual payments for each vessel | $2,800,000 | $3,100,000 | $2,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | 11,286,000 | 11,847,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capitalized interest | 52,000 | 120,045 | 339,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortized period | ' | ' | ' | '5 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Goodwill acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 828,000 | 1,900,000 | ||
Goodwill | 2,735,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 828,000 | [1] | 1,907,000 | [2] |
Gain on foreign currency transaction | 412,000 | 10,000 | 460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain (loss) on Foreign Currency Exchange | 5,914,000 | 5,506,000 | -3,051,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Currency exchange rate, percentage | 102.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in liability from effect of the adjustment to the pension funded status | -9,400,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in OCI from effect of the adjustment to the pension funded status | -7,100,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in funding status of benefit plans, deferred taxes | 2,300,000 | 452,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Pension plan, overfunded amount | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Pension plan, underfunded percent | 104.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Goodwill represents the sum of the consideration transferred and the net liabilities assumed and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of the Acquired Companies includes the following: the expected synergies and other benefits that we believe will result from combining the operations of the Acquired Companies with our existing Rail-Ferry operations.any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, andthe anticipated higher rate of return of the Acquired Companies existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. | ||||||||||||||||
[2] | Goodwill represents the fair value of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized.B B Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes.B B Specifically, the goodwill recorded as part of the acquisition of UOS includes the following:the expected synergies and other benefits that we believe will result from combining the operations of UOS with our existing Jones Act operations.any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, andthe anticipated higher rate of return of UOSbs existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Inventory By Class) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Spare Parts Inventory | $3,968 | $3,652 |
Fuel Inventory | 4,627 | 4,633 |
Warehouse Inventory | 2,691 | 3,562 |
Inventory | $11,286 | $11,847 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Estimated Useful Lives Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Coal Carrier [Member] | Jones Act [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '15 years |
Bulk Carriers [Member] | Jones Act [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Bulk Carriers [Member] | Dry Bulk Carriers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Harbor Tug [Member] | Jones Act [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '20 years |
ATB Barge And Tug Units [Member] | Minimum [Member] | Jones Act [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '9 years |
ATB Barge And Tug Units [Member] | Maximum [Member] | Jones Act [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '30 years |
Integrated Barge And Tug Unit [Member] | Minimum [Member] | Jones Act [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '9 years |
Integrated Barge And Tug Unit [Member] | Maximum [Member] | Jones Act [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '30 years |
PCTC [Member] | Minimum [Member] | Pure Car Truck Carriers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '20 years |
PCTC [Member] | Maximum [Member] | Pure Car Truck Carriers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Tanker [Member] | Specialty Contracts [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Multi-Purpose Ice Strengthened [Member] | Specialty Contracts [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Special Purpose Vessels [Member] | Rail Ferry [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Building [Member] | Minimum [Member] | Rail Ferry [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '15 years |
Building [Member] | Maximum [Member] | Rail Ferry [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Leasehold Improvements [Member] | Minimum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
Leasehold Improvements [Member] | Maximum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '20 years |
Other Equipment [Member] | Minimum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '3 years |
Other Equipment [Member] | Maximum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '12 years |
Furniture And Equipment [Member] | Minimum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '3 years |
Furniture And Equipment [Member] | Maximum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 25, 2011 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2006 | Nov. 30, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 06, 2012 | Aug. 06, 2012 | Mar. 25, 2011 | Mar. 25, 2011 | Mar. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | Jan. 31, 2012 | Mar. 24, 2011 | Jan. 31, 2012 | Mar. 24, 2011 | |
item | item | United Ocean Services, LLC [Member] | United Ocean Services, LLC [Member] | United Ocean Services, LLC [Member] | United Ocean Services, LLC [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | Handysize Bulk Carriers [Member] | Tug And Barge Units [Member] | Cap Size Vessel [Member] | Cap Size Vessel [Member] | Cap Size Vessel [Member] | Cap Size Vessel [Member] | Supramax Vessel [Member] | Supramax Vessel [Member] | ||||
T | item | United Ocean Services, LLC [Member] | United Ocean Services, LLC [Member] | item | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | Dry Bulk Cape Holding Inc. [Member] | ||||||||||||||||||
item | item | item | item | item | item | |||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition date | ' | ' | ' | ' | ' | 30-Nov-12 | ' | ' | ' | 6-Aug-12 | ' | ' | 25-Mar-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsidiary ownership interest acquired | ' | ' | 23.70% | ' | ' | 100.00% | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest held by company (in hundredths) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of total consideration | ' | ' | ' | ' | ' | $114,700,000 | ' | ' | ' | $4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment included in purchase price | ' | ' | ' | ' | ' | 112,200,000 | ' | ' | ' | 623,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of miscellaneous payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | 412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Post-closing settlement payment | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weight of U.S. Flag Jones Act dry bulk fleet | ' | ' | ' | ' | ' | ' | 131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels controlled by acquirer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 1 | ' | 1 | ' |
Number of Vessels Owned or Operated | 2 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 4 | ' | ' | ' | 2 | ' | 2 |
Appraised value of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,000,000 | ' | ' | ' | ' |
Book Value Of Vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,600,000 | ' | ' | ' | ' |
Fair value of intangible asset relating to time charter contracts in place | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of net assets acquired | ' | ' | ' | ' | ' | 112,810,000 | ' | ' | ' | ' | -205,000 | ' | ' | 69,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, Total | ' | 656,375,000 | ' | 638,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Previously Held 50% Interest | 18,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bargain Purchase Gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Replacement cost, depreciated useful life, in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' |
Current scrap value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' |
Scrap value, dollar per light ton displacement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 490 | ' | ' | ' | ' | ' |
Weight of vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,413 | ' | ' | ' | ' | ' |
Intangible assets, market rate per day | ' | 18,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third party valuation, commission percentage | ' | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate used, based on weighted average cost of capital | ' | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Assets_Acquired_A
Acquisitions (Assets Acquired And Liabilities Assumed) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Aug. 06, 2012 | ||
In Thousands, unless otherwise specified | United Ocean Services, LLC [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ||
Working Capital including Cash Acquired | ' | ' | $8,511 | $18 | ||
Inventory | ' | ' | 6,510 | 231 | ||
Property, Plant, and Equipment | ' | ' | 60,037 | 3,411 | ||
Identifiable Intangible Assets | ' | ' | 45,131 | 490 | ||
Total Assets Acquired | ' | ' | 120,189 | 4,150 | ||
Misc. Payables and Accrued Expenses | ' | ' | -5,434 | -412 | ||
Other Long-Term Liability | ' | ' | -1,945 | -3,490 | ||
Deferred Tax Liability | ' | ' | ' | -453 | ||
Total Liabilities Assumed | ' | ' | -7,379 | -4,355 | ||
Net Assets Acquired and Liabilities Assumed | ' | ' | 112,810 | -205 | ||
Total Consideration Transferred | ' | ' | -114,717 | -623 | ||
Goodwill | $2,735 | $2,700 | $1,907 | [1] | $828 | [2] |
[1] | Goodwill represents the fair value of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized.B B Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes.B B Specifically, the goodwill recorded as part of the acquisition of UOS includes the following:the expected synergies and other benefits that we believe will result from combining the operations of UOS with our existing Jones Act operations.any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, andthe anticipated higher rate of return of UOSbs existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. | |||||
[2] | Goodwill represents the sum of the consideration transferred and the net liabilities assumed and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of the Acquired Companies includes the following: the expected synergies and other benefits that we believe will result from combining the operations of the Acquired Companies with our existing Rail-Ferry operations.any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, andthe anticipated higher rate of return of the Acquired Companies existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. |
Acquisitions_Business_Acquisit
Acquisitions (Business Acquisition, Pro Forma Information) (Details) (United Ocean Services, LLC [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
United Ocean Services, LLC [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenues | $329,079 | $385,938 |
Net earnings attributable to ISH | $30,765 | $39,166 |
Basic (in dollars per share) | $4.28 | $5.49 |
Diluted (in dollars per share) | $4.27 | $5.46 |
Acquisitions_Schedule_Of_Step_
Acquisitions (Schedule Of Step Acquisition) (Details) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Mar. 25, 2011 |
Business Acquisition [Line Items] | ' |
Gain on Previously Held 50% Interest | $18,300 |
Dry Bulk Cape Holding Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Fair Value of Previously Held 50% Interest | 32,700 |
Less: Book Value of Previously Held Interest | -14,400 |
Gain on Previously Held 50% Interest | $18,300 |
Acquisitions_Schedule_Of_Purch
Acquisitions (Schedule Of Purchase Bargain Gain) (Details) (Dry Bulk Cape Holding Inc. [Member], USD $) | 0 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Mar. 25, 2011 | Mar. 25, 2011 |
Dry Bulk Cape Holding Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Fair Value of Net Assets Acquired | ' | $69,000 |
Less: Fair Value of Purchase Consideration | ' | -35,800 |
Fair Value of Previously Held 50% Interest | ' | -32,700 |
Bargain Purchase Gain | $500 | $500 |
Out_Of_Period_Adjustments_Deta
Out Of Period Adjustments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | Dec. 31, 2009 | |
Scenario, Previously Reported [Member] | Other Comprehensive Income Adjustment [Member] | Other Comprehensive Income Adjustment [Member] | Net Charter Revenue Adjustment [Member] | Leases Adjustment [Member] | Pre-Tax Income Adjustment [Member] | Net Income Adjustment [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | ||
Equity investee ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% |
Amount of ineffectiveness on investment hedges | ' | $674,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Out of period adjustments | $631,000 | ' | $674,000 | $42,000 | ($324,000) | $239,000 | ($85,000) | $631,000 | ' | ' | ' | ' |
Property_Plant_Equipment_Detai
Property, Plant & Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross excluding construction in progress of vessel and non vessel | $622,325,000 | $564,968,000 | ' |
Less: Accumulated depreciation | -175,106,000 | -151,318,000 | ' |
Property plant and equipment net excluding construction in progress vessel and non vessel | 447,219,000 | 413,650,000 | ' |
Construction-in-progress (vessel and non-vessel) | 2,673,000 | 10,000 | ' |
Net Vessels, Property, Plant and Equipment | 449,892,000 | 413,660,000 | ' |
Depreciation expense | 24,930,000 | 24,975,000 | 26,391,000 |
Administrative and General Expenses | 22,734,000 | 23,244,000 | 20,961,000 |
PCTC [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross excluding construction in progress of vessel and non vessel | 146,190,000 | 132,393,000 | ' |
Special Purpose Vessels [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross excluding construction in progress of vessel and non vessel | 59,481,000 | 59,462,000 | ' |
Coal Carrier [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross excluding construction in progress of vessel and non vessel | 92,771,000 | 92,771,000 | ' |
Tanker [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross excluding construction in progress of vessel and non vessel | 8,009,000 | 8,009,000 | ' |
Bulk Carriers [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross excluding construction in progress of vessel and non vessel | 203,394,000 | 200,537,000 | ' |
Tug And Barge Units [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross excluding construction in progress of vessel and non vessel | 72,571,000 | 32,000,000 | ' |
Non-Vessel Related Property, Plant and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment gross excluding construction in progress of vessel and non vessel | 39,909,000 | 39,796,000 | ' |
Administrative and General Expenses | 628,000 | 600,000 | 992,000 |
Property Plant And Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $24,900,000 | $25,000,000 | $26,400,000 |
Gain_On_Sale_Of_Other_Assets_D
Gain On Sale Of Other Assets (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | |||
Oct. 22, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | |
item | US Flag PCTC Vessel [Member] | Molten Sulphur Carrier [Member] | ||||
item | item | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Number of International Flag Pure Car Truck Carriers sold | ' | 2 | ' | ' | ' | ' |
Proceeds from sale of other assets | ' | $73,900,000 | ' | ' | ' | ' |
Gain on sale of other assets | ' | 3,800,000 | -16,000 | 16,625,000 | ' | ' |
Repayments of debt from sale proceeds | ' | 36,100,000 | ' | ' | ' | ' |
Deferred gain on purchase of property | ' | ' | ' | ' | 239,000 | 430,000 |
Number of vessel sold | ' | ' | ' | ' | 1 | 1 |
Payments to acquire vessel | 3,700,000 | ' | ' | ' | ' | ' |
Gain recognized from exchange transactions | ' | ' | ' | $12,200,000 | ' | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 24, 2013 | Dec. 31, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Dec. 31, 2013 | Jan. 24, 2012 | Nov. 30, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 20, 2011 | |
item | Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Standby Letters Of Credit [Member] | Swingline Loans [Member] | Line Of Credit Facility [Member] | ING Bank [Member] | ING Bank [Member] | ING Bank [Member] | ING Bank [Member] | ING Bank [Member] | ING Bank [Member] | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposit in association with covenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,800,000 | $2,500,000 | ' |
Approximate amount of deposit that will be returned due to increased vessel valuations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | ' | ' |
Term of financing agreement in years | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years |
Line of Credit Facility, Current Borrowing Capacity | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | 145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long term lines of credit | 46,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings of line of credit | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,700,000 | 6,100,000 | ' | ' | ' | ' |
Additional term loan amount | 50,000,000 | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lender commitments, minimum | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lender commitments, maximum | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt carrying amount | ' | ' | 198,229,000 | 237,630,000 | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility principal amount | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit | ' | ' | ' | ' | ' | 50,000,000 | ' | 20,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,300,000 | ' | ' | ' | ' | ' | ' |
Consolidated Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' |
Future Consolidated Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' |
Minimum Liquidity Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' |
Minimum Future Liquidity Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' |
Minimum Net Worth | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228,000,000 | ' | ' | ' | ' | ' | ' |
Consolidated Net Income Earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Percent Of The Proceeds Of Issuances Of Equity Interests Received | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Bank Fees | ' | 800,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Third Party Fees | ' | ' | 148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Vessels Associated To Maintain Minimum Fair Value | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate net book value of secured assets | ' | ' | 422,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | 19,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | 20,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | 21,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | 44,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | 77,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | $15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 25, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 24, 2013 | Dec. 31, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Jan. 24, 2012 | Nov. 30, 2011 | Jun. 20, 2011 | Jun. 30, 2011 | Jun. 30, 2011 | ||||||||||||
Notes Payable - Variable Rate 2020 [Member] | Notes Payable - Variable Rate 2015 [Member] | Notes Payable - Variable Rate 2015 [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Line Of Credit Facility [Member] | Secured Line Of Credit - New [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Standby Letters Of Credit [Member] | Swingline Loans [Member] | Revolving Credit Facility [Member] | Capital One N.A. [Member] | ING Bank [Member] | ING Bank [Member] | ING Bank [Member] | ING Bank [Member] | ING Bank [Member] | ||||||||||||||||
Notes Payable - Variable Rate 2018a [Member] | Notes Payable - Variable Rate 2018a [Member] | Notes Payable - Variable Rate 2018b [Member] | Notes Payable - Variable Rate 2018b [Member] | Notes Payable - Variable Rate 2017 [Member] | Notes Payable - Variable Rate 2017 [Member] | Notes Payable - Variable Rate 2018c [Member] | Notes Payable - Variable Rate 2018c [Member] | Notes Payable - Variable Rate 2018d [Member] | Notes Payable - Variable Rate 2018d [Member] | Notes Payable - Variable Rate 2020 [Member] | Notes Payable - Variable Rate 2020 [Member] | Notes Payable - Variable Rate 2018e [Member] | Notes Payable - Variable Rate 2015 [Member] | Notes Payable - Variable Rate 2017 B [Member] | item | Notes Payable - Variable Rate 2017 B [Member] | item | Notes Payable - Variable Rate 2018a [Member] | Notes Payable - Variable Rate 2018b [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 2.75% | [1] | 2.81% | [1] | 2.74% | ' | 2.52% | 2.56% | 2.92% | 2.98% | 2.74% | [1] | 2.82% | [1] | 2.90% | [2] | 1.83% | [2] | 3.75% | [3] | 2.06% | [4] | 2.71% | [3],[5] | 3.96% | [6] | 3.67% | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.81% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest rate, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Maturity date | ' | ' | ' | ' | ' | ' | ' | '2018 | [1] | ' | '2018 | ' | '2017 | ' | '2018 | ' | '2018 | [1] | ' | '2020 | [2] | ' | '2018 | [3] | ' | ' | ' | '2018 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total Principal Due | ' | $198,229,000 | $237,630,000 | ' | ' | ' | ' | $15,460,000 | [1] | $18,896,000 | [1] | $45,081,000 | $48,760,000 | $11,383,000 | $13,436,000 | $12,780,000 | $15,620,000 | $16,651,000 | [1] | $17,908,000 | [1] | $31,437,000 | [2] | $42,089,000 | [2] | $44,437,000 | [3] | $12,666,000 | [4] | $30,000,000 | [3],[5] | $38,255,000 | [6] | $21,000,000 | [3] | ' | $21,000,000 | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' |
Less current maturities | ' | -19,213,000 | -26,040,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term debt - non-current | ' | 179,016,000 | 211,590,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest rate swap , fixed interest rate (in hundredths) | ' | ' | ' | ' | 2.07% | 4.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Effective, swaption interest rate (in hundredths) | ' | ' | ' | ' | 4.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Early pre-payment amount | ' | ' | ' | ' | ' | ' | 13,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | ' | ' | ' | ' | ' | |||||||||||
Term of financing agreement in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | '7 years | ' | ' | |||||||||||
Business acquisition interest in acquiree | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | |||||||||||
Proceeds from borrowings of line of credit | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,700,000 | 6,100,000 | ' | 24,100,000 | 23,300,000 | |||||||||||
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | |||||||||||
Term loan facility principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 20,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Additional term loan amount | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of lenders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Lender commitments, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Lender commitments, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Cape Size vessel and a Supramax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn on June 20, 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million on January 24, 2012. | |||||||||||||||||||||||||||||||||||||||||||||
[2] | We have a Yen interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 4.815%. The swap agreement is for the same term as the associated note payable. | |||||||||||||||||||||||||||||||||||||||||||||
[3] | As described in greater detail above, on September 24, 2013, we entered into a senior secured Credit Facility. The Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45.0 million and a LOC, which allows for borrowing up to a principal amount of $50.0 million. The LOC facility includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. As of September 24, 2013, the Credit Facility had four lenders, each with commitments ranging from $15 million to $30 million. The facility carries an accordion feature, whereby an additional term loan up to $50.0 million may be advanced subject to certain financial requirements. | |||||||||||||||||||||||||||||||||||||||||||||
[4] | We had an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2015 at 4.41%. Upon early repayment of approximately $13.3 million to close this credit facility, the interest rate swap was settled and terminated in the third quarter of 2013. | |||||||||||||||||||||||||||||||||||||||||||||
[5] | We entered into a variable rate financing agreement with Capital One N.A. on November 30, 2012 for a five year facility totaling $30.0 million to finance a portion of the acquisition of UOS. This facility was fully drawn prior to the end of 2012. Upon execution of the new U.S. Senior Credit Facility, this credit facility was paid off in full. The early pre-payment amount was approximately $25.5 million. | |||||||||||||||||||||||||||||||||||||||||||||
[6] | Our previously-existing unsecured line of credit agreement was paid off with the execution of the new secured credit facility on September 24, 2013. |
Other_Long_Term_Liabilities_De
Other Long Term Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Long Term Liabilities [Abstract] | ' | ' |
Derivatives | $4,412 | $6,680 |
Alabama Lease Incentive | 6,887 | 8,035 |
Deferred Gains, net of Amortization | 34,009 | 39,227 |
Insurance Reserves | 5,521 | 5,073 |
Pension & Post Retirement | 10,339 | 19,781 |
Other | 4,138 | 2,245 |
Other Long Term Liabilities | $65,306 | $81,041 |
SelfRetention_Insurance_Detail
Self-Retention Insurance (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Minimum self insurance coverage per incident | $150,000 | ' |
Minimum number of days for loss of hire claims | '14 days | ' |
Liabilities for self insurance exposure and for claims | 5,400,000 | 4,400,000 |
Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Third party insurance coverage per incident | 100,000 | ' |
Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Third party insurance coverage per incident | 250,000 | ' |
United Ocean Services, LLC [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Variance amount primarily consists of claims liabilities | 1,000,000 | ' |
Hull [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Stop loss insurance policy amount | 750,000 | ' |
Machinery [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Stop loss insurance policy amount | $750,000 | ' |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan, overfunded amount | $1,500,000 | ' | ' |
Discount rate | 3.75% | ' | ' |
Rate of compensation increase | 4.75% | ' | ' |
Maximum percentage of equity securities in any single industry (in hundredths) | 25.00% | ' | ' |
Maximum percentage of fixed income securities by any issuer | 10.00% | ' | ' |
Maximum percentage of equity securities in any single corporation | 10.00% | ' | ' |
Health care cost trend rate assumed in 2014-2080 | 9.90% | ' | ' |
Dental care cost trend rate assumed in 2014-2080 | 5.00% | ' | ' |
Decrease health care cost trend rate in 2014 | 3.10% | ' | ' |
Decrease health care cost trend rate in 2015 | 0.70% | ' | ' |
Increase health care cost trend rate in 2016 | 0.20% | ' | ' |
Defined Benefit Plan Assumed Health Care Cost Trend Rate Decrease In Year 2017-2023 | 0.20% | ' | ' |
Accumulated benefit obligations for pension plan | 30,100,000 | 33,100,000 | ' |
Multiemployer contribution | 3,011,000 | 3,195,000 | 3,548,000 |
Stock Incentive Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Shares authorized under the plan | 400,000 | ' | ' |
Shares available to be issued under plan | 118,705 | ' | ' |
Chairman One [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Liability for future policy benefits of former chairman | 822,000 | ' | ' |
Future policy benefits reserve | 822,000 | 822,000 | ' |
Chairman Two [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Liability for future policy benefits of former chairman | 627,000 | ' | ' |
Future policy benefits reserve | 480,000 | 457,000 | ' |
Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of assets | 34,414,000 | 28,913,000 | 25,645,000 |
Projected pension obligation | 32,897,000 | 36,617,000 | 32,496,000 |
Discount rate | 4.75% | 3.75% | ' |
Rate of compensation increase | 4.50% | 4.50% | ' |
Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected pension obligation | 12,530,000 | 13,084,000 | 11,898,000 |
Discount rate | 4.75% | 3.75% | ' |
401(k) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer contribution amount | 118,000 | 102,000 | 102,000 |
Annual contribution per employee amount | 2,000 | ' | ' |
Annual contribution per employee percentage | 50.00% | ' | ' |
Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target plan asset allocation | 70.00% | ' | ' |
Actual plan asset allocation | 71.50% | 70.00% | ' |
Fair value of assets | 24,600,000 | 20,200,000 | ' |
Fixed Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target plan asset allocation | 30.00% | ' | ' |
Actual plan asset allocation | 28.50% | 30.00% | ' |
Fair value of assets | $9,800,000 | $8,700,000 | ' |
Employee_Benefit_Plans_Assets_
Employee Benefit Plans (Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | $34,414 | $28,913 |
Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | 34,414 | 28,913 |
Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | 344 | 236 |
Cash Equivalents [Member] | Money Market Funds [Member] | Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | 344 | 236 |
Equities [Member] | Domestic Equity Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | 20,939 | 17,631 |
Equities [Member] | Domestic Equity Mutual Funds [Member] | Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | 20,939 | 17,631 |
Equities [Member] | International Equity Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | 3,676 | 2,614 |
Equities [Member] | International Equity Mutual Funds [Member] | Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | 3,676 | 2,614 |
Fixed Income [Member] | Taxable Fixed Income Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | 9,455 | 8,432 |
Fixed Income [Member] | Taxable Fixed Income Funds [Member] | Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets at Fair Value | $9,455 | $8,432 |
Employee_Benefit_Plans_Changes
Employee Benefit Plans (Changes In Benefit Obligations And Fair Value Of Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 3.75% | ' | ' |
Rate of Compensation Increase | 4.75% | ' | ' |
Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected Benefit Obligation at Beginning of Year | $36,617 | $32,496 | ' |
Service Cost (Credit) | 671 | 649 | 542 |
Interest cost | 1,335 | 1,426 | 1,496 |
Actuarial Loss (Gain) | -4,367 | 3,371 | ' |
Benefits Paid and Expected Expenses | -1,359 | -1,325 | ' |
Projected Benefit Obligation at End of Year | 32,897 | 36,617 | 32,496 |
Fair Value of Plan Assets at Beginning of Year | 28,913 | 25,645 | ' |
Actual Return on Plan Assets | 5,274 | 2,994 | ' |
Employer Contribution | 1,600 | 1,600 | ' |
Benefits Paid and Actual Expenses | -1,373 | -1,326 | ' |
Fair Value of Plan Assets at End of Year | 34,414 | 28,913 | 25,645 |
Funded Status | 1,517 | -7,704 | ' |
Discount Rate | 4.75% | 3.75% | ' |
Rate of Compensation Increase | 4.50% | 4.50% | ' |
Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected Benefit Obligation at Beginning of Year | 13,084 | 11,898 | ' |
Service Cost (Credit) | 16 | -6 | 41 |
Interest cost | 531 | 471 | 565 |
Plan Amendments | ' | 1,318 | ' |
Actuarial Loss (Gain) | -611 | -133 | ' |
Benefits Paid and Expected Expenses | -539 | -506 | ' |
Medicare Part D Reimbursements | 49 | 41 | ' |
Projected Benefit Obligation at End of Year | 12,530 | 13,084 | 11,898 |
Employer Contribution | 490 | 464 | ' |
Benefits Paid and Actual Expenses | -539 | -505 | ' |
Medicare Part D reimbursements | 49 | 41 | ' |
Funded Status | ($12,530) | ($13,083) | ' |
Discount Rate | 4.75% | 3.75% | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Recognized In Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior Service Credit (Cost) | $16 | $19 |
Net Loss | -4,768 | -13,054 |
Change in Other Comprehensive Loss | -4,752 | -13,035 |
Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior Service Credit (Cost) | -1,187 | -1,288 |
Net Loss | -3,278 | -4,253 |
Change in Other Comprehensive Loss | ($4,465) | ($5,541) |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $671 | $649 | $542 |
Interest cost | 1,335 | 1,426 | 1,496 |
Expected return on plan assets | -2,229 | -1,987 | -1,907 |
Amortization of prior service cost | -3 | -3 | -3 |
Amortization of Net Loss | 888 | 778 | 380 |
Net periodic benefit cost | 662 | 863 | 508 |
Discount Rate | 3.75% | 4.50% | 5.50% |
Expected Return on Plan Assets | 7.75% | 7.75% | 7.75% |
Rate of Compensation Increase | 4.50% | 4.50% | 4.50% |
Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 16 | -6 | 41 |
Interest cost | 531 | 471 | 565 |
Amortization of prior service cost | 100 | -12 | -11 |
Amortization of Net Loss | 365 | 201 | 213 |
Net periodic benefit cost | $1,012 | $654 | $808 |
Discount Rate | 4.75% | 3.75% | 5.50% |
Employee_Benefit_Plans_One_Per
Employee Benefit Plans (One Percent Change In Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Employee Benefit Plans [Abstract] | ' |
One percent increase in change in total service and interest cost components for the year ended December 31, 2013 | $64 |
One percent decrease in change in total service and interest cost components for the year ended December 31, 2013 | -53 |
One percent increase change in postretirement benefit obligation as of December 31, 2013 | 1,542 |
One percent decrease change in postretirement benefit obligation as of December 31, 2013 | ($1,293) |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans (Expected Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $1,654 |
2015 | 1,697 |
2016 | 1,789 |
2017 | 1,810 |
2018 | 1,903 |
2019-2023 | 11,197 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 691 |
2015 | 705 |
2016 | 717 |
2017 | 742 |
2018 | 752 |
2019-2023 | $3,996 |
Employee_Benefit_Plans_MultiEm
Employee Benefit Plans (Multi-Employer Pension And Other Postretirement Benefit Plans) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | $3,011 | $3,195 | $3,548 | |||
WSC [Member] | MM&P [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 664 | [1] | 996 | [1] | 1,297 | [1] |
Surcharge Imposed | 'No | [1] | ' | ' | ||
Expiration Date, First | 30-Sep-25 | [1] | ' | ' | ||
Expiration Date, Last | 30-Sep-25 | [1] | ' | ' | ||
WSC [Member] | MEBA [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 259 | [1] | 311 | [1] | 408 | [1] |
Surcharge Imposed | 'No | [1] | ' | ' | ||
Expiration Date | 30-Sep-20 | [1] | ' | ' | ||
WSC [Member] | ARA [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | ' | 2 | [1] | 20 | [1] | |
Surcharge Imposed | 'No | [1] | ' | ' | ||
WSC [Member] | SPP [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 80 | [1] | 81 | [1] | 61 | [1] |
Surcharge Imposed | 'No | [1] | ' | ' | ||
Expiration Date, First | 30-Sep-17 | [1] | ' | ' | ||
Expiration Date, Last | 31-Dec-16 | [1] | ' | ' | ||
SCI [Member] | MM&P [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 468 | [1] | 298 | [1] | 280 | [1] |
Expiration Date | 30-Jun-27 | [1] | ' | ' | ||
SCI [Member] | MEBA [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 125 | [1] | 68 | [1] | 62 | [1] |
Expiration Date | 30-Jun-17 | [1] | ' | ' | ||
SCI [Member] | SPP [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 72 | [1] | 20 | [1] | 18 | [1] |
Expiration Date | 30-Jun-17 | [1] | ' | ' | ||
CGL [Member] | MM&P [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 950 | [1] | 1,039 | [1] | 1,029 | [1] |
Expiration Date, First | 30-Sep-25 | [1] | ' | ' | ||
Expiration Date, Last | 30-Jun-20 | [1] | ' | ' | ||
CGL [Member] | MEBA [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 249 | [1] | 242 | [1] | 237 | [1] |
Expiration Date, First | 30-Sep-20 | [1] | ' | ' | ||
Expiration Date, Last | 30-Jun-20 | [1] | ' | ' | ||
CGL [Member] | ARA [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | 54 | [1] | 52 | [1] | 51 | [1] |
Expiration Date, First | 30-Sep-15 | [1] | ' | ' | ||
Expiration Date, Last | 30-Jun-17 | [1] | ' | ' | ||
CGL [Member] | SPP [Member] | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | |||
Contribution Amount | $90 | [1] | $86 | [1] | $85 | [1] |
Expiration Date, First | 31-Dec-16 | [1] | ' | ' | ||
Expiration Date, Last | 30-Jun-17 | [1] | ' | ' | ||
[1] |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
T | ||||
Income Taxes [Line Items] | ' | ' | ' | ' |
Provision (benefit) for income taxes | ' | ($11,963,000) | ($157,000) | $680,000 |
(Loss) income before taxes and equity in net loss unconsolidated entities | ' | 7,855,000 | 22,020,000 | 32,639,000 |
Deferred tax assets, valuation allowance | ' | 869,000 | 13,514,000 | ' |
Daily notional shipping income per 100 tons of the net tonnage of the vessel in excess of 25000 net tons | ' | 0.4 | ' | ' |
Daily notional shipping income per 100 tons of the net tonnage of the vessel up to 25000 net tons | ' | 0.2 | ' | ' |
Base quantity for calculation of daily notional shipping income | ' | 100 | ' | ' |
Net quantity range considered for calculation of daily notional shipping income | ' | 25,000 | ' | ' |
Foreign income taxes | ' | -4,000 | 205,000 | 588,000 |
Income tax current recognition of earnings of foreign subsidiaries | ' | 0 | 2,000,000 | 0 |
Favorable adjustment from audit of 2009 federal income tax return | ' | ' | 94,000 | ' |
Reduction to its current year U.S. net operating loss | ' | ' | 2,000,000 | ' |
Net operating loss carryforward, increase | 2,000,000 | ' | ' | ' |
Tax on book/tax temporary differences | ' | 633,000 | ' | ' |
Tax benefit attributable to projected 2014 utilization of Net Operating Loss Carryforwards | ' | 2,500,000 | ' | ' |
Increase in total deferred income tax assets | ' | ' | 2,800,000 | ' |
Tonnage Tax Included in Income Tax Benefit | ' | 56,000 | 64,000 | 78,000 |
Foreign earnings indefinitely reinvested | ' | 2,800,000 | 4,400,000 | 24,400,000 |
Corporate tax rate | ' | 35.00% | 35.00% | 35.00% |
Federal [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Minimum tax credit carryforwards | ' | 5,200,000 | ' | ' |
Net operating loss carryforwards | ' | 41,600,000 | 27,500,000 | ' |
Operating Loss Carryforwards Generated During Period | ' | 14,100,000 | ' | ' |
State [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | ' | 23,100,000 | 17,200,000 | ' |
Operating Loss Carryforwards Generated During Period | ' | 5,900,000 | ' | ' |
Foreign [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | ' | 6,400,000 | ' | ' |
Operating Loss Carryforwards Generated During Period | ' | $130,000 | ' | ' |
Minimum [Member] | Federal [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Expiration period | ' | '2025 | ' | ' |
Minimum [Member] | State [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Expiration period | ' | '2025 | ' | ' |
Maximum [Member] | Federal [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Expiration period | ' | '2033 | ' | ' |
Maximum [Member] | State [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Expiration period | ' | '2033 | ' | ' |
Income_Taxes_Components_Of_Net
Income Taxes (Components Of Net Deferred Tax (Liability) Asset) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
DEFERRED TAX LIABILITIES [Abstract] | ' | ' |
Fixed Assets | ($10,067) | ($7,576) |
Drydock Activities | -6,315 | -2,825 |
Intangibles/Goodwill | ' | -173 |
Post-Retirement Benefits | -794 | -324 |
Total Deferred Tax Liabilities | -17,176 | -10,898 |
DEFERRED TAX ASSETS [Abstract] | ' | ' |
Net Operating Loss Carryforwards | 15,525 | 9,861 |
Minimum Tax Credit | 5,179 | 5,179 |
Deferred Gain | 2,374 | 2,524 |
Pension/Postretirement | 2,568 | 4,510 |
Intangibles/Goodwill | 586 | ' |
Insurance and Claims Reserve | 76 | 411 |
Work Opportunity Tax Credit | 537 | 537 |
Lease Incentives | 508 | 546 |
Other Assets | 796 | 844 |
Total Deferred Tax Assets | 28,149 | 24,412 |
Valuation Allowance | -869 | -13,514 |
Net Deferred Tax Assets | 27,280 | 10,898 |
TOTAL | 10,104 | ' |
DEFERRED TAX COMPONENTS [Abstract] | ' | ' |
Current | 3,084 | 323 |
Non-current | $7,020 | ($323) |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Tax Provision (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of income before provision (benefit) for income taxes [Abstract] | ' | ' | ' |
Domestic | $8,439 | $16,668 | $11,704 |
Foreign | -584 | 5,352 | 20,935 |
Income Before Provision (Benefit) for Income Taxes and Equity in Net Loss of Unconsolidated Entities | 7,855 | 22,020 | 32,639 |
Components of the income tax provision (benefit) [Abstract] | ' | ' | ' |
Current | 83 | 296 | 680 |
Deferred | -12,046 | -453 | ' |
Provision/(Benefit) for Income Taxes | ($11,963) | ($157) | $680 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of U.S. Statutory Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of U.S. statutory tax rate to our effective tax rate expense (benefit) [Abstract] | ' | ' | ' |
Statutory Rate | 35.00% | 35.00% | 35.00% |
State Income Taxes | 3.50% | 0.10% | 0.10% |
Effect of Tonnage Tax Rate | -15.40% | -35.00% | -19.90% |
Foreign Earnings - Indefinitely Reinvested | -12.40% | -6.90% | -26.20% |
Change in Valuation Allowance | -178.30% | 3.50% | 7.60% |
Foreign Income Taxes | -0.10% | 0.90% | 1.80% |
E&P Limitations | 15.00% | 1.60% | 3.60% |
Permanent Differences and Other, Primarily Non-deductible Expenditures | 0.40% | 0.10% | 0.10% |
Effective Income Tax Rate, Continuing Operations | -152.30% | -0.70% | 2.10% |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | ' | ' |
Total unrecognized tax benefits as of: January 1, | ' | $1,400 |
Tax positions taken during a prior year | 349 | ' |
Lapse of applicable statute of limitations | ' | -1,400 |
Total unrecognized tax benefits as of: December 31, | $349 | ' |
Transactions_With_Related_Part1
Transactions With Related Parties (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
TTG [Member] | RTI [Member] | Immediate Family Member of Management or Principal Owner [Member] | Immediate Family Member of Management or Principal Owner [Member] | Immediate Family Member of Management or Principal Owner [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | 49.00% | ' | ' | ' | ' |
Notes from related parties | $1,709,000 | ' | $1,699,000 | $1,980,000 | ' | ' | ' | ' |
Interest rate on note receivable | ' | ' | ' | 7.65% | 6.00% | ' | ' | ' |
Term of note receivable | ' | ' | ' | '7 years | '5 years | ' | ' | ' |
Ownership interst sold | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Percentage held by unaffiliated owner | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Proceeds from divestiture of interest | ' | 526,000 | ' | ' | 526,000 | ' | ' | ' |
Promissory notes receivable one | ' | ' | ' | ' | 1,900,000 | ' | ' | ' |
Promissory notes receivable two | ' | ' | ' | ' | 137,500 | ' | ' | ' |
Gain (loss) on sale of investments | 580,000 | -747,000 | ' | ' | -967,000 | ' | ' | ' |
Payments for fees | ' | ' | ' | ' | ' | $2,100,000 | $1,500,000 | $856,000 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
defendant | ||
plaintiff | ||
item | ||
Number of vessels owned with commitments | 20 | ' |
Estimated lawsuit insurance coverage claims | $299,000 | ' |
Reserves for lawsuit claims | 299,000 | 650,000 |
Insurance policies with deductibles, minimum amount per claim | 1,500 | ' |
Insurance policies with deductibles, maximum amount per claim | $25,000 | ' |
Number of plaintiffs | 10 | ' |
Number of defendants | 40 | ' |
Waterman [Member] | ' | ' |
Number of defendants | 1 | ' |
Leases_Narrative_Details
Leases (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2015 | Nov. 27, 2012 | Nov. 27, 2012 | Dec. 27, 2012 | Feb. 22, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Scenario, Forecast [Member] | BMO Harris Equipment Finance Company [Member] | Capital Source Bank [Member] | BB&T Equipment Finance [Member] | Wells Fargo Bank Northwest [Member] | New York Office [Member] | Shanghai Office [Member] | Tampa [member] | Property Subject to Operating Lease [Member] | Mobile Corporate Office Lease [Member] | Mobile Corporate Office Lease [Member] | Mobile Corporate Office Lease [Member] | Mobile Corporate Office Lease [Member] | |||||
Leasehold Improvements [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Leases [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessels, gross | ' | $582,416,000 | $525,172,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,200,000 | ' | ' | ' | ' |
Sale leaseback, gross proceeds | ' | ' | ' | ' | ' | 32,000,000 | 31,000,000 | 32,000,000 | 59,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt from proceeds of sale and leaseback transaction | ' | ' | -54,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | '7 years | '6 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale-leaseback | ' | ' | ' | ' | ' | 8,000,000 | 11,700,000 | ' | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale-leaseback net proceeds | 63,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Office space lease agreement term | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | '10 years | '2 years | '5 years | ' | ' | ' | ' | ' |
Early termination operating lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '15 years |
Leasehold Improvements | ' | 26,348,000 | 26,348,000 | ' | ' | ' | ' | ' | ' | 503,000 | ' | ' | ' | 730,000 | ' | ' | ' |
Incentive from Lessor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' |
Lease termination expense | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | $20,000,000 | $11,200,000 | $13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale Leaseback Transaction Lease Term | ' | ' | ' | ' | ' | '7 years | '6 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases_Future_Minimum_Rental_P
Leases (Future Minimum Rental Payments For Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary of future minimum rental payments for operating leases [Abstract] | ' |
2014 | $19,365 |
2015 | 22,430 |
2016 | 18,802 |
2017 | 18,802 |
2018 | 17,713 |
Thereafter | 20,769 |
Total Future Minimum Payments | 117,881 |
Vessels [Member] | ' |
Summary of future minimum rental payments for operating leases [Abstract] | ' |
2014 | 18,071 |
2015 | 18,071 |
2016 | 18,071 |
2017 | 18,071 |
2018 | 17,307 |
Thereafter | 20,769 |
Total Future Minimum Payments | 110,360 |
Other Leases [Member] | ' |
Summary of future minimum rental payments for operating leases [Abstract] | ' |
2014 | 1,294 |
2015 | 4,359 |
2016 | 731 |
2017 | 731 |
2018 | 406 |
Thereafter | 0 |
Total Future Minimum Payments | $7,521 |
Deferred_Charges_And_Intangibl2
Deferred Charges And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets related to the favorable early buy-out to the new cost basis of the tug/barge unit, reclassified | $11,327,000 | ' | ' |
Amortization of Intangible Assets | 5,701,000 | 3,055,000 | 1,932,000 |
Amortization of deferred assets | 11,600,000 | 8,000,000 | ' |
U S United Ocean Services Llc Frascati Shops Inc [Member] | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Additions | 35,000 | ' | ' |
Favorable Lease [Member] | UOS EBO Acquisition [Member] | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets related to the favorable early buy-out to the new cost basis of the tug/barge unit, reclassified | $11,327,000 | ' | ' |
Deferred_Charges_And_Intangibl3
Deferred Charges And Intangible Assets (Deferred Charges And Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 06, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | Frascati Shops, Inc. And Tower, LLC [Member] | United Ocean Services, LLC [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Favorable Lease [Member] | Favorable Lease [Member] | Favorable Lease [Member] | Favorable Lease [Member] | Favorable Charter [Member] | Favorable Charter [Member] | ||||
Frascati Shops, Inc. And Tower, LLC [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | United Ocean Services, LLC [Member] | United Ocean Services, LLC [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | Frascati Shops, Inc. And Tower, LLC [Member] | United Ocean Services, LLC [Member] | United Ocean Services, LLC [Member] | United Ocean Services, LLC [Member] | United Ocean Services, LLC [Member] | UOS EBO Acquisition [Member] | UOS EBO Acquisition [Member] | |||||||||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Goodwill, Gross | $2,735 | $2,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Goodwill, Net | 2,735 | 2,700 | 828 | [1] | 1,907 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Indefinite Life Intangibles, Gross Carrying Amount | 2,735 | 2,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total Indefinite Life Intangibles, Net Carrying Amount | 2,735 | 2,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortized period | ' | ' | ' | ' | '240 months | '240 months | '96 months | '96 months | '240 months | '240 months | '96 months | '96 months | '13 months | '13 months | ' | ' | '24 months | '24 months | ||
Definite Life Intangibles, Gross Carrying Amount | 50,771 | 50,771 | ' | ' | 65 | 65 | 1,805 | 1,805 | 425 | 425 | 30,927 | 30,927 | 1,071 | 1,071 | 11,327 | 11,327 | 5,151 | 5,151 | ||
Definite Life Intangibles, Accumulated Amortization | -10,688 | -4,987 | ' | ' | -5 | -1 | -244 | -19 | -29 | -8 | -4,188 | -323 | -1,071 | -129 | ' | ' | -5,151 | -4,507 | ||
Definite Life Intangibles, Reclassified | -11,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,327 | ' | ' | ' | ||
Definite Life Intangibles, Net Carrying Amount | 28,756 | 45,784 | ' | ' | 60 | 64 | 1,561 | 1,786 | 396 | 417 | 26,739 | 30,604 | ' | 942 | ' | 11,327 | ' | 644 | ||
Drydocking Costs, Gross | 46,667 | 27,076 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Drydocking Costs, Accumulated Amortization | -18,394 | -9,835 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Drydocking Costs, Reclassified | -1,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Drydocking Costs | 26,428 | 17,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financing Charges and Other, Gross | 3,921 | 3,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financing Charges and Other, Accumulated Amortization | -1,040 | -1,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Financing Charges and Other | 2,881 | 2,651 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Assets, Gross | 50,588 | 30,877 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Assets, Accumulated Amortization | -19,434 | -10,985 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Assets, Reclassified | -1,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Assets | $29,309 | $19,892 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Goodwill represents the sum of the consideration transferred and the net liabilities assumed and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes. Specifically, the goodwill recorded as part of the acquisition of the Acquired Companies includes the following: the expected synergies and other benefits that we believe will result from combining the operations of the Acquired Companies with our existing Rail-Ferry operations.any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, andthe anticipated higher rate of return of the Acquired Companies existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. | |||||||||||||||||||
[2] | Goodwill represents the fair value of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized.B B Our above-described goodwill is not amortized nor do we expect it to be deductible for tax purposes.B B Specifically, the goodwill recorded as part of the acquisition of UOS includes the following:the expected synergies and other benefits that we believe will result from combining the operations of UOS with our existing Jones Act operations.any intangible assets that do not qualify for separate recognition, including an assembled workforce of the acquired companies, andthe anticipated higher rate of return of UOSbs existing businesses as going concerns compared to the anticipated rate of return if we had acquired all of the net assets separately. |
Significant_Operations_Narrati
Significant Operations (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 60 Months Ended | ||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Aug. 31, 2012 | Dec. 31, 2013 | Mar. 25, 2011 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Dec. 31, 2013 |
item | item | item | item | PCTC [Member] | PCTC [Member] | PCTC [Member] | Container Vessels [Member] | Container Vessels [Member] | Container Vessels [Member] | Special Purpose Vessels [Member] | Mini-Bulk Carrier [Member] | Capesize Bulk Carrier [Member] | Multi-Purpose Heavy Lift Vessel [Member] | Time Charter Contracts - U.S. Flag [Member] | Time Charter Contracts - U.S. Flag [Member] | Time Charter Contracts - U.S. Flag [Member] | Time Charter Contracts - U.S. Flag [Member] | International Flag PCTC [Member] | International Flag PCTC [Member] | International Flag PCTC [Member] | Rail-Ferry Service [Member] | Rail-Ferry Service [Member] | Rail-Ferry Service [Member] | Rail-Ferry Service [Member] | Jones Act [Member] | PCTC [Member] | PCTC [Member] | PCTC [Member] | PCTC [Member] | PCTC [Member] | PCTC [Member] | PCTC [Member] | Bulk Carriers [Member] | Bulk Carriers [Member] | Bulk Carriers [Member] | Bulk Carriers [Member] | Bulk Carriers [Member] | ||
MSP [Member] | MSP [Member] | MSP [Member] | MSP [Member] | MSP [Member] | MSP [Member] | item | T | T | MSP [Member] | PCTC [Member] | PCTC [Member] | PCTC [Member] | PCTC [Member] | Terminales Transgolfo, S.A. de C.V. [Member] | Special Purpose Vessels [Member] | Special Purpose Vessels [Member] | Special Purpose Vessels [Member] | TECO [Member] | item | United States [Member] | International [Member] | Supplemental Cargo [Member] | Supplemental Cargo [Member] | Supplemental Cargo [Member] | Container Vessels [Member] | Mini-Bulk Carrier [Member] | Mini-Bulk Carrier [Member] | ||||||||||||
item | item | item | item | item | item | ||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units | ' | ' | ' | ' | ' | 5 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' |
Revenue from major customer | ' | ' | ' | ' | ' | $15,900 | $17,900 | $17,500 | $5,600 | $6,200 | $5,900 | ' | ' | ' | $775 | $36,500 | $37,400 | $32,800 | ' | $11,300 | $13,500 | $24,300 | ' | $37,200 | $33,300 | $36,300 | ' | ' | ' | ' | $30,800 | $44,700 | $39,400 | ' | $21,100 | $26,100 | $19,700 | ' | ' |
Number of vessels owned or operated | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total work force that is covered by collective bargaining agreements (in hundredths) | ' | ' | 76.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Pure Car Truck Carriers owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Pure Car Truck Carriers with Buy Back Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weight of diversified bulk carrier (in whole number) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,028 | 170,578 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shareholders interest owned | 23.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.70% | 25.00% |
Number of vessels which deployed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 5 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Mini Bulk Carriers Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 |
Number of vessels affected by stock issuance to unaffiliated co-investor | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' |
Number of Businesses Acquired | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Operations_Revenue
Significant Operations (Revenues Attributable To Major Geographic Areas) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of revenues attributable to the major geographic areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | $76,193 | $77,938 | $74,897 | $81,124 | $56,810 | $61,162 | $60,320 | $65,204 | $310,152 | $243,496 | $263,196 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of revenues attributable to the major geographic areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 192,332 | 123,782 | ' |
Asian Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of revenues attributable to the major geographic areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 67,830 | 63,860 | ' |
Rail-Ferry Service [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of revenues attributable to the major geographic areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 34,390 | 32,479 | ' |
South America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of revenues attributable to the major geographic areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,905 | 10,416 | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of revenues attributable to the major geographic areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,966 | 12,474 | ' |
Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of revenues attributable to the major geographic areas [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $5,729 | $485 | ' |
Significant_Operations_Segment
Significant Operations (Segment Reporting Information By Segment) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Profit and Loss [Abstract] | ' | ' | ' | |||
Total Revenue from External Customers | $310,152 | $243,496 | $263,196 | |||
Intersegment Revenues (Eliminated) | -17,876 | -18,638 | -17,419 | |||
Intersegment Expenses Eliminated | 17,876 | 18,638 | 17,419 | |||
Voyage Expenses | 253,323 | [1] | 188,508 | [1] | 192,082 | [1] |
Loss (Income) of Unconsolidated Entities | 1,661 | 215 | 410 | |||
Gross Voyage Profit | 55,168 | 54,773 | 70,704 | |||
Gross Voyage Profit Margin Percentage (in hundredths) | 18.00% | 22.00% | 27.00% | |||
Segment Assets | 507,957 | 492,797 | 529,151 | |||
Expenditures for Segment Assets | 72,480 | 146,188 | 166,540 | |||
Jones Act [Member] | ' | ' | ' | |||
Segment Profit and Loss [Abstract] | ' | ' | ' | |||
Total Revenue from External Customers | 122,751 | [2] | 33,721 | [2] | 29,836 | [2] |
Voyage Expenses | 95,227 | [1],[2] | 27,230 | [1],[2] | 27,706 | [1],[2] |
Gross Voyage Profit | 27,524 | [2] | 6,491 | [2] | 2,130 | [2] |
Gross Voyage Profit Margin Percentage (in hundredths) | 22.00% | [2] | 19.00% | [2] | 7.00% | [2] |
Segment Assets | 150,529 | [2] | 119,377 | [2] | 9,363 | [2] |
Expenditures for Segment Assets | 41,973 | [2] | 90,319 | [2] | 158 | [2] |
PCTC [Member] | ' | ' | ' | |||
Segment Profit and Loss [Abstract] | ' | ' | ' | |||
Total Revenue from External Customers | 94,608 | 113,521 | 122,341 | |||
Voyage Expenses | 79,155 | [1] | 85,688 | [1] | 85,940 | [1] |
Gross Voyage Profit | 15,453 | 27,833 | 36,401 | |||
Gross Voyage Profit Margin Percentage (in hundredths) | 16.00% | 25.00% | 30.00% | |||
Segment Assets | 117,252 | 122,403 | 298,919 | |||
Expenditures for Segment Assets | 23,324 | 5,969 | 86,077 | |||
Bulk Carriers [Member] | ' | ' | ' | |||
Segment Profit and Loss [Abstract] | ' | ' | ' | |||
Total Revenue from External Customers | 21,098 | 26,080 | 20,183 | |||
Voyage Expenses | 18,425 | [1] | 19,135 | [1] | 9,786 | [1] |
Loss (Income) of Unconsolidated Entities | 1,587 | -75 | 63 | |||
Gross Voyage Profit | 1,086 | 7,020 | 10,334 | |||
Gross Voyage Profit Margin Percentage (in hundredths) | 5.00% | 27.00% | 51.00% | |||
Segment Assets | 158,521 | 162,921 | 129,692 | |||
Expenditures for Segment Assets | 3,043 | 21,899 | 74,603 | |||
Rail-Ferry Service [Member] | ' | ' | ' | |||
Segment Profit and Loss [Abstract] | ' | ' | ' | |||
Total Revenue from External Customers | 37,207 | 33,335 | 36,422 | |||
Voyage Expenses | 30,456 | [1] | 29,522 | [1] | 30,664 | [1] |
Loss (Income) of Unconsolidated Entities | 74 | 290 | 347 | |||
Gross Voyage Profit | 6,677 | 3,523 | 5,411 | |||
Gross Voyage Profit Margin Percentage (in hundredths) | 18.00% | 11.00% | 15.00% | |||
Segment Assets | 32,982 | 35,196 | 38,440 | |||
Expenditures for Segment Assets | 763 | 3,766 | 4,483 | |||
Specialty Contracts [Member] | ' | ' | ' | |||
Segment Profit and Loss [Abstract] | ' | ' | ' | |||
Total Revenue from External Customers | 34,483 | 35,526 | 52,026 | |||
Voyage Expenses | 31,190 | [1] | 26,871 | [1] | 35,916 | [1] |
Gross Voyage Profit | 3,293 | 8,655 | 16,110 | |||
Gross Voyage Profit Margin Percentage (in hundredths) | 10.00% | 24.00% | 31.00% | |||
Segment Assets | 25,467 | 27,767 | 28,448 | |||
Expenditures for Segment Assets | 3,116 | 23,695 | 1,120 | |||
Other [Member] | ' | ' | ' | |||
Segment Profit and Loss [Abstract] | ' | ' | ' | |||
Total Revenue from External Customers | 5 | 1,313 | 2,388 | |||
Intersegment Revenues (Eliminated) | -17,876 | -18,638 | -17,419 | |||
Intersegment Expenses Eliminated | 17,876 | 18,638 | 17,419 | |||
Voyage Expenses | -1,130 | [1] | 62 | [1] | 2,070 | [1] |
Gross Voyage Profit | 1,135 | 1,251 | 318 | |||
Gross Voyage Profit Margin Percentage (in hundredths) | 227.00% | 95.00% | 13.00% | |||
Segment Assets | 23,206 | 25,134 | 24,289 | |||
Expenditures for Segment Assets | $261 | $540 | $99 | |||
[1] | Includes amortization. | |||||
[2] | 2012 reflects one month of UOS. |
Significant_Operations_Reconci
Significant Operations (Reconciliation From Segment Totals To Consolidated) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of profit (loss) from segments to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Gross Voyage Profit for Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | $55,168 | $54,773 | $70,704 |
Unallocated Amounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel and Other Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,432 | -24,398 | -25,388 |
Administrative and General Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,734 | -23,244 | -20,961 |
(Loss)/Gain on Sale of Other Assets | 3,800 | ' | ' | ' | ' | ' | ' | ' | ' | -16 | 16,625 | ' |
Loss (Income) of Unconsolidated Entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,661 | 215 | 410 |
Gain on Dry Bulk Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,844 |
Operating Income | ' | 5,978 | 1,959 | 1,404 | 306 | 10,128 | 4,013 | 3,518 | 6,312 | 9,647 | 23,971 | 43,609 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,504 | -10,409 | -10,361 |
Derivative Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | -438 | -485 | -101 |
Gain (Loss) on Sale of Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 580 | -747 |
Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 114 | 470 | 637 |
Other Income from Vessel Financing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,122 | 2,387 | 2,653 |
Foreign Exchange Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,914 | 5,506 | -3,051 |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,855 | 22,020 | 32,639 |
Reconciliation of assets from segments to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets for Reportable Segments | ' | 507,957 | ' | ' | ' | 492,797 | ' | ' | ' | 507,957 | 492,797 | 529,151 |
Unallocated Amounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Assets | ' | 87,104 | ' | ' | ' | 89,244 | ' | ' | ' | 87,104 | 89,244 | ' |
Investment in Unconsolidated Entities | ' | 14,818 | ' | ' | ' | 12,676 | ' | ' | ' | 14,818 | 12,676 | ' |
Due from Related Parties | ' | 1,699 | ' | ' | ' | 1,709 | ' | ' | ' | 1,699 | 1,709 | ' |
Other Assets | ' | 7,383 | ' | ' | ' | 5,509 | ' | ' | ' | 7,383 | 5,509 | ' |
Goodwill | ' | 2,735 | ' | ' | ' | 2,700 | ' | ' | ' | 2,735 | 2,700 | ' |
Deferred Tax Asset | ' | 7,020 | ' | ' | ' | ' | ' | ' | ' | 7,020 | ' | ' |
Notes Receivable | ' | 27,659 | ' | ' | ' | 33,381 | ' | ' | ' | 27,659 | 33,381 | ' |
TOTAL ASSETS | ' | $656,375 | ' | ' | ' | $638,016 | ' | ' | ' | $656,375 | $638,016 | ' |
Unconsolidated_Entities_Narrat
Unconsolidated Entities (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
Nov. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 25, 2011 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2012 | Jan. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Dec. 31, 2000 | Oct. 31, 2013 | Nov. 30, 2013 | Mar. 31, 2014 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2011 | Dec. 31, 2006 | Dec. 31, 2005 | |
item | item | item | Mini-Bulkers [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk Holding Pte. Ltd. [Member] | Oslo Bulk Holding Pte. Ltd. [Member] | Oslo Bulk Holding Pte. Ltd. [Member] | Oslo Bulk Holding Pte. Ltd. [Member] | TTG [Member] | TTG [Member] | TTG [Member] | TTG [Member] | Saltholmen Shipping Ltd. [Member] | Saltholmen Shipping Ltd. [Member] | Saltholmen Shipping Ltd. [Member] | Saltholmen Shipping Ltd. [Member] | RTI [Member] | RTI [Member] | RTI [Member] | RTI [Member] | RTI [Member] | RTI [Member] | |||||
item | Mini-Bulkers [Member] | Mini-Bulkers [Member] | Mini-Bulkers [Member] | Scenario, Forecast [Member] | Chemical Tankers [Member] | |||||||||||||||||||||||||||
item | item | item | item | |||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated entities, cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,000 | ' | ' | ' | ' | ' | ' | ' | ' | $386,000 | $1,600,000 |
Equity investee ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% | ' | ' | ' | ' | 25.00% | ' | 49.00% | ' | ' | 50.00% | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Number of vessels contracted to build | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Number of Vessels Owned or Operated | ' | ' | ' | ' | ' | 2 | 2 | 15 | ' | ' | ' | ' | ' | 4 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for investment in Unconsolidated Entities | ' | ' | 3,520,000 | 1,000,000 | 2,545,000 | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | 1,600,000 | 250,000 | 3,900,000 | ' | ' | ' | ' | ' | 2,700,000 | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' |
Amount contributed towards bank guarantee to finance | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels affected by stock issuance to unaffiliated co-investor | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shareholders interest owned | ' | 23.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution towards minimum value covenant | 284,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage held by unaffiliated owner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Percentage of interest acquired by unaffiliated owner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of funded cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cost treated as loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to working capital of equity investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions from Unconsolidated Entities | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties | ' | ' | 1,699,000 | 1,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' |
Difference between our investment and equity in net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 973,000 | ' | ' | ' | ' | ' |
Proceeds from divestiture of interest | ' | ' | ' | ' | 526,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 526,000 | ' | ' | ' |
Promissory notes receivable one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' |
Promissory notes receivable two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,500 | ' | ' | ' |
Gain (loss) on sale of investments | ' | ' | ' | $580,000 | ($747,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($967,000) | ' | ' | ' | ' |
Interest rate on note receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' |
Term of note receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Unconsolidated_Entities_Summar
Unconsolidated Entities (Summarized Equity In Net Income Of Unconsolidated Entities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity in Net Loss of Unconsolidated Entities | ($1,661) | ($215) | ($410) |
Oslo Bulk AS [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity in Net Loss of Unconsolidated Entities | -812 | 1,010 | ' |
Oslo Bulk Holding Pte. Ltd. [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity in Net Loss of Unconsolidated Entities | -774 | -935 | ' |
TTG [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity in Net Loss of Unconsolidated Entities | ($75) | ($290) | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Payments [Abstract] | ' | ' | ' |
Interest Paid | $7,752 | $9,304 | $9,971 |
Taxes Paid | $228 | $442 | $813 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments, Derivative And Marketable Securities (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | JPY (¥) | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Foreign Exchange Contract 1 [Member] | Foreign Exchange Contract 1 [Member] | Foreign Exchange Contract 2 [Member] | Foreign Exchange Contract 2 [Member] | |
contract | contract | USD ($) | USD ($) | USD ($) | MXN | USD ($) | MXN | |||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum potential future exposure on derivatives | ' | ' | ' | $4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss related to derivative instruments included in accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | 4,300,000 | 7,400,000 | ' | ' | ' | ' |
Number of forward purchase contracts | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' |
Number of foreign currency derivatives held | ' | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' |
Notional amount of forward purchase contracts | ' | ' | ' | ' | 3,300,000,000 | ' | ' | ' | 1,200,000 | ' | 600,000 | ' |
Exchange rate | ' | ' | ' | ' | 102.53 | 86.74 | ' | ' | ' | 13.6103 | ' | 13.3003 |
Projected Peso exposure represented by Mexican Peso foreign exchange contracts (in hundredths) | ' | ' | ' | 60.00% | 60.00% | ' | ' | ' | ' | ' | ' | ' |
Number of forward sales contracts | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | ' | ' | ' | 196,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, carrying amount | ' | ' | ' | 33,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities, gain | 447,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of investments | ' | 580,000 | -747,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities held | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments, Derivative And Marketable Securities (Notional And Fair Value Of Derivative Instruments) (Details) | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | Dec. 31, 2009 | |||
USD ($) | USD ($) | JPY (¥) | JPY (¥) | Interest Rate Swap - LT [Member] | Interest Rate Swap - LT [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Current Assets [Member] | Current Assets [Member] | Current Liabilities [Member] | Current Liabilities [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | |||
USD ($) | JPY (¥) | Interest Rate Swap - LT [Member] | Interest Rate Swap - LT [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | |||||||||||
item | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Asset derivatives, current notional amount | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | $1,700,000 | ' | ' | ' | ' | ' | ' | ||
Liability derivatives, current notional amount | ' | ' | ' | ' | ' | ' | 46,713,000 | [1] | 74,207,000 | [2] | ' | ' | ' | 6,000,000 | ' | ' | ' | ' |
Derivatives, current notional amount | 48,513,000 | 81,907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Asset derivatives, fair value | 39,000 | 147,000 | ' | ' | ' | ' | ' | ' | 39,000 | 147,000 | ' | ' | ' | ' | ' | ' | ||
Liability derivatives, fair value | -4,472,000 | -7,940,000 | ' | ' | ' | ' | -3,724,000 | [1] | -7,683,000 | [2] | ' | ' | -748,000 | -257,000 | ' | ' | ' | ' |
Notional amount under contract | 46,700,000 | 61,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Exchange rate | ' | ' | 86.74 | 102.53 | ' | 105.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Original funding of vessel's delivery cost (in hundredths) | 80.00% | 80.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revised funding of vessel's delivery cost (in hundredths) | 65.00% | 65.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reduction in funding of vessel's delivery cost (in hundredths) | 15.00% | 15.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in fair value related to ineffective portion of derivative instrument, gain | 362,000 | 87,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repayments of lines of credit | ' | ' | 686,318,979 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Negative balance related to an interest rate swap in Oslo Bulk AS | -659,000 | -1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ownership percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% | ||
Loss on early payment of loan | ' | ' | ' | ' | $571,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of pure car trucks | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is approximately $46.7 million (based on a Yen to USD exchange rate of 105.31 as of December 31, 2013).B B With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vesselbs delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. B The change in fair value related to the ineffective portion of this swap was a $362,000 gain for the year ended December 31, 2013 and this amount was included in earnings. The fair value balance as of December 31, 2013, includes a negative $659,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | |||||||||||||||||
[2] | We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is approximately $61.5 million (based on a Yen to USD exchange rate of 86.74 as of December 31, 2012).B B With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vesselbs delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. B The change in fair value related to the ineffective portion of this swap was a $87,000 gain for the year ended December 31, 2012 and this amount was included in earnings. We paid down this facility in January 2012 in an amount of Yen 686,318,979 to bring our Asset Maintenance Loan to Value Facility requirement in line. The fair value balance as of December 31, 2012, includes a negative $1.0 million balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. Also included in earnings is a $571,000 loss, related to the early pay-off of loans relating to two of our Pure Car Truck Carriers that were part of our recent Sale Leasebacks. |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments, Derivative And Marketable Securities (Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) Recognized in OCI | $3,073 | $1,243 |
Amount of (Loss) Reclassified from AOCI to Income | -1,789 | -3,286 |
(Loss) Recognized in Income from Ineffective portion | -438 | -485 |
Interest Rate Swaps [Member] | Interest Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) Recognized in OCI | 2,938 | 1,486 |
Amount of (Loss) Reclassified from AOCI to Income | -1,656 | -3,106 |
(Loss) Recognized in Income from Ineffective portion | -438 | -485 |
Foreign Exchange Contracts [Member] | Other Revenues [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) Recognized in OCI | 135 | -243 |
Amount of (Loss) Reclassified from AOCI to Income | ($134) | ($180) |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments, Derivative And Marketable Securities (Interest Rate Derivatives) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||
USD ($) | JPY (¥) | USD ($) | JPY (¥) | Swap 3 [Member] | Swap 3 [Member] | |||
USD ($) | JPY (¥) | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ||
Effective Date | ' | ' | ' | ' | 15-Mar-09 | 15-Mar-09 | ||
Termination Date | ' | ' | ' | ' | 15-Sep-20 | 15-Sep-20 | ||
Current Notional Amount | $46,700,000 | ' | $61,500,000 | ' | $46,712,880 | ' | ||
Swap Rate (in thousandths) | ' | ' | ' | ' | 2.07% | [1] | 2.07% | [1] |
Type | ' | ' | ' | ' | 'Variable-to-Fixed | 'Variable-to-Fixed | ||
Exchange rate | ' | 102.53 | ' | 86.74 | ' | 105.31 | ||
[1] | Notional Amount converted from Yen at December 31, 2013 at a Yen to USD exchange rate of 105.31. |
Fair_Value_Of_Financial_Instru6
Fair Value Of Financial Instruments, Derivative And Marketable Securities (Notional Amount Of Foreign Exchange Contracts) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Transaction Amount | $34,965 |
Foreign Exchange Contract 1 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2013-08 |
Transaction Amount | 1,200 |
Effective Date | '2014-01 |
Expiration Date | '2014-12 |
Foreign Exchange Contract 2 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2013-11 |
Transaction Amount | 600 |
Effective Date | '2014-01 |
Expiration Date | '2014-12 |
Foreign Exchange Contract 3 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2013-12 |
Transaction Amount | 1,268 |
Effective Date | '2014-03 |
Expiration Date | '2014-03 |
Foreign Exchange Contract 4 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2013-12 |
Transaction Amount | 1,269 |
Effective Date | '2014-06 |
Expiration Date | '2014-06 |
Foreign Exchange Contract 5 [Member] | ' |
Derivative [Line Items] | ' |
Transaction Date | '2013-12 |
Transaction Amount | $30,628 |
Effective Date | '2014-07 |
Expiration Date | '2014-07 |
Accounts_Payable_And_Accrued_L2
Accounts Payable And Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable And Accrued Liabilities [Abstract] | ' | ' |
Accrued Voyage Expenses | $38,035 | $38,310 |
Trade Accounts Payable | 5,301 | 3,284 |
Accrued Salaries and Benefits | 3,845 | 5,050 |
Lease Incentive Obligation | 1,901 | 1,901 |
Self-Insurance Liability | 1,187 | 1,186 |
Accrued Insurance Premiums | 891 | 602 |
Short Term Derivatives Liability | 60 | 257 |
Straight Line Charter Escalation | 58 | 306 |
Accounts Payable and Accrued Liabilities | $51,278 | $50,896 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income (Loss) | $16,868 | ($2,222) | $1,859 | $1,653 | $11,540 | $1,782 | $704 | $7,936 | $18,157 | $21,962 | $31,549 | |
Preferred Stock Dividends | ' | ' | ' | ' | ' | ' | ' | ' | 3,226 | ' | ' | |
Net (Loss) Income Available to Common Stockholders, Basic, Total | ' | ' | ' | ' | ' | ' | ' | ' | $14,931 | $21,962 | $31,549 | |
Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 7,237,472 | 7,195,606 | 7,131,820 | |
Plus: Effect of dilutive restrictive stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 45,204 | [1] | 17,682 | 44,827 |
Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 7,282,676 | 7,213,288 | 7,176,647 | |
Net Income per share - Basic (in dollars per share) | $2.15 | ($0.46) | $0.17 | $0.19 | $1.60 | $0.25 | $0.10 | $1.11 | $2.06 | $3.05 | $4.42 | |
Net Income per share - Diluted (in dollars per share) | $2.13 | ($0.46) | $0.17 | $0.19 | $1.60 | $0.25 | $0.10 | $1.11 | $2.05 | $3.04 | $4.40 | |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 45,204 | ' | ' | |
[1] | There are 45,204 incremental shares not included due to the fact it would be anti-dilutive to include these shares for the twelve months ended December 31, 2013. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Income By Component) (Details) (USD $) | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | Dec. 31, 2009 | ||
Gains And Losses On Derivatives Fair Value [Member] | Gains And Losses On Derivatives Fair Value [Member] | Unrealized Translation Loss [Member] | Unrealized Translation Loss [Member] | Defined Benefit Pension Items [Member] | Defined Benefit Pension Items [Member] | Bonds Adjuster For Market Value [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | Oslo Bulk AS [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ($24,946) | ($23,947) | ($7,352) | [1],[2] | ($8,595) | [1] | ($350) | ($445) | ($17,244) | ($15,035) | $128 | ' | ' | ' | ' |
Other comprehensive (loss) income before reclassification | 11,913 | 1,808 | 5,300 | [2] | 5,014 | [1] | -64 | 95 | 6,677 | -3,173 | -128 | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income | -877 | -2,807 | -2,227 | [2] | -3,771 | [1] | ' | ' | 1,350 | 964 | ' | ' | ' | ' | ' |
Net current-period other comprehensive income | 11,036 | -999 | 3,073 | [2] | 1,243 | [1] | -64 | 95 | 8,027 | -2,209 | -128 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -13,910 | -24,946 | -4,279 | [2] | -7,352 | [1],[2] | -414 | -350 | -9,217 | -17,244 | ' | ' | ' | ' | ' |
Interest rate swap fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($659) | ($1,000) | ' | ' | ||
Ownership percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% | ||
[1] | The fair value balance as of December 31, 2012, includes a negative $1.0 million balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. | ||||||||||||||
[2] | The fair value balance as of December 31, 2013, includes a negative $659,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Reclassifications Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ($9,504) | ($10,409) | ($10,361) |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,122 | 2,387 | 2,653 |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | -7,855 | -22,020 | -32,639 |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | -11,963 | -157 | 680 |
Net of tax | -16,868 | 2,222 | -1,859 | -1,653 | -11,540 | -1,782 | -704 | -7,936 | -18,157 | -21,962 | -31,549 |
Amount Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -877 | -2,807 | ' |
Gains And Losses On Derivatives Fair Value [Member] | Amount Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,227 | -3,771 | ' |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,227 | -3,771 | ' |
Gains And Losses On Derivatives Fair Value [Member] | Interest Rate Contract [Member] | Amount Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,093 | -3,591 | ' |
Gains And Losses On Derivatives Fair Value [Member] | Foreign Exchange Contracts [Member] | Amount Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | -134 | -180 | ' |
Defined Benefit Pension Items [Member] | Amount Reclassified From Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service costs | ' | ' | ' | ' | ' | ' | ' | ' | 97 | -15 | ' |
Actuarial losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,253 | 979 | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,350 | 964 | ' |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $1,350 | $964 | ' |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Jan. 28, 2014 | Apr. 23, 2013 | 7-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 16, 2014 | Jan. 15, 2013 | Jan. 18, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 7-May-12 | Dec. 31, 2013 | Jan. 28, 2014 | Apr. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 28, 2014 | Apr. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 23, 2013 | Mar. 11, 2013 | Dec. 31, 2013 | Jan. 28, 2014 | Apr. 23, 2013 | Mar. 11, 2013 | Dec. 31, 2013 | Apr. 23, 2013 | Dec. 31, 2013 | 7-May-14 | 7-May-16 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
employee | employee | employee | employee | 2012 Grants [Member] | Top Executives [Member] | Unrestricted Stock [Member] | Unrestricted Stock [Member] | Unrestricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Time Based Restricted Stock Units [Member] | Time Based Restricted Stock Units [Member] | Time Based Restricted Stock Units [Member] | Time Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Relative Performance Based Restricted Stock Units [Member] | Stock Awards [Member] | Stock Awards [Member] | |||
employee | Independent Director [Member] | Independent Director [Member] | Independent Director [Member] | employee | item | Top Executives [Member] | 2012 Grants [Member] | 2013 Grants [Member] | 2012 Grants [Member] | 2012 Grants [Member] | 2012 Grants [Member] | 2013 Grants [Member] | 2012 Grants [Member] | 2012 Grants [Member] | 2012 Grants [Member] | 2013 Grants [Member] | 2013 Grants [Member] | 2013 Grants [Member] | Top Executives [Member] | |||||||||||||||||||
employee | employee | employee | employee | employee | Scenario, Forecast [Member] | Scenario, Forecast [Member] | 2013 Grants [Member] | |||||||||||||||||||||||||||||||
employee | ||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares received by independent directors (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 4,470 | 6,708 | 5,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards Granted (in shares) | 42,650 | 121,100 | 65,500 | ' | ' | ' | ' | ' | ' | ' | ' | 121,100 | ' | ' | ' | ' | 7,950 | 87,300 | ' | ' | 17,351 | 16,901 | 8,188 | ' | ' | ' | ' | 17,349 | 16,899 | ' | ' | ' | ' | ' | ' | ' | 6,708 | 5,712 |
Common stock, par value (in dollars per share) | ' | ' | $1 | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of key individuals | 12 | 11 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares to be issued if certain performance targets are met (in shares) | 60,001 | 138,000 | ' | 81,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included before tax | ' | ' | ' | $120,000 | $420,000 | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense included in net income | ' | ' | ' | $78,000 | $273,000 | $1,200,000 | ' | ' | ' | ' | ' | $1,300,000 | $797,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of stock based compensation expense on basic earnings per share (in dollars per share) | ' | ' | ' | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | $0.12 | $0.12 | $0.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of stock based compensation expense on diluted earnings per share (in dollars per share) | ' | ' | ' | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | $0.12 | $0.12 | $0.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum shares allocated to each share based compensation unit (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | 1.5 | ' | ' | 1.5 | ' | ' | ' | 1.5 | ' | 1.5 | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '3 years | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '3 years | '3 years | ' | ' | ' | '2 years | ' | ' | '3 years | ' | ' | ' | '3 years | ' | '3 years | ' | ' | '1 year | ' | ' |
Number of top executives | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 2 | ' | 2 | 4 | 4 | ' | ' | ' | ' |
Additional shares vested due to accelerated vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,376 | 18,188 | ' | ' | ' | ' | ' | 1,788 | ' | ' | ' | ' | ' | ' |
Additional shares to be awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of top executive awards which vested at an accelerated rate | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of remaining shares expected to vest (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,525 | ' | ' | ' |
Percentage of restricted stock units vested (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.00% | ' | ' | ' | 150.00% | ' | ' | ' | ' |
Number of shares of common stock retired to meet tax liabilities (in shares) | ' | ' | ' | 18,359 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares paid out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,060 | 5,287 | ' | ' | ' |
Closing market stock price | ' | $17.66 | $19.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares canceled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Summa
Stock Based Compensation (Summary Of Activity For Stock Awards And Summary Of RSU Activity And Related Information) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Jan. 28, 2014 | Apr. 23, 2013 | 7-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 28, 2014 | Apr. 23, 2013 | Dec. 31, 2013 | |
Stock Awards [Member] | Stock Awards [Member] | Restricted Stock Units (RSUs) [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | Absolute Performance Based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested - Beginning of Period (in shares) | ' | ' | ' | ' | 87,500 | 65,500 | ' | ' | ' |
Awards Granted (in shares) | 42,650 | 121,100 | 65,500 | 6,708 | 5,712 | 121,100 | 17,351 | 16,901 | 8,188 |
Awards Vested (in shares) | ' | ' | ' | -6,708 | -93,212 | ' | ' | ' | ' |
Awards Exercised (in shares) | ' | ' | ' | ' | ' | -57,402 | ' | ' | ' |
Awards Forfeited/Cancelled (in shares) | ' | ' | ' | ' | ' | -6,286 | ' | ' | ' |
Non-vested - End of Period (in shares) | ' | ' | ' | ' | ' | 131,100 | ' | ' | ' |
Non-vested, Weighted Average Grant Date Fair Value - Beginning of Period (in dollars per share) | ' | ' | ' | ' | $22.92 | $21.48 | ' | ' | ' |
Awards Granted, Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' | $17.89 | $21.01 | $17.37 | ' | ' | $19.35 |
Awards Vested, Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' | $17.89 | $22.79 | ' | ' | ' | ' |
Awards Exercised, Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' | ' | ' | $19.15 | ' | ' | ' |
Awards Forfeited/Cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | ' | ' | ' | ' | ' | $18.02 | ' | ' | ' |
Non-vested, Weighted Average Grant Date Fair Value - End of Period (in dollars per share) | ' | ' | ' | ' | ' | $18.77 | ' | ' | ' |
Stock_Based_Compensation_Sched
Stock Based Compensation (Schedule Of Assumptions Used) (Details) (USD $) | Apr. 23, 2013 | 7-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
1 Year Vest [Member] | 1 Year Vest [Member] | 3 Year Vest [Member] | 3 Year Vest [Member] | |||
item | item | item | item | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Stock Price | $17.66 | $19.35 | $17.66 | $19.35 | $17.66 | $19.35 |
Expected Volatilities | ' | ' | 33.50% | 44.31% | 37.03% | 40.50% |
Correlation Coefficients | ' | ' | 0.4729 | 0.719 | 0.6254 | 0.6938 |
Risk Free Rate | ' | ' | 0.10% | 0.16% | 0.31% | 0.34% |
Dividend Yield | ' | ' | 5.70% | 5.17% | 5.70% | 5.17% |
Simulated Fair Value | ' | ' | $15.33 | $17.73 | $16.57 | $18.88 |
Fair Value as a % of Grant | ' | ' | 86.81% | 91.63% | 93.83% | 97.57% |
Stock_Based_Compensation_Sched1
Stock Based Compensation (Schedule Of Compensation Expense And Reductions In Earnings Per Share) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Stock-Based Compensation Expense | $120,000 | $420,000 | $1,800,000 | ||
Related Reduction in Earnings Per Share | ($0.13) | [1] | ($0.11) | [1] | ' |
Stock Grants To Directors & Officers [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Stock-Based Compensation Expense | 120,000 | 420,000 | ' | ||
RSUs Awards To Officers [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Stock-Based Compensation Expense | $1,299,000 | $797,000 | ' | ||
[1] | Same for basic and diluted earnings per share |
Stock_Repurchase_Program_Detai
Stock Repurchase Program (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2010 | Dec. 31, 2008 | Jan. 25, 2008 |
Stock Repurchase Program [Abstract] | ' | ' | ' |
Shares authorized for repurchase (in shares) | ' | ' | 1,000,000 |
Total number of shares purchased (in shares) | 223,051 | 491,572 | ' |
Payments for shares purchased | $5.20 | $11.50 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $39,000 | $147,000 |
Derivative liabilities | -4,472,000 | -7,940,000 |
Long-term Debt | 196,600,000 | ' |
Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | ' |
Derivative liabilities | ' | ' |
Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 39,000 | 147,000 |
Derivative liabilities | -4,472,000 | -7,940,000 |
Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | ' |
Derivative liabilities | ' | ' |
Impairment_Of_Long_Lived_Asset1
Impairment Of Long Lived Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Impairment Of Long Lived Assets [Abstract] | ' | ' |
Impairment charge | $0 | $0 |
Changes_In_Accounting_Estimate1
Changes In Accounting Estimates (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Extended Economic Life on International Flag Special Purpose Roll-On/Roll-Off [Member] | Extended Economic Life on International Flag Special Purpose Roll-On/Roll-Off [Member] | Extended Economic Life of Both Mobile Alabama and Coatzacoalcos [Member] | Change In Salvage Value [Member] | Change In Salvage Value [Member] | |
item | item | |||||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' |
Period between salvage value reviews | '3 years | ' | ' | ' | ' | ' |
Period used to determine reasonableness of salvage values | '3 years | ' | ' | ' | ' | ' |
Number of vessels for which salvage values were adjusted | ' | ' | ' | ' | 8 | ' |
Average remaining useful lives of vessels | ' | ' | ' | ' | ' | '9 years |
Decrease in future depreciation expense | ' | ' | $1.10 | ' | ' | $3.80 |
Increase in pre-tax income | ' | ' | 1.1 | 1.1 | ' | 3.8 |
Increase in net income | ' | ' | $1.10 | $1.10 | ' | $3.70 |
Number of vessels to have extended life | ' | 2 | ' | ' | ' | ' |
Extended amortization period of assets | ' | ' | ' | '5 years | ' | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $76,193 | $77,938 | $74,897 | $81,124 | $56,810 | $61,162 | $60,320 | $65,204 | $310,152 | $243,496 | $263,196 |
Voyage Expenses | 57,392 | 64,832 | 61,508 | 69,591 | 45,262 | 45,394 | 47,026 | 50,826 | 247,622 | 185,453 | 190,150 |
Operating Income | 5,978 | 1,959 | 1,404 | 306 | 10,128 | 4,013 | 3,518 | 6,312 | 9,647 | 23,971 | 43,609 |
Net Income (Loss) | $16,868 | ($2,222) | $1,859 | $1,653 | $11,540 | $1,782 | $704 | $7,936 | $18,157 | $21,962 | $31,549 |
Basic and Diluted Earnings per Common Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic Earnings Per Common Share: (in dollars per share) | $2.15 | ($0.46) | $0.17 | $0.19 | $1.60 | $0.25 | $0.10 | $1.11 | $2.06 | $3.05 | $4.42 |
Diluted Earnings Per Common Share: (in dollars per share) | $2.13 | ($0.46) | $0.17 | $0.19 | $1.60 | $0.25 | $0.10 | $1.11 | $2.05 | $3.04 | $4.40 |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Jan. 07, 2014 | Oct. 08, 2013 | Jul. 17, 2013 | Apr. 10, 2013 | Feb. 21, 2013 | Dec. 31, 2013 | Jan. 07, 2014 | Oct. 08, 2013 | Aug. 01, 2013 | Dec. 31, 2013 | |
Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | Series B Cumulative Redeemable Perpetual Preferred Stock [Member] | ||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock issued | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | 316,250 | ' |
Preferred stock, dividend rate | ' | ' | ' | ' | ' | 9.50% | ' | ' | ' | 9.00% | ' |
Preferred stock, par value | ' | ' | ' | ' | ' | $1 | ' | ' | ' | $1 | ' |
Preferred stock, liquidation preference per share | ' | ' | ' | ' | ' | $100 | ' | ' | ' | $100 | ' |
Shares sold pursuant to over-allotment option granted to underwriters for offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,250 | ' |
Preferred stock, dividend declared | ' | $2.38 | $2.38 | $2.38 | $1.79 | ' | ' | $2.25 | $2.25 | ' | ' |
Accumulated unpaid dividends | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | $0 |
Preferred stock, redemption date | ' | ' | ' | ' | ' | ' | 30-Apr-18 | ' | ' | ' | 30-Oct-18 |
Cash redemption price (in dollars per share) | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | $100 |
Net proceeds from the issuance of preferred stock | 53,333,000 | ' | ' | ' | ' | ' | 23,400,000 | ' | ' | ' | 30,000,000 |
Underwriter discounts and related costs | ' | ' | ' | ' | ' | ' | $1,600,000 | ' | ' | ' | $1,700,000 |
Period after change of control to redeem shares | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | '120 days |
Subsequent_Events_Details
Subsequent Events (Details) (Scenario, Forecast [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2015 |
Scenario, Forecast [Member] | ' |
Subsequent Event [Line Items] | ' |
Lease termination expense | $3 |
Amount of performance based grants to offset cost of establishing new headquarters facility | 5.17 |
Relocation cost reimbursement associated with moving headquarters | $5.10 |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts And Reserves (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $6,263 | $3,733 | $4,441 |
Additions Charged to expense | 4,695 | 5,681 | 1,860 |
Additions Charged to Other accounts | ' | 1,146 | ' |
Deductions for purpose for which accounts were set up | 3,047 | 3,551 | 2,568 |
Balance at end of period | 6,755 | 6,263 | 3,733 |
Insurance Reserves [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 4,985 | 2,483 | 3,233 |
Additions Charged to expense | 4,671 | 5,658 | 1,818 |
Additions Charged to Other accounts | ' | 1,141 | ' |
Deductions for purpose for which accounts were set up | 3,047 | 3,551 | 2,568 |
Balance at end of period | 5,453 | 4,985 | 2,483 |
Other Reserves [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 1,278 | 1,250 | 1,208 |
Additions Charged to expense | 24 | 23 | 42 |
Additions Charged to Other accounts | ' | 5 | ' |
Balance at end of period | $1,302 | $1,278 | $1,250 |