Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 07, 2014 | Jun. 28, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'OCEANEERING INTERNATIONAL INC | ' | ' |
Entity Central Index Key | '0000073756 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 108,197,444 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $7,771,016,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $91,430 | $120,549 |
Accounts receivable, net of allowances for doubtful accounts | 768,842 | 666,930 |
Inventory | 441,789 | 331,280 |
Other current assets | 131,214 | 84,231 |
Total Current Assets | 1,433,275 | 1,202,990 |
Property and Equipment, at cost | 2,380,888 | 2,069,119 |
Less accumulated depreciation | 1,191,789 | 1,043,987 |
Net Property and Equipment | 1,189,099 | 1,025,132 |
Other Assets: | ' | ' |
Goodwill | 344,018 | 363,193 |
Investments in unconsolidated affiliates | 37,462 | 42,619 |
Other non-current assets | 124,646 | 134,184 |
Total Other Assets | 506,126 | 539,996 |
Total Assets | 3,128,500 | 2,768,118 |
Current Liabilities: | ' | ' |
Accounts payable | 129,632 | 130,489 |
Accrued liabilities | 516,628 | 408,303 |
Income taxes payable | 80,828 | 78,393 |
Total Current Liabilities | 727,088 | 617,185 |
Long-term Debt | 0 | 94,000 |
Other Long-term Liabilities | 357,972 | 241,473 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Common Stock, par value $0.25 | 27,709 | 27,709 |
Additional paid-in capital | 222,402 | 212,940 |
Treasury stock | -75,736 | -84,062 |
Retained earnings | 1,921,642 | 1,641,027 |
Accumulated other comprehensive income | -52,577 | 17,846 |
Total Shareholders' Equity | 2,043,440 | 1,815,460 |
Total Liabilities and Sharesholders' Equity | $3,128,500 | $2,768,118 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances for doubtful accounts | $4,168 | $2,298 |
Common stock, par value (in dollars per share) | $0.25 | $0.25 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, shares issued | 110,834,088 | 110,834,088 |
Treasury stock, shares | 2,636,644 | 2,926,514 |
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 |
Net Income | $371,500 | $289,017 | $235,658 |
Other comprehensive income, net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -71,282 | 44,775 | -18,374 |
Pension-related adjustments | 859 | 262 | 143 |
Other comprehensive income | -70,423 | 45,037 | -18,231 |
Comprehensive Income | 301,077 | 334,054 | 217,427 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Other comprehensive income, net of tax: | ' | ' | ' |
Pension-related adjustments | ($859) | ' | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | $3,287,019 | $2,782,604 | $2,192,663 |
Cost of services and products | 2,521,483 | 2,154,746 | 1,683,904 |
Gross Margin | 765,536 | 627,858 | 508,759 |
Selling, general and administrative expense | 220,420 | 199,261 | 173,928 |
Income from Operations | 545,116 | 428,597 | 334,831 |
Interest income | 554 | 1,935 | 888 |
Interest expense, net of amounts capitalized | -2,194 | -4,218 | -1,096 |
Equity earnings of unconsolidated affiliates | 133 | 1,673 | 3,801 |
Other income (expense), net | -1,273 | -6,065 | -539 |
Income before Income Taxes | 542,336 | 421,922 | 337,885 |
Provision for income taxes | 170,836 | 132,905 | 102,227 |
Net Income | $371,500 | $289,017 | $235,658 |
Cash Dividends declared per Share | $0.84 | $0.69 | $0.45 |
Basic Earnings per Share | $3.43 | $2.68 | $2.18 |
Weighted Average Number of Shares Outstanding, Basic | 108,158 | 108,015 | 108,308 |
Diluted Earnings per Share | $3.42 | $2.66 | $2.16 |
Weighted Average Number of Shares Outstanding, Diluted | 108,731 | 108,617 | 109,001 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income | $371,500 | $289,017 | $235,658 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 202,228 | 176,483 | 151,227 |
Deferred income tax provision | 51,800 | 20,654 | 7,502 |
Net gain on sales of property and equipment | 450 | -584 | -24,188 |
Noncash compensation | 19,380 | 16,442 | 12,529 |
Distributions from unconsolidated affiliates greater than earnings | 878 | 6,988 | 2,262 |
Excluding the effects of acquisitions, increase (decrease) in cash from: | ' | ' | ' |
Accounts receivable | -101,912 | -94,237 | -99,537 |
Inventory | -110,508 | -76,186 | -11,492 |
Other operating assets | -22,380 | -20,278 | -62 |
Currency translation effect on working capital | -14,667 | 11,318 | -10,589 |
Accounts payable and accrued liabilites | 128,297 | 87,453 | 8,968 |
Income taxes payable | 2,435 | 23,559 | 14,484 |
Other operating liabilities | 1,370 | -1,735 | 1,810 |
Total adjustments to net income | 157,371 | 149,877 | 52,914 |
Net Cash Provided by Operating Activities | 528,871 | 438,894 | 288,572 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchases of property and equipment | -382,531 | -300,598 | -235,028 |
Business acquisitions, net of cash acquired | -11,059 | -9,260 | -291,617 |
Distributions of capital from unconsolidated affiliates | 4,279 | 0 | 0 |
Dispositions of property and equipment and equity investment | 11,666 | 3,814 | 43,874 |
Net Cash Used in Investing Activities | -377,645 | -306,044 | -482,771 |
Cash Flows from Financing Activities: | ' | ' | ' |
Net Proceeds (payments) from revolving credit facility, including new loan costs | -93,739 | -27,045 | 120,000 |
Excess tax benefits from stock-based compensation | 4,279 | 2,475 | 1,320 |
Cash dividends | -90,885 | -74,515 | -48,707 |
Purchases of treasury stock | 0 | -19,358 | -17,491 |
Net Cash Provided by (Used in) Financing Activities | -180,345 | -118,443 | 55,122 |
Net Increase (Decrease) in Cash and Cash Equivalents | -29,119 | 14,407 | -139,077 |
Cash and Cash Equivalents-Beginning of Period | 120,549 | 106,142 | 245,219 |
Cash and Cash Equivalents-End of Period | $91,430 | $120,549 | $106,142 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock Issued [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Translation Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $1,390,215 | $27,709 | $193,277 | ($61,385) | $1,239,574 | ($5,263) | ($3,697) |
Balance, shares at Dec. 31, 2010 | ' | 110,834 | ' | ' | ' | ' | ' |
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net Income | 235,658 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -18,374 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income | -18,231 | ' | ' | ' | ' | -18,374 | 143 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -143 | ' | ' | ' | ' | ' | ' |
Restricted stock unit activity | 15,199 | ' | 9,532 | 5,667 | ' | ' | ' |
Restricted stock activity | 0 | ' | -1,509 | 1,509 | ' | ' | ' |
Tax benefits from stock plans | 1,319 | ' | 1,319 | 0 | ' | ' | ' |
Cash dividends | -48,707 | ' | ' | ' | -48,707 | ' | ' |
Treasury stock purchases | -17,491 | ' | ' | -17,491 | ' | ' | ' |
Balance at Dec. 31, 2011 | 1,557,962 | 27,709 | 202,619 | -71,700 | 1,426,525 | -23,637 | -3,554 |
Balance, shares at Dec. 31, 2011 | ' | 110,834 | ' | ' | ' | ' | ' |
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net Income | 289,017 | ' | ' | ' | 289,017 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 44,775 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income | 45,037 | ' | ' | ' | ' | 44,775 | 262 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -262 | ' | ' | ' | ' | ' | ' |
Restricted stock unit activity | 14,842 | ' | 8,985 | 5,857 | ' | ' | ' |
Restricted stock activity | 0 | ' | -1,139 | 1,139 | ' | ' | ' |
Tax benefits from stock plans | 2,475 | ' | 2,475 | ' | ' | ' | ' |
Cash dividends | -74,515 | ' | ' | ' | -74,515 | ' | ' |
Treasury stock purchases | -19,358 | ' | ' | -19,358 | ' | ' | ' |
Balance at Dec. 31, 2012 | 1,815,460 | 27,709 | 212,940 | -84,062 | 1,641,027 | 21,138 | -3,292 |
Balance, shares at Dec. 31, 2012 | ' | 110,834 | ' | ' | ' | ' | ' |
Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net Income | 371,500 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -71,282 | ' | ' | ' | ' | -71,282 | ' |
Other Comprehensive Income | -70,423 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -859 | ' | ' | ' | ' | ' | 859 |
Restricted stock unit activity | 13,509 | ' | 6,447 | 7,062 | ' | ' | ' |
Restricted stock activity | 0 | ' | -1,264 | 1,264 | ' | ' | ' |
Tax benefits from stock plans | 4,279 | ' | 4,279 | ' | ' | ' | ' |
Cash dividends | -90,885 | ' | ' | ' | -90,885 | ' | ' |
Balance at Dec. 31, 2013 | $2,043,440 | $27,709 | $222,402 | ($75,736) | $1,921,642 | ($50,144) | ($2,433) |
Balance, shares at Dec. 31, 2013 | ' | 110,834 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Treasury stock, shares | 0 | 400,000 | 500,000 |
Summary_Of_Major_Accounting_Po
Summary Of Major Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary Of Major Accounting Policies | ' | ||||||||||||||||
SUMMARY OF MAJOR ACCOUNTING POLICIES | |||||||||||||||||
Principles of Consolidation. The consolidated financial statements include the accounts of Oceaneering International, Inc. and our 50% or more owned and controlled subsidiaries. We also consolidate entities that are determined to be variable interest entities if we determine that we are the primary beneficiary; otherwise, we account for those entities using the equity method of accounting. We use the equity method to account for our investments in unconsolidated affiliated companies of which we own an equity interest of between 20% and 50% and as to which we have significant influence, but not control, over operations. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||
Repurchase Plan. In February 2010, our Board of Directors approved a plan to repurchase up to 12,000,000 shares of our common stock. Through December 31, 2013 under this plan, we repurchased 3,100,000 shares of our common stock for $86 million. | |||||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that our management make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Reclassifications. Certain amounts from prior periods have been reclassified to conform with the current year presentation. | |||||||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less from the date of the investment. | |||||||||||||||||
Accounts Receivable – Allowances for Doubtful Accounts. We determine the need for allowances for doubtful accounts using the specific identification method. We do not generally require collateral from our customers. | |||||||||||||||||
Inventory. Inventory is valued at lower of cost or market. We determine cost using the weighted-average method. | |||||||||||||||||
Property and Equipment. We provide for depreciation of property and equipment on the straight-line method over estimated useful lives of eight years for ROVs, three to 20 years for marine services equipment (such as vessels and diving equipment), and three to 25 years for buildings, improvements and other equipment. | |||||||||||||||||
We charge the costs of repair and maintenance of property and equipment to operations as incurred, while we capitalize the costs of improvements that extend asset lives or functionality. | |||||||||||||||||
We capitalize interest on assets where the construction period is anticipated to be more than three months. We did not capitalize any interest in 2013, 2012 or 2011. We do not allocate general administrative costs to capital projects. Upon the disposition of property and equipment, the related cost and accumulated depreciation accounts are relieved and any resulting gain or loss is included as an adjustment to cost of services and products. | |||||||||||||||||
Our management periodically, and upon the occurrence of a triggering event, reviews the realizability of long-lived assets, excluding goodwill, which are held and used by us, to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For long-lived assets to be held and used, we base our evaluation on impairment indicators such as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through the use of an undiscounted cash flows analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. For assets held for sale or disposal, the fair value of the asset is measured using fair market value less cost to sell. Assets are classified as held-for-sale when we have a plan for disposal of certain assets and those assets meet the held for sale criteria. | |||||||||||||||||
Business Acquisitions. We account for business combinations using the acquisition method of accounting, with the acquisition price being allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition. | |||||||||||||||||
The following table presents the cost (net of cash acquired) and the amounts of associated goodwill, other intangible assets, and other assets net of liabilities assumed for the business acquisitions we made in 2011: | |||||||||||||||||
(in thousands) | Cost | Goodwill | Other Intangible Assets | Other, net | |||||||||||||
Norse Cutting and Abandonment AS | $ | 50,296 | $ | 20,283 | $ | 13,802 | $ | 16,211 | |||||||||
AGR Field Operations Holdings AS | 220,011 | 165,218 | 41,387 | 13,406 | |||||||||||||
Other | 21,310 | 10,836 | 5,360 | 5,114 | |||||||||||||
Total Business Acquisitions | $ | 291,617 | $ | 196,337 | $ | 60,549 | $ | 34,731 | |||||||||
In March 2011, we purchased Norse Cutting and Abandonment AS ("NCA"), a Norwegian oilfield technology company that specializes in providing subsea tooling services used in the plugging, abandonment and decommissioning of offshore oil and gas production platforms and subsea wellheads. In addition, NCA performs specialized maintenance and repair services on production platforms in the North Sea. NCA's business is split approximately evenly between the North Sea and the U.S. Gulf of Mexico, and the business is in our Subsea Products segment. The acquisition included a small, non-strategic business operation we intended to sell when we purchased NCA. During 2011, we sold that operation, making the net acquisition price of the retained NCA operations $50 million. We have accounted for this net acquisition by allocating the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Our goodwill, all nondeductible for income tax purposes, associated with the acquisition was $20 million, and other intangible assets were $14 million. The results of operations of NCA are included in our consolidated statements of income from the date of acquisition. | |||||||||||||||||
In December 2011, we purchased AGR Field Operations Holdings AS and subsidiaries (collectively, "AGR FO"), which we believe is Norway's largest asset integrity management service provider on offshore production platforms, onshore facilities, and pipelines. AGR FO employs subsea technology to perform internal and external inspections of subsea hardware. AGR FO also has a substantial operating presence in Australia, where it operates and maintains offshore and onshore oil and gas production facilities for customers and provides subsea engineering services and operates an offshore logistics supply base. We incurred, and charged to expense, approximately $2 million of transaction costs associated with this acquisition. | |||||||||||||||||
We have accounted for this acquisition by allocating the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Our goodwill, all nondeductible for income tax purposes, associated with the acquisition was $165 million, and other intangible assets were $41 million. The results of operations of AGR FO are included in our consolidated statements of income from the date of acquisition. Generally, AGR FO's Norwegian assets and operations are in our Asset Integrity segment and its Australian assets and operations are in our Subsea Projects segment. | |||||||||||||||||
We also made several smaller acquisitions during the periods presented, none of which were material. | |||||||||||||||||
Goodwill and Intangible Assets. In September 2011, the Financial Accounting Standards Board ("FASB") issued an update regarding goodwill impairment testing. Under the update, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, performing the two-step impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step impairment test. We began applying this update in 2011. We qualitatively tested the goodwill attributable to each of our reporting units for impairment as of December 31, 2013 and 2012 and concluded that there was no impairment. The only changes in our reporting units' goodwill during the periods presented are from business acquisitions, as discussed above, and currency exchange rate changes. For more information regarding goodwill by business segment, see Note 7. | |||||||||||||||||
Intangible assets, primarily acquired in connection with business combinations, include trade names, intellectual property and customer relationships and are being amortized with a weighted average remaining life of approximately 12 years. | |||||||||||||||||
Revenue Recognition. We recognize our revenue according to the type of contract involved. On a daily basis, we recognize revenue under contracts that provide for specific time, material and equipment charges, which we bill periodically, ranging from weekly to monthly. | |||||||||||||||||
We account for significant fixed-price contracts, which we enter into mainly in our Subsea Products segment, and to a lesser extent in our Subsea Projects and Advanced Technologies segments, using the percentage-of-completion method. In 2013, we accounted for 12% of our revenue using the percentage-of-completion method. In determining whether a contract should be accounted for using the percentage-of-completion method, we consider whether: | |||||||||||||||||
• | the customer provides specifications for the construction of facilities or production of goods or for the provision of related services; | ||||||||||||||||
• | we can reasonably estimate our progress towards completion and our costs; | ||||||||||||||||
• | the contract includes provisions as to the enforceable rights regarding the goods or services to be provided, consideration to be received and the manner and terms of payment; | ||||||||||||||||
• | the customer can be expected to satisfy its obligations under the contract; and | ||||||||||||||||
• | we can be expected to perform our contractual obligations. | ||||||||||||||||
Under the percentage-of-completion method, we generally recognize estimated contract revenue based on costs incurred to date as a percentage of total estimated costs. Changes in the expected cost of materials and labor, productivity, scheduling and other factors affect the total estimated costs. Additionally, external factors, including weather or other factors outside of our control, also affect the progress and estimated cost of a project's completion and, therefore, the timing of income and revenue recognition. We routinely review estimates related to our contracts and reflect revisions to profitability in earnings immediately. If a current estimate of total contract cost indicates an ultimate loss on a contract, we recognize the projected loss in full when we determine it. Although we are continually striving to accurately estimate our contract costs and profitability, adjustments to overall contract costs could be significant in future periods. | |||||||||||||||||
We recognize the remainder of our revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed or determinable and collection is reasonably assured. | |||||||||||||||||
Revenue in Excess of Amounts Billed is classified as accounts receivable and relates to recoverable costs and accrued profits on contracts in progress. Billings in Excess of Revenue Recognized on uncompleted contracts are classified in accrued liabilities. | |||||||||||||||||
Revenue in Excess of Amounts Billed on uncompleted fixed-price contracts accounted for using the percentage-of-completion method is summarized as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||
Revenue recognized | $ | 199,654 | $ | 181,286 | |||||||||||||
Less: Billings to customers | (168,215 | ) | (156,852 | ) | |||||||||||||
Revenue in excess of amounts billed | $ | 31,439 | $ | 24,434 | |||||||||||||
Billings in Excess of Revenue Recognized on uncompleted fixed-price contracts accounted for using the percentage-of-completion method are summarized as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||
Amounts billed to customers | $ | 200,909 | $ | 108,244 | |||||||||||||
Less: Revenue recognized | (86,264 | ) | (55,803 | ) | |||||||||||||
Billings in excess of revenue recognized | $ | 114,645 | $ | 52,441 | |||||||||||||
Stock-Based Compensation. We recognize all share-based payments to directors, officers and employees over their vesting periods in the income statement based on their estimated fair values. For more information on our employee benefit plans, see Note 8. | |||||||||||||||||
Income Taxes. We provide income taxes at appropriate tax rates in accordance with our interpretation of the respective tax laws and regulations after review and consultation with our internal tax department, tax advisors and, in some cases, legal counsel in various jurisdictions. We provide for deferred income taxes for differences between carrying amounts of assets and liabilities for financial and tax reporting purposes. We provide for deferred U.S. income taxes on foreign income only to the extent such income is not to be indefinitely reinvested in foreign entities. We provide a valuation allowance against deferred tax assets when it is more likely than not that the asset will not be realized. | |||||||||||||||||
We recognize the benefit for a tax position if the benefit is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that we believe is greater than 50 percent likely of being realized upon ultimate settlement. We account for any applicable interest and penalties on uncertain tax positions as a component of our provision for income taxes on our financial statements. | |||||||||||||||||
Foreign Currency Translation. The functional currency for several of our foreign subsidiaries is the applicable local currency. Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, and the resulting translation adjustments are recognized in accumulated other comprehensive income as a component of shareholders' equity. All foreign currency transaction gains and losses are recognized currently in the Consolidated Statements of Income. We recorded $0.1 million, $(5.4) million and | |||||||||||||||||
$(0.4) million of foreign currency transaction gains (losses) in 2013, 2012 and 2011, respectively, and those amounts are included as a component of Other income (expense), net. | |||||||||||||||||
Earnings Per Share. For each of the years 2013, 2012 and 2011, the only difference between the our annual calculated weighted average basic and diluted number of shares outstanding is the effect of outstanding restricted stock units. | |||||||||||||||||
Financial Instruments. We recognize all derivative instruments as either assets or liabilities in the balance sheet and measure those instruments at fair value. Subsequent changes in fair value are reflected in current earnings or other comprehensive income, depending on whether a derivative instrument is designated as part of a hedge relationship and, if it is, the type of hedge relationship. During the three-year period ended December 31, 2013, we had no derivative instruments in effect. | |||||||||||||||||
New Accounting Standard. In February 2013, the Financial Accounting Standards Board (FASB) issued an update to improve the reporting of amounts reclassified out of accumulated other comprehensive income. The update amends the presentation of changes in accumulated other comprehensive income and requires an entity to report the change of each component of other comprehensive income, including amounts reclassified out of accumulated comprehensive income into operating income, either on the face of the income statement or as a separate disclosure in the notes. We adopted this update on January 1, 2013, as required. The provisions of this update have not had a material effect on our financial position or results of operations. |
Selected_Balance_Sheet_Informa
Selected Balance Sheet Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity Method Investment, Summarized Financial Information [Abstract] | ' | |||||||||
Selected Balance Sheet Accounts | ' | |||||||||
SELECTED BALANCE SHEET INFORMATION | ||||||||||
The following is information regarding selected balance sheet accounts: | ||||||||||
December 31, | ||||||||||
(in thousands) | 2013 | 2012 | ||||||||
Inventory: | ||||||||||
Remotely operated vehicle parts and components | $ | 190,403 | $ | 174,612 | ||||||
Other inventory, primarily raw materials | 251,386 | 156,668 | ||||||||
Total | $ | 441,789 | $ | 331,280 | ||||||
Other Current Assets: | ||||||||||
Deferred income taxes | $ | 61,589 | $ | 22,604 | ||||||
Prepaid expenses | 69,625 | 61,627 | ||||||||
Total | $ | 131,214 | $ | 84,231 | ||||||
Other Non-Current Assets: | ||||||||||
Intangible assets, net | $ | 68,522 | $ | 78,252 | ||||||
Cash surrender value of life insurance policies | 52,862 | 42,841 | ||||||||
Other | 3,262 | 13,091 | ||||||||
Total | $ | 124,646 | $ | 134,184 | ||||||
Investments in unconsolidated affiliates: | ||||||||||
Medusa Spar LLC | $ | 37,376 | $ | 42,540 | ||||||
Other | 86 | 79 | ||||||||
$ | 37,462 | $ | 42,619 | |||||||
Accrued Liabilities: | ||||||||||
Payroll and related costs | $ | 218,766 | $ | 218,609 | ||||||
Accrued job costs | 72,117 | 75,037 | ||||||||
Deferred revenue, including billings in excess of revenue recognized | 150,246 | 73,465 | ||||||||
Other | 75,499 | 41,192 | ||||||||
Total | $ | 516,628 | $ | 408,303 | ||||||
Other Long-Term Liabilities: | ||||||||||
Deferred income taxes | $ | 260,807 | $ | 178,100 | ||||||
Supplemental Executive Retirement Plan | 45,144 | 35,772 | ||||||||
Accrued post-employment benefit obligations | 10,528 | 12,942 | ||||||||
Other | 41,493 | 14,659 | ||||||||
Total | $ | 357,972 | $ | 241,473 | ||||||
In 2003, we purchased a 50% equity interest in Medusa Spar LLC for $43.7 million. Medusa Spar LLC owns a 75% interest in a production spar platform in the U.S. Gulf of Mexico. Medusa Spar LLC's revenue is derived from processing oil and gas production for a fee based on the volumes processed through the platform (throughput). We account for our investment in Medusa Spar LLC under the equity method of accounting. Our 50% share of the underlying equity of the net assets of Medusa Spar LLC is approximately equal to its carrying value. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Expense (Benefit) [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES | |||||||||||||
Our provisions for income taxes and our cash taxes paid are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Domestic | $ | 45,468 | $ | 4,039 | $ | 13,169 | |||||||
Foreign | 73,568 | 108,212 | 81,556 | ||||||||||
Total current | 119,036 | 112,251 | 94,725 | ||||||||||
Deferred: | |||||||||||||
Domestic | 56,115 | 26,170 | 12,144 | ||||||||||
Foreign | (4,315 | ) | (5,516 | ) | (4,642 | ) | |||||||
Total deferred | 51,800 | 20,654 | 7,502 | ||||||||||
Total provision for income taxes | $ | 170,836 | $ | 132,905 | $ | 102,227 | |||||||
Cash taxes paid | $ | 113,760 | $ | 92,422 | $ | 72,825 | |||||||
The components of income before income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 68,066 | $ | 53,240 | $ | 41,831 | |||||||
Foreign | 474,270 | 368,682 | 296,054 | ||||||||||
Income before income taxes | $ | 542,336 | $ | 421,922 | $ | 337,885 | |||||||
As of December 31, 2013 and 2012, our worldwide deferred tax assets, liabilities and net deferred tax liabilities were as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation | $ | 48,401 | $ | 42,296 | |||||||||
Deferred income | 30,101 | 10,251 | |||||||||||
Accrued expenses | 8,441 | 7,676 | |||||||||||
Other | 11,921 | 12,613 | |||||||||||
Gross deferred tax assets | 98,864 | 72,836 | |||||||||||
Valuation allowance | — | — | |||||||||||
Total deferred tax assets | $ | 98,864 | $ | 72,836 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 129,441 | $ | 106,237 | |||||||||
Unremitted foreign earnings | 157,091 | 91,164 | |||||||||||
Basis difference in equity investments | 10,843 | 13,860 | |||||||||||
Other | 707 | 17,071 | |||||||||||
Total deferred tax liabilities | $ | 298,082 | $ | 228,332 | |||||||||
Net deferred income tax liability | $ | 199,218 | $ | 155,496 | |||||||||
Our net deferred tax liability is reflected within our balance sheet as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax liabilities | $ | 260,807 | $ | 178,100 | |||||||||
Current deferred tax assets | (61,589 | ) | (22,604 | ) | |||||||||
Net deferred income tax liability | $ | 199,218 | $ | 155,496 | |||||||||
We believe it is more likely than not that all our deferred tax assets are realizable. Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying the United States statutory rate to income before income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local taxes | 0.2 | 0.1 | 0.2 | ||||||||||
Foreign tax rate differential | (3.7 | ) | (2.9 | ) | (3.3 | ) | |||||||
Amended returns filed | — | — | (1.4 | ) | |||||||||
Other items, net | — | (0.7 | ) | (0.2 | ) | ||||||||
Total effective tax rate | 31.5 | % | 31.5 | % | 30.3 | % | |||||||
We consider $431 million of unremitted earnings of our foreign subsidiaries to be indefinitely reinvested. It is not practical for us to compute the amount of additional U.S. tax that would be due on this amount. We have provided deferred income taxes on the foreign earnings we expect to repatriate. | |||||||||||||
We recognize the benefit for a tax position if the benefit is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. | |||||||||||||
We account for any applicable interest and penalties on uncertain tax positions as a component of our provision for income taxes on our financial statements. We increased/(decreased) income tax expense by $1.7 million, $(2.7) million and | |||||||||||||
$0.4 million in 2013, 2012 and 2011, respectively, for penalties and interest on uncertain tax positions, which brought our total liabilities for penalties and interest on uncertain tax positions to $3.3 million and $1.7 million on our balance sheets at December 31, 2013 and 2012, respectively. Including associated foreign tax credits and penalties and interest, we have accrued a net total of $8.6 million in the caption "other long-term liabilities" on our balance sheet for unrecognized tax benefits at December 31, 2013. All additions or reductions to those liabilities affect our effective income tax rate in the periods of change. | |||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, not including associated foreign tax credits and penalties and interest, is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Beginning of year | $ | 5,140 | $ | 10,104 | $ | 9,991 | |||||||
Additions based on tax positions related to the current year | 100 | 244 | 947 | ||||||||||
Reductions for expiration of statutes of limitations | (1,225 | ) | (225 | ) | (834 | ) | |||||||
Additions based on tax positions related to prior years | 3,490 | 3,335 | — | ||||||||||
Reductions based on tax positions related to prior years | (337 | ) | (8,193 | ) | — | ||||||||
Settlements | — | (125 | ) | — | |||||||||
Balance at end of year | $ | 7,168 | $ | 5,140 | $ | 10,104 | |||||||
We do not believe that the total of unrecognized tax benefits will significantly increase or decrease in the next 12 months. | |||||||||||||
We file a consolidated U.S. federal income tax return for Oceaneering International, Inc. and our domestic subsidiaries. We conduct our international operations in a number of locations that have varying laws and regulations with regard to income and other taxes, some of which are subject to interpretation. Our management believes that adequate provisions have been made for all taxes that will ultimately be payable, although final determination of tax liabilities may differ from our estimates. | |||||||||||||
Our tax returns are subject to audit by taxing authorities in multiple jurisdictions. These audits often take years to complete and settle. The following lists the earliest tax years open to examination by tax authorities where we have significant operations: | |||||||||||||
Jurisdiction | Periods | ||||||||||||
United States | 2010 | ||||||||||||
United Kingdom | 2010 | ||||||||||||
Norway | 2003 | ||||||||||||
Angola | 2008 | ||||||||||||
Nigeria | 2007 | ||||||||||||
Brazil | 2008 | ||||||||||||
Australia | 2009 | ||||||||||||
Canada | 2009 |
Selected_Income_Statement_Info
Selected Income Statement Information Selected Income Statement Information (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Income Statement Information [Abstract] | ' | ||||||||||||
Selected Income Statement Information [Text Block] | ' | ||||||||||||
SELECTED INCOME STATEMENT INFORMATION | |||||||||||||
The following schedule shows our revenue, costs and gross margins by services and products: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue: | |||||||||||||
Services | $ | 2,174,739 | $ | 1,887,957 | $ | 1,369,614 | |||||||
Products | 1,112,280 | 894,647 | 823,049 | ||||||||||
Total revenue | 3,287,019 | 2,782,604 | 2,192,663 | ||||||||||
Cost of Services and Products: | |||||||||||||
Services | 1,624,483 | 1,418,511 | 999,396 | ||||||||||
Products | 788,109 | 642,199 | 603,289 | ||||||||||
Unallocated expenses | 108,891 | 94,036 | 81,219 | ||||||||||
Total cost of services and products | 2,521,483 | 2,154,746 | 1,683,904 | ||||||||||
Gross margin: | |||||||||||||
Services | 550,256 | 469,446 | 370,218 | ||||||||||
Products | 324,171 | 252,448 | 219,760 | ||||||||||
Unallocated expenses | (108,891 | ) | (94,036 | ) | (81,219 | ) | |||||||
Total gross margin | $ | 765,536 | $ | 627,858 | $ | 508,759 | |||||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
DEBT | |||||||||
Long-term Debt consisted of the following: | |||||||||
December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Revolving credit facility | $ | — | $ | 94,000 | |||||
Long-term Debt | $ | — | $ | 94,000 | |||||
As of December 31, 2013, we had a $300 million revolving credit facility with a group of banks under an agreement (the "Credit Agreement") that is scheduled to expire on January 6, 2017. Subject to certain conditions, the aggregate commitments under the facility may be increased by up to $200 million by obtaining additional commitments from existing and/or new lenders. Borrowings under the facility may be used for working capital and general corporate purposes. We pay a commitment fee ranging from 0.175% to 0.35% on the unused portion of the facility, depending on our debt-to-capitalization ratio. The commitment fees are included as interest expense in our consolidated financial statements. Revolving borrowings under the facility bear interest at an adjusted base rate or the Eurodollar Rate (as defined in the agreement), at our option, plus an applicable margin. Depending on our debt to capitalization ratio, the applicable margin varies (1) in the case of adjusted base rate advances, from 0.125% to 0.750% and (2) in the case of eurodollar advances, from 1.125% to 1.750%. The adjusted base rate is the greater of (1) the per annum rate established by the administrative agent as its prime rate, (2) the federal funds rate plus 0.50% and (3) the one-month Eurodollar Rate plus 1%. At December 31, 2013, we had no borrowings outstanding under the Credit Agreement and $300 million available for borrowing. | |||||||||
The Credit Agreement contains various covenants that we believe are customary for agreements of this nature, including, but not limited to, restrictions on the ability of each of our restricted subsidiaries to incur unsecured debt, as well as restrictions on our ability and the ability of each of our restricted subsidiaries to incur secured debt, grant liens, make certain investments, make distributions, merge or consolidate, sell assets, enter into transactions with affiliates and enter into certain restrictive agreements. We are also subject to an interest coverage ratio and a debt to capitalization ratio. The Credit Agreement includes customary events and consequences of default. | |||||||||
We made cash interest payments of $2.1 million, $4.3 million and $1.1 million in 2013, 2012 and 2011, respectively. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments And Contingencies | ' | ||||
6 | COMMITMENTS AND CONTINGENCIES | ||||
Lease Commitments | |||||
At December 31, 2013, we occupied several facilities under noncancellable operating leases expiring at various dates through 2025. Future minimum rentals under all of our operating leases, including vessel rentals, are as follows: | |||||
(in thousands) | |||||
2014 | $ | 106,474 | |||
2015 | 101,543 | ||||
2016 | 89,686 | ||||
2017 | 29,255 | ||||
2018 | 12,099 | ||||
Thereafter | 32,689 | ||||
Total Lease Commitments | $ | 371,746 | |||
Rental expense, which includes hire of vessels, specialized equipment and real estate rental, was approximately $191 million, $107 million and $73 million in 2013, 2012 and 2011, respectively. | |||||
Insurance | |||||
We self-insure for workers' compensation, maritime employer's liability and comprehensive general liability claims to levels we consider financially prudent, and beyond the self-insurance level of exposure, we carry insurance, which can be by occurrence or in the aggregate. We determine the level of accruals for claims exposure by reviewing our historical experience and current year claim activity. We do not record accruals on a present-value basis. We review larger claims with insurance adjusters and establish specific reserves for known liabilities. We establish an additional reserve for incidents incurred but not reported to us for each year using our estimates and based on prior experience. We believe we have established adequate accruals for uninsured expected liabilities arising from those obligations. However, it is possible that future earnings could be affected by changes in our estimates relating to these matters. | |||||
Litigation | |||||
Various actions and claims are pending against us, most of which are covered by insurance. Although we cannot predict the ultimate outcome of these matters, we believe the ultimate liability, if any, that may result from these actions and claims will not materially affect our results of operations, cash flow or financial position. | |||||
Letters of Credit | |||||
We had $45 million and $42 million in letters of credit outstanding as of December 31, 2013 and 2012, respectively, as guarantees in force for self-insurance requirements and various performance and bid bonds, which are usually for the duration of the applicable contract. | |||||
Financial Instruments and Risk Concentration | |||||
In the normal course of business, we manage risks associated with foreign exchange rates and interest rates through a variety of strategies, including the use of hedging transactions. As a matter of policy, we do not use derivative instruments unless there is an underlying exposure. | |||||
Other financial instruments that potentially subject us to concentrations of credit risk are principally cash and cash equivalents and accounts receivable. The carrying value of cash and cash equivalents approximates its fair value due to the short maturity of those instruments. Accounts receivable are generated from a broad group of customers, primarily from within the energy industry, which is our major source of revenue. Due to their short-term nature, carrying values of our accounts receivable and accounts payable approximate fair market value. The carrying values of borrowings under the Credit Agreement approximate their fair value because the short-term durations of the associated interest rate periods reflect market changes to interest rates. Our borrowings under the Credit Agreement are classified as Level 2 in the fair value hierarchy (inputs other than quoted prices in active markets for similar assets and liabilities that are observable or can be corroborated by observable market data for substantially the full term for the assets or liabilities). | |||||
In 2013, we experienced delays in payment from OGX Petróleo e Gás S.A. ("OGX"), which is a customer in Brazil. The parent company of OGX missed making an interest payment on its bonds and, on October 30, 2013, OGX and its parent filed for a restructuring process under Brazilian bankruptcy law, which grants the filer judicial protection from creditors while a restructuring plan is developed for approval. As of December 31, 2013, we had accounts receivable due from OGX of approximately $4.1 million, and in the fourth quarter of 2013 we recorded an allowance for doubtful accounts of $3.3 million, which was charged as a selling, general and administrative expense in our ROV segment. At this time, we cannot predict the ultimate outcome of this situation and whether or to what extent we will collect our accounts receivable from OGX. |
Operations_by_Business_Segment
Operations by Business Segment and Geographic Area | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | ||||||||||||
Business Segment Information | ' | ||||||||||||
OPERATIONS BY BUSINESS SEGMENT AND GEOGRAPHIC AREA | |||||||||||||
Business Segment Information | |||||||||||||
We are a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of our applied technology expertise, we also serve the defense and aerospace industries. Our Oilfield business consists of Remotely Operated Vehicles ("ROVs"), Subsea Products, Subsea Projects and Asset Integrity. Our ROV segment provides submersible vehicles operated from the surface to support offshore oil and gas exploration, development and production activities. Our Subsea Products segment supplies a variety of specialty subsea hardware. Our Subsea Projects segment provides multiservice vessels, oilfield diving and support vessel operations, which are used principally in inspection, maintenance and repair and installation activities, and a mobile offshore production system, through a 50% interest in an entity that holds a 75% interest in the system. With the acquisition we made in December 2011, we also operate and maintain offshore and onshore oil and gas production facilities, provide subsea engineering services, and operate an offshore logistics supply base in Australia. Our Asset Integrity segment provides asset integrity management and assessment services and nondestructive testing and inspection. Our Advanced Technologies business provides project management, engineering services and equipment for applications in non-oilfield markets. Unallocated Expenses are those not associated with a specific business segment. These consist of expenses related to our incentive and deferred compensation plans, including restricted stock and bonuses, as well as other general expenses, including corporate administrative expenses. | |||||||||||||
There are no differences in the basis of segmentation or in the basis of measurement of segment profit or loss in the year ended December 31, 2013 from those used in our consolidated financial statements for the years ended December 31, 2012 and 2011. | |||||||||||||
The table that follows presents Revenue, Income from Operations, Depreciation and Amortization Expense and Equity Earnings of Unconsolidated Affiliates by business segment: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 981,728 | $ | 853,520 | $ | 755,033 | |||||||
Subsea Products | 1,027,792 | 829,034 | 770,212 | ||||||||||
Subsea Projects | 509,440 | 379,571 | 167,477 | ||||||||||
Asset Integrity | 481,919 | 435,381 | 266,577 | ||||||||||
Total Oilfield | 3,000,879 | 2,497,506 | 1,959,299 | ||||||||||
Advanced Technologies | 286,140 | 285,098 | 233,364 | ||||||||||
Total | $ | 3,287,019 | $ | 2,782,604 | $ | 2,192,663 | |||||||
Income from Operations | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 281,973 | $ | 248,972 | $ | 224,705 | |||||||
Subsea Products | 231,050 | 170,959 | 142,184 | ||||||||||
Subsea Projects | 93,865 | 63,461 | 32,662 | ||||||||||
Asset Integrity | 55,243 | 45,196 | 30,560 | ||||||||||
Total Oilfield | 662,131 | 528,588 | 430,111 | ||||||||||
Advanced Technologies | 24,954 | 21,182 | 16,661 | ||||||||||
Unallocated Expenses | (141,969 | ) | (121,173 | ) | (111,941 | ) | |||||||
Total | $ | 545,116 | $ | 428,597 | $ | 334,831 | |||||||
Depreciation and Amortization Expense | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 128,310 | $ | 108,933 | $ | 100,089 | |||||||
Subsea Products | 39,964 | 36,638 | 31,299 | ||||||||||
Subsea Projects | 15,331 | 13,340 | 8,024 | ||||||||||
Asset Integrity | 12,401 | 11,808 | 5,689 | ||||||||||
Total Oilfield | 196,006 | 170,719 | 145,101 | ||||||||||
Advanced Technologies | 2,682 | 2,677 | 3,134 | ||||||||||
Unallocated Expenses | 3,540 | 3,087 | 2,992 | ||||||||||
Total | $ | 202,228 | $ | 176,483 | $ | 151,227 | |||||||
Equity Earnings of Unconsolidated Affiliates | |||||||||||||
Subsea Projects | $ | 133 | $ | 1,673 | $ | 3,801 | |||||||
Total | $ | 133 | $ | 1,673 | $ | 3,801 | |||||||
We determine income from operations for each business segment before interest income or expense, other income (expense) and provision for income taxes. We do not consider an allocation of these items to be practical. | |||||||||||||
During 2011, we sold the Ocean Legend, a mobile offshore production system. The sale resulted in a gain of $19.6 million, which we recognized as a reduction of the costs of services and products in our Subsea Projects segment. | |||||||||||||
During 2013 and 2012, revenue from one customer, BP plc and subsidiaries in our oilfield business segments, accounted for 18% and 13% of our total consolidated revenue, respectively. No individual customer accounted for more than 10% of our consolidated revenue during 2011. | |||||||||||||
The following table presents Assets, Property and Equipment and Goodwill by business segment as of the dates indicated: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 1,117,920 | $ | 1,017,772 | |||||||||
Subsea Products | 942,607 | 727,703 | |||||||||||
Subsea Projects | 382,782 | 316,353 | |||||||||||
Asset Integrity | 381,392 | 404,137 | |||||||||||
Total Oilfield | 2,824,701 | 2,465,965 | |||||||||||
Advanced Technologies | 67,328 | 73,908 | |||||||||||
Corporate and Other | 236,471 | 228,245 | |||||||||||
Total | $ | 3,128,500 | $ | 2,768,118 | |||||||||
Property and Equipment, net | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 681,027 | $ | 597,770 | |||||||||
Subsea Products | 289,015 | 213,536 | |||||||||||
Subsea Projects | 163,210 | 157,755 | |||||||||||
Asset Integrity | 34,223 | 33,503 | |||||||||||
Total Oilfield | 1,167,475 | 1,002,564 | |||||||||||
Advanced Technologies | 12,332 | 9,194 | |||||||||||
Corporate and Other | 9,292 | 13,374 | |||||||||||
Total | $ | 1,189,099 | $ | 1,025,132 | |||||||||
Goodwill | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 26,761 | $ | 27,428 | |||||||||
Subsea Products | 113,066 | 120,332 | |||||||||||
Asset Integrity | 183,777 | 204,979 | |||||||||||
Total Oilfield | 323,604 | 352,739 | |||||||||||
Advanced Technologies | 20,414 | 10,454 | |||||||||||
Total | $ | 344,018 | $ | 363,193 | |||||||||
All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and other assets have not been allocated to particular business segments and are included in Corporate and Other. | |||||||||||||
The following table presents Capital Expenditures, including business acquisitions, by business segment for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Capital Expenditures | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 225,885 | $ | 198,323 | $ | 135,770 | |||||||
Subsea Products | 102,653 | 68,052 | 100,824 | ||||||||||
Subsea Projects | 40,833 | 15,890 | 64,803 | ||||||||||
Asset Integrity | 8,327 | 18,560 | 212,951 | ||||||||||
Total Oilfield | 377,698 | 300,825 | 514,348 | ||||||||||
Advanced Technologies | 13,175 | 2,953 | 5,757 | ||||||||||
Corporate and Other | 2,717 | 6,080 | 6,540 | ||||||||||
Total | $ | 393,590 | $ | 309,858 | $ | 526,645 | |||||||
Geographic Operating Areas | |||||||||||||
The following table summarizes certain financial data by geographic area: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue | |||||||||||||
Foreign: | |||||||||||||
Africa | $ | 696,202 | $ | 505,541 | $ | 316,051 | |||||||
Norway | 461,915 | 461,863 | 310,891 | ||||||||||
United Kingdom | 383,397 | 334,319 | 256,565 | ||||||||||
Asia and Australia | 335,129 | 290,821 | 217,094 | ||||||||||
Brazil | 213,282 | 164,660 | 155,532 | ||||||||||
Other | 90,456 | 70,172 | 61,916 | ||||||||||
Total Foreign | 2,180,381 | 1,827,376 | 1,318,049 | ||||||||||
United States | 1,106,638 | 955,228 | 874,614 | ||||||||||
Total | $ | 3,287,019 | $ | 2,782,604 | $ | 2,192,663 | |||||||
Long-Lived Assets | |||||||||||||
Foreign: | |||||||||||||
Norway | $ | 429,603 | $ | 474,408 | $ | 436,043 | |||||||
Africa | 186,865 | 141,927 | 120,732 | ||||||||||
United Kingdom | 99,250 | 85,434 | 65,830 | ||||||||||
Asia and Australia | 83,885 | 65,012 | 72,518 | ||||||||||
Brazil | 112,840 | 113,829 | 99,709 | ||||||||||
Other | 38,516 | 34,105 | 30,633 | ||||||||||
Total Foreign | 950,959 | 914,715 | 825,465 | ||||||||||
United States | 691,404 | 607,572 | 552,639 | ||||||||||
Total | $ | 1,642,363 | $ | 1,522,287 | $ | 1,378,104 | |||||||
Revenue is based on location where services are performed and products are manufactured. |
Employee_Benefit_Plans_and_Sha
Employee Benefit Plans and Shareholder Rights Plan | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Employee Benefit Plans and Shareholder Rights Plan [Abstract] | ' | ||||||||||
Employee Benefit Plans and Shareholder Rights Plan | ' | ||||||||||
EMPLOYEE BENEFIT PLANS | |||||||||||
Retirement Investment Plans | |||||||||||
We have several employee retirement investment plans that, taken together, cover most of our full time employees. The Oceaneering Retirement Investment Plan is a 401(k) plan in which U.S. employees may participate by deferring a portion of their gross monthly salary and directing us to contribute the deferred amount to the plan. We match a portion of the employees' deferred compensation. Our contributions to the 401(k) plan were $18.4 million, $16.0 million and $14.5 million for the plan years ended December 31, 2013, 2012 and 2011, respectively. In 2013, we amended the plan to give plan participants the option to be paid directly, or through the plan within 90 days of the close of the plan year, for dividends of Oceaneering International, Inc. stock that the plan participants held within the plan. This change allowed us to realize a tax benefit from tax deductions in excess of financial statement expense of $0.9 million in 2013. | |||||||||||
We also make matching contributions to other foreign employee savings plans similar in nature to a 401(k) plan. In 2013, 2012 and 2011, these contributions, principally related to plans associated with U.K. and Norwegian subsidiaries, were $17.4 million, $11.6 million and $9.6 million, respectively. | |||||||||||
The Oceaneering International, Inc. Supplemental Executive Retirement Plan covers selected key management employees and executives, as approved by the Compensation Committee of our Board of Directors (the "Compensation Committee"). Under this plan, we accrue an amount determined as a percentage of the participant's gross monthly salary and the amounts accrued are treated as if they are invested in one or more investment vehicles pursuant to this plan. Expenses related to this plan during 2013, 2012 and 2011 were $3.4 million, $2.8 million and $3.4 million, respectively. | |||||||||||
We have defined benefit plans covering some of our employees in the U.K. and Norway. There are no further benefits accruing under the U.K. plan, and the Norway plan is closed to new participants. The projected benefit obligations for both plans were $30 million and $29 million, at December 31, 2013 and 2012, respectively, and the fair values of the plan assets (using Level 2 inputs) for both plans were $26 million and $24 million at December 31, 2013 and 2012, respectively. | |||||||||||
Incentive Plans | |||||||||||
Under our 2010 Incentive Plan (the "Incentive Plan"), shares of our common stock are made available for awards to employees and nonemployee members of our Board of Directors. | |||||||||||
The Incentive Plan is administered by the Compensation Committee; however, the full Board of Directors makes determinations regarding awards to nonemployee directors under the Incentive Plan. The Compensation Committee or our Board of Directors, as applicable, determines the type or types of award(s) to be made to each participant and sets forth in the related award agreement the terms, conditions and limitations applicable to each award. Stock options, stock appreciation rights and stock and cash awards may be made under the Incentive Plan. There are no options outstanding under the Incentive Plan. We have not granted any stock options since 2005 and the Compensation Committee has expressed its intention to refrain from using stock options as a component of employee compensation for our executive officers and other employees for the foreseeable future. Additionally, the Board of Directors has expressed its intention to refrain from using stock options as a component of nonemployee director compensation for the foreseeable future. | |||||||||||
In 2013, 2012 and 2011, the Compensation Committee granted awards of performance units under the Incentive Plan and a prior plan to certain of our key executives and employees, and our Board of Directors granted performance units under the Incentive Plan and a prior plan to our Chairman of the Board of Directors. The performance units awarded are scheduled to vest in full on the third anniversary of the award date, or pro rata over three years if the participant meets certain age and years of service requirements. The Compensation Committee and the Board of Directors have approved specific financial goals and measures (as defined in the Performance Award Goals and Measures), based on our cumulative cash flow from operations and a comparison of return on invested capital and cost of capital for each of the three-year periods ending December 31, 2015, 2014 and 2013 to be used as the basis for the final value of the performance units. The final value of each performance unit granted in 2013, 2012 and 2011 may range from $0 to $150. Upon vesting and determination of value, the value of the performance units will be payable in cash. Compensation expense related to the performance units was $22.9 million, $19.9 million and $18.8 million in 2013, 2012 and 2010, respectively. As of December 31, 2013, there were 434,375 performance units outstanding. | |||||||||||
There has been no stock option activity after December 31, 2010. | |||||||||||
During 2013, 2012 and 2011, the Compensation Committee granted restricted units of our common stock to certain of our key executives and employees. During 2013, 2012 and 2011, our Board of Directors granted restricted units of our common stock to our Chairman of the Board of Directors (our "Chairman") and restricted common stock to our other nonemployee directors. Over 60%, 50% and 50% of the grants made to our employees in 2013, 2012 and 2011, respectively, vest in full on the third anniversary of the award date, conditional upon continued employment. The remainder of the grants made to employees and all the grants made to our Chairman vest pro rata over three years, as these participants meet certain age and years-of-service requirements. For the grants to each of the participant employees and the Chairman, the participant will be issued a share of our common stock for the participant's vested restricted stock units at the earlier of three years or, if the participant vested earlier after meeting the age and service requirements, at termination of employment or service. The grants to our nonemployee directors vest in full on the first anniversary of the award date conditional upon continued service as a director, with one exception. In February 2013, we granted shares of restricted common stock to a director who had given written notice of his intention to retire from our board of directors. Those shares were to vest if his service continued until the election of directors at our annual meeting of shareholders in April 2013. The director fulfilled that requirement by resigning concurrent with that election and the shares of restricted stock became vested. In April 2009, the Compensation Committee adopted a policy that Oceaneering will not provide U.S. federal income tax gross-up payments to any of its directors or executive officers in connection with future awards of restricted stock or stock units. This policy had no effect on existing change-in-control agreements with two of our executive officers or the existing service agreement with our Chairman, which provide for tax gross-up payments that could become applicable to such future awards in limited circumstances, such as following a change in control of Oceaneering. Since August 2010, there have been no outstanding awards that provide for tax gross-up payments. The tax benefit realized from tax deductions in excess of the financial statement expense of our restricted stock grants was $3.4 million, $2.5 million and $1.3 million in 2013, 2012 and 2011, respectively. | |||||||||||
The following is a summary of our restricted stock and restricted stock unit activity for 2013, 2012 and 2011: | |||||||||||
Number | Weighted | Aggregate | |||||||||
Average | Intrinsic Value | ||||||||||
Fair Value | |||||||||||
Balance at December 31, 2010 | 1,044,150 | 25.74 | |||||||||
Granted | 463,400 | 41.26 | |||||||||
Issued | (379,952 | ) | 30.81 | $ | 15,563,000 | ||||||
Forfeited | (36,748 | ) | 27.77 | ||||||||
Balance at December 31, 2011 | 1,090,850 | 30.49 | |||||||||
Granted | 337,575 | 55.98 | |||||||||
Issued | (369,050 | ) | 20.03 | $ | 20,325,000 | ||||||
Forfeited | (27,803 | ) | 42.02 | ||||||||
Balance at December 31, 2012 | 1,031,572 | 42.27 | |||||||||
Granted | 330,705 | 62.55 | |||||||||
Issued | (376,078 | ) | 33.18 | $ | 23,904,000 | ||||||
Forfeited | (25,909 | ) | 52.72 | ||||||||
Balance at December 31, 2013 | 960,290 | $ | 52.53 | ||||||||
The restricted stock units granted in 2013, 2012 and 2011 carry no voting rights and no dividend rights. Each grantee of shares of restricted common stock is deemed to be the record owner of those shares during the restriction period, with the right to vote and receive any dividends on those shares. | |||||||||||
Effective January 1, 2006, the unvested portions of our grants of restricted stock units were valued at their estimated fair values as of their respective grant dates. The grants in 2013, 2012 and 2011 were subject only to vesting conditioned on continued employment or service as a nonemployee director; therefore, these grants were valued at the grant date fair market value using the closing price of our stock on the New York Stock Exchange. | |||||||||||
Compensation expense under the restricted stock plans was $16.7 million, $14.6 million and $11.1 million for 2013, 2012 and 2011, respectively. As of December 31, 2013, we had $14.4 million of future expense to be recognized related to our restricted stock unit plans over a weighted average remaining life of 1.7 years. | |||||||||||
Post-Employment Benefit | |||||||||||
In 2001, we entered into an agreement with our Chairman who was also then our Chief Executive Officer. That agreement was amended in 2006 and in 2008. Pursuant to the amended agreement, the Chairman relinquished his position as Chief Executive Officer in May 2006 and began his post-employment service period on December 31, 2006, which continued through August 15, 2011, during which service period the Chairman, acting as an independent contractor, agreed to serve as nonexecutive Chairman of our Board of Directors. The agreement provides the Chairman with post-employment benefits for ten years following August 15, 2011. The agreement also provides for medical coverage on an after-tax basis to the Chairman, his spouse and children for their lives. We recognized the net present value of the post-employment benefits over the expected service period. Our total accrued liabilities, current and long-term, under this post-employment benefit were $6.3 million and $6.8 million at December 31, 2013 and 2012, respectively. | |||||||||||
As part of the arrangements relating to the Chairman's post-employment benefits, we established an irrevocable grantor trust, commonly known as a "rabbi trust," to provide the Chairman greater assurance that we will set aside an adequate source of funds to fund payment of the post-retirement benefits under this agreement, including the medical coverage benefits payable to the Chairman, his spouse and their children for their lives. In connection with establishment of the rabbi trust, we contributed to the trust a life insurance policy on the life of the Chairman, which we had previously obtained, and we agreed to continue to pay the premiums due on that policy. When the life insurance policy matures, the proceeds of the policy will become assets of the trust. If the value of the trust exceeds $4 million, as adjusted by the consumer price index, at any time after January 1, 2012, the excess may be paid to us. However, because the trust is irrevocable, the assets of the trust are generally not available to fund our future operations until the trust terminates, which is not expected to be during the lives of the Chairman, his spouse or their children. Furthermore, no tax deduction will be available for our contributions to the trust; however, we may benefit from future tax deductions for benefits actually paid from the trust (although benefit payments from the trust are not expected to occur in the near term, because we expect to make direct payments of those benefits for the foreseeable future). |
Summary_Of_Major_Accounting_Po1
Summary Of Major Accounting Policies (Policy) | 12 Months Ended | 46 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ' | ||||||||||||||||
New Accounting Standard. In February 2013, the Financial Accounting Standards Board (FASB) issued an update to improve the reporting of amounts reclassified out of accumulated other comprehensive income. The update amends the presentation of changes in accumulated other comprehensive income and requires an entity to report the change of each component of other comprehensive income, including amounts reclassified out of accumulated comprehensive income into operating income, either on the face of the income statement or as a separate disclosure in the notes. We adopted this update on January 1, 2013, as required. The provisions of this update have not had a material effect on our financial position or results of operations. | ||||||||||||||||||
Treasury Stock [Text Block] | ' | ' | ||||||||||||||||
Repurchase Plan. In February 2010, our Board of Directors approved a plan to repurchase up to 12,000,000 shares of our common stock. Through December 31, 2013 under this plan, we repurchased 3,100,000 shares of our common stock for $86 million. | ||||||||||||||||||
Principles of Consolidation | ' | ' | ||||||||||||||||
Principles of Consolidation. The consolidated financial statements include the accounts of Oceaneering International, Inc. and our 50% or more owned and controlled subsidiaries. We also consolidate entities that are determined to be variable interest entities if we determine that we are the primary beneficiary; otherwise, we account for those entities using the equity method of accounting. We use the equity method to account for our investments in unconsolidated affiliated companies of which we own an equity interest of between 20% and 50% and as to which we have significant influence, but not control, over operations. All significant intercompany accounts and transactions have been eliminated. | ||||||||||||||||||
Use Of Estimates | ' | ' | ||||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that our management make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||
Reclassifications | ' | ' | ||||||||||||||||
Reclassifications. Certain amounts from prior periods have been reclassified to conform with the current year presentation. | ||||||||||||||||||
Cash and Cash Equivalents | ' | ' | ||||||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less from the date of the investment. | ||||||||||||||||||
Accounts Receivable | 'Accounts Receivable b Allowances for Doubtful Accounts. We determine the need for allowances for doubtful accounts using the specific identification method. We do not generally require collateral from our customers. | ' | ||||||||||||||||
Inventory | ' | ' | ||||||||||||||||
Inventory. Inventory is valued at lower of cost or market. We determine cost using the weighted-average method. | ||||||||||||||||||
Property and Equipment | ' | ' | ||||||||||||||||
Property and Equipment. We provide for depreciation of property and equipment on the straight-line method over estimated useful lives of eight years for ROVs, three to 20 years for marine services equipment (such as vessels and diving equipment), and three to 25 years for buildings, improvements and other equipment. | ||||||||||||||||||
We charge the costs of repair and maintenance of property and equipment to operations as incurred, while we capitalize the costs of improvements that extend asset lives or functionality. | ||||||||||||||||||
We capitalize interest on assets where the construction period is anticipated to be more than three months. We did not capitalize any interest in 2013, 2012 or 2011. We do not allocate general administrative costs to capital projects. Upon the disposition of property and equipment, the related cost and accumulated depreciation accounts are relieved and any resulting gain or loss is included as an adjustment to cost of services and products. | ||||||||||||||||||
Our management periodically, and upon the occurrence of a triggering event, reviews the realizability of long-lived assets, excluding goodwill, which are held and used by us, to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For long-lived assets to be held and used, we base our evaluation on impairment indicators such as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through the use of an undiscounted cash flows analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. For assets held for sale or disposal, the fair value of the asset is measured using fair market value less cost to sell. Assets are classified as held-for-sale when we have a plan for disposal of certain assets and those assets meet the held for sale criteria. | ||||||||||||||||||
Business Acquisitions | ' | ' | ||||||||||||||||
Business Acquisitions. We account for business combinations using the acquisition method of accounting, with the acquisition price being allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition. | ||||||||||||||||||
The following table presents the cost (net of cash acquired) and the amounts of associated goodwill, other intangible assets, and other assets net of liabilities assumed for the business acquisitions we made in 2011: | ||||||||||||||||||
(in thousands) | Cost | Goodwill | Other Intangible Assets | Other, net | ||||||||||||||
Norse Cutting and Abandonment AS | $ | 50,296 | $ | 20,283 | $ | 13,802 | $ | 16,211 | ||||||||||
AGR Field Operations Holdings AS | 220,011 | 165,218 | 41,387 | 13,406 | ||||||||||||||
Other | 21,310 | 10,836 | 5,360 | 5,114 | ||||||||||||||
Total Business Acquisitions | $ | 291,617 | $ | 196,337 | $ | 60,549 | $ | 34,731 | ||||||||||
In March 2011, we purchased Norse Cutting and Abandonment AS ("NCA"), a Norwegian oilfield technology company that specializes in providing subsea tooling services used in the plugging, abandonment and decommissioning of offshore oil and gas production platforms and subsea wellheads. In addition, NCA performs specialized maintenance and repair services on production platforms in the North Sea. NCA's business is split approximately evenly between the North Sea and the U.S. Gulf of Mexico, and the business is in our Subsea Products segment. The acquisition included a small, non-strategic business operation we intended to sell when we purchased NCA. During 2011, we sold that operation, making the net acquisition price of the retained NCA operations $50 million. We have accounted for this net acquisition by allocating the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Our goodwill, all nondeductible for income tax purposes, associated with the acquisition was $20 million, and other intangible assets were $14 million. The results of operations of NCA are included in our consolidated statements of income from the date of acquisition. | ||||||||||||||||||
In December 2011, we purchased AGR Field Operations Holdings AS and subsidiaries (collectively, "AGR FO"), which we believe is Norway's largest asset integrity management service provider on offshore production platforms, onshore facilities, and pipelines. AGR FO employs subsea technology to perform internal and external inspections of subsea hardware. AGR FO also has a substantial operating presence in Australia, where it operates and maintains offshore and onshore oil and gas production facilities for customers and provides subsea engineering services and operates an offshore logistics supply base. We incurred, and charged to expense, approximately $2 million of transaction costs associated with this acquisition. | ||||||||||||||||||
We have accounted for this acquisition by allocating the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Our goodwill, all nondeductible for income tax purposes, associated with the acquisition was $165 million, and other intangible assets were $41 million. The results of operations of AGR FO are included in our consolidated statements of income from the date of acquisition. Generally, AGR FO's Norwegian assets and operations are in our Asset Integrity segment and its Australian assets and operations are in our Subsea Projects segment. | ||||||||||||||||||
We also made several smaller acquisitions during the periods presented, none of which were material. | ||||||||||||||||||
Goodwill and Intangible Assets | ' | ' | ||||||||||||||||
Goodwill and Intangible Assets. In September 2011, the Financial Accounting Standards Board ("FASB") issued an update regarding goodwill impairment testing. Under the update, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, performing the two-step impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step impairment test. We began applying this update in 2011. We qualitatively tested the goodwill attributable to each of our reporting units for impairment as of December 31, 2013 and 2012 and concluded that there was no impairment. The only changes in our reporting units' goodwill during the periods presented are from business acquisitions, as discussed above, and currency exchange rate changes. For more information regarding goodwill by business segment, see Note 7. | ||||||||||||||||||
Intangible assets, primarily acquired in connection with business combinations, include trade names, intellectual property and customer relationships and are being amortized with a weighted average remaining life of approximately 12 years. | ||||||||||||||||||
Revenue Recognition | ' | ' | ||||||||||||||||
Revenue Recognition. We recognize our revenue according to the type of contract involved. On a daily basis, we recognize revenue under contracts that provide for specific time, material and equipment charges, which we bill periodically, ranging from weekly to monthly. | ||||||||||||||||||
We account for significant fixed-price contracts, which we enter into mainly in our Subsea Products segment, and to a lesser extent in our Subsea Projects and Advanced Technologies segments, using the percentage-of-completion method. In 2013, we accounted for 12% of our revenue using the percentage-of-completion method. In determining whether a contract should be accounted for using the percentage-of-completion method, we consider whether: | ||||||||||||||||||
• | the customer provides specifications for the construction of facilities or production of goods or for the provision of related services; | |||||||||||||||||
• | we can reasonably estimate our progress towards completion and our costs; | |||||||||||||||||
• | the contract includes provisions as to the enforceable rights regarding the goods or services to be provided, consideration to be received and the manner and terms of payment; | |||||||||||||||||
• | the customer can be expected to satisfy its obligations under the contract; and | |||||||||||||||||
• | we can be expected to perform our contractual obligations. | |||||||||||||||||
Under the percentage-of-completion method, we generally recognize estimated contract revenue based on costs incurred to date as a percentage of total estimated costs. Changes in the expected cost of materials and labor, productivity, scheduling and other factors affect the total estimated costs. Additionally, external factors, including weather or other factors outside of our control, also affect the progress and estimated cost of a project's completion and, therefore, the timing of income and revenue recognition. We routinely review estimates related to our contracts and reflect revisions to profitability in earnings immediately. If a current estimate of total contract cost indicates an ultimate loss on a contract, we recognize the projected loss in full when we determine it. Although we are continually striving to accurately estimate our contract costs and profitability, adjustments to overall contract costs could be significant in future periods. | ||||||||||||||||||
We recognize the remainder of our revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed or determinable and collection is reasonably assured. | ||||||||||||||||||
Revenue in Excess of Amounts Billed is classified as accounts receivable and relates to recoverable costs and accrued profits on contracts in progress. Billings in Excess of Revenue Recognized on uncompleted contracts are classified in accrued liabilities. | ||||||||||||||||||
Stock-based Compensation | ' | ' | ||||||||||||||||
Stock-Based Compensation. We recognize all share-based payments to directors, officers and employees over their vesting periods in the income statement based on their estimated fair values. For more information on our employee benefit plans, see Note 8. | ||||||||||||||||||
Income Taxes | ' | ' | ||||||||||||||||
Income Taxes. We provide income taxes at appropriate tax rates in accordance with our interpretation of the respective tax laws and regulations after review and consultation with our internal tax department, tax advisors and, in some cases, legal counsel in various jurisdictions. We provide for deferred income taxes for differences between carrying amounts of assets and liabilities for financial and tax reporting purposes. We provide for deferred U.S. income taxes on foreign income only to the extent such income is not to be indefinitely reinvested in foreign entities. We provide a valuation allowance against deferred tax assets when it is more likely than not that the asset will not be realized. | ||||||||||||||||||
We recognize the benefit for a tax position if the benefit is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that we believe is greater than 50 percent likely of being realized upon ultimate settlement. We account for any applicable interest and penalties on uncertain tax positions as a component of our provision for income taxes on our financial statements. | ||||||||||||||||||
Foreign Currency Translations | ' | ' | ||||||||||||||||
Foreign Currency Translation. The functional currency for several of our foreign subsidiaries is the applicable local currency. Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, and the resulting translation adjustments are recognized in accumulated other comprehensive income as a component of shareholders' equity. All foreign currency transaction gains and losses are recognized currently in the Consolidated Statements of Income. We recorded $0.1 million, $(5.4) million and | ||||||||||||||||||
$(0.4) million of foreign currency transaction gains (losses) in 2013, 2012 and 2011, respectively, and those amounts are included as a component of Other income (expense), net. | ||||||||||||||||||
Financial Instruments | ' | ' | ||||||||||||||||
Financial Instruments. We recognize all derivative instruments as either assets or liabilities in the balance sheet and measure those instruments at fair value. Subsequent changes in fair value are reflected in current earnings or other comprehensive income, depending on whether a derivative instrument is designated as part of a hedge relationship and, if it is, the type of hedge relationship. During the three-year period ended December 31, 2013, we had no derivative instruments in effect. |
Summary_Of_Major_Accounting_Po2
Summary Of Major Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||||
The following table presents the cost (net of cash acquired) and the amounts of associated goodwill, other intangible assets, and other assets net of liabilities assumed for the business acquisitions we made in 2011: | |||||||||||||||||
(in thousands) | Cost | Goodwill | Other Intangible Assets | Other, net | |||||||||||||
Norse Cutting and Abandonment AS | $ | 50,296 | $ | 20,283 | $ | 13,802 | $ | 16,211 | |||||||||
AGR Field Operations Holdings AS | 220,011 | 165,218 | 41,387 | 13,406 | |||||||||||||
Other | 21,310 | 10,836 | 5,360 | 5,114 | |||||||||||||
Total Business Acquisitions | $ | 291,617 | $ | 196,337 | $ | 60,549 | $ | 34,731 | |||||||||
Schedule of Temporary Differences Using the Percentage-of-Completion Method | ' | ||||||||||||||||
Revenue in Excess of Amounts Billed on uncompleted fixed-price contracts accounted for using the percentage-of-completion method is summarized as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||
Revenue recognized | $ | 199,654 | $ | 181,286 | |||||||||||||
Less: Billings to customers | (168,215 | ) | (156,852 | ) | |||||||||||||
Revenue in excess of amounts billed | $ | 31,439 | $ | 24,434 | |||||||||||||
Billings in Excess of Revenue Recognized on uncompleted fixed-price contracts accounted for using the percentage-of-completion method are summarized as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||
Amounts billed to customers | $ | 200,909 | $ | 108,244 | |||||||||||||
Less: Revenue recognized | (86,264 | ) | (55,803 | ) | |||||||||||||
Billings in excess of revenue recognized | $ | 114,645 | $ | 52,441 | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
Earnings Per Share. For each of the years 2013, 2012 and 2011, the only difference between the our annual calculated weighted average basic and diluted number of shares outstanding is the effect of outstanding restricted stock units. |
Selected_Balance_Sheet_Informa1
Selected Balance Sheet Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity Method Investment, Summarized Financial Information [Abstract] | ' | |||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | |||||||||
The following is information regarding selected balance sheet accounts: | ||||||||||
December 31, | ||||||||||
(in thousands) | 2013 | 2012 | ||||||||
Inventory: | ||||||||||
Remotely operated vehicle parts and components | $ | 190,403 | $ | 174,612 | ||||||
Other inventory, primarily raw materials | 251,386 | 156,668 | ||||||||
Total | $ | 441,789 | $ | 331,280 | ||||||
Other Current Assets: | ||||||||||
Deferred income taxes | $ | 61,589 | $ | 22,604 | ||||||
Prepaid expenses | 69,625 | 61,627 | ||||||||
Total | $ | 131,214 | $ | 84,231 | ||||||
Other Non-Current Assets: | ||||||||||
Intangible assets, net | $ | 68,522 | $ | 78,252 | ||||||
Cash surrender value of life insurance policies | 52,862 | 42,841 | ||||||||
Other | 3,262 | 13,091 | ||||||||
Total | $ | 124,646 | $ | 134,184 | ||||||
Investments in unconsolidated affiliates: | ||||||||||
Medusa Spar LLC | $ | 37,376 | $ | 42,540 | ||||||
Other | 86 | 79 | ||||||||
$ | 37,462 | $ | 42,619 | |||||||
Accrued Liabilities: | ||||||||||
Payroll and related costs | $ | 218,766 | $ | 218,609 | ||||||
Accrued job costs | 72,117 | 75,037 | ||||||||
Deferred revenue, including billings in excess of revenue recognized | 150,246 | 73,465 | ||||||||
Other | 75,499 | 41,192 | ||||||||
Total | $ | 516,628 | $ | 408,303 | ||||||
Other Long-Term Liabilities: | ||||||||||
Deferred income taxes | $ | 260,807 | $ | 178,100 | ||||||
Supplemental Executive Retirement Plan | 45,144 | 35,772 | ||||||||
Accrued post-employment benefit obligations | 10,528 | 12,942 | ||||||||
Other | 41,493 | 14,659 | ||||||||
Total | $ | 357,972 | $ | 241,473 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Expense (Benefit) [Abstract] | ' | ||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
We believe it is more likely than not that all our deferred tax assets are realizable. Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying the United States statutory rate to income before income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State and local taxes | 0.2 | 0.1 | 0.2 | ||||||||||
Foreign tax rate differential | (3.7 | ) | (2.9 | ) | (3.3 | ) | |||||||
Amended returns filed | — | — | (1.4 | ) | |||||||||
Other items, net | — | (0.7 | ) | (0.2 | ) | ||||||||
Total effective tax rate | 31.5 | % | 31.5 | % | 30.3 | % | |||||||
We consider $431 million of unremitted earnings of our foreign subsidiaries to be indefinitely reinvested. It is not practical for us to compute the amount of additional U.S. tax that would be due on this amount. We have provided deferred income taxes on the foreign earnings we expect to repatriate. | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
Our provisions for income taxes and our cash taxes paid are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Domestic | $ | 45,468 | $ | 4,039 | $ | 13,169 | |||||||
Foreign | 73,568 | 108,212 | 81,556 | ||||||||||
Total current | 119,036 | 112,251 | 94,725 | ||||||||||
Deferred: | |||||||||||||
Domestic | 56,115 | 26,170 | 12,144 | ||||||||||
Foreign | (4,315 | ) | (5,516 | ) | (4,642 | ) | |||||||
Total deferred | 51,800 | 20,654 | 7,502 | ||||||||||
Total provision for income taxes | $ | 170,836 | $ | 132,905 | $ | 102,227 | |||||||
Cash taxes paid | $ | 113,760 | $ | 92,422 | $ | 72,825 | |||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | ||||||||||||
The components of income before income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 68,066 | $ | 53,240 | $ | 41,831 | |||||||
Foreign | 474,270 | 368,682 | 296,054 | ||||||||||
Income before income taxes | $ | 542,336 | $ | 421,922 | $ | 337,885 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
As of December 31, 2013 and 2012, our worldwide deferred tax assets, liabilities and net deferred tax liabilities were as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation | $ | 48,401 | $ | 42,296 | |||||||||
Deferred income | 30,101 | 10,251 | |||||||||||
Accrued expenses | 8,441 | 7,676 | |||||||||||
Other | 11,921 | 12,613 | |||||||||||
Gross deferred tax assets | 98,864 | 72,836 | |||||||||||
Valuation allowance | — | — | |||||||||||
Total deferred tax assets | $ | 98,864 | $ | 72,836 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 129,441 | $ | 106,237 | |||||||||
Unremitted foreign earnings | 157,091 | 91,164 | |||||||||||
Basis difference in equity investments | 10,843 | 13,860 | |||||||||||
Other | 707 | 17,071 | |||||||||||
Total deferred tax liabilities | $ | 298,082 | $ | 228,332 | |||||||||
Net deferred income tax liability | $ | 199,218 | $ | 155,496 | |||||||||
Our net deferred tax liability is reflected within our balance sheet as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax liabilities | $ | 260,807 | $ | 178,100 | |||||||||
Current deferred tax assets | (61,589 | ) | (22,604 | ) | |||||||||
Net deferred income tax liability | $ | 199,218 | $ | 155,496 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||
We recognize the benefit for a tax position if the benefit is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. | |||||||||||||
We account for any applicable interest and penalties on uncertain tax positions as a component of our provision for income taxes on our financial statements. We increased/(decreased) income tax expense by $1.7 million, $(2.7) million and | |||||||||||||
$0.4 million in 2013, 2012 and 2011, respectively, for penalties and interest on uncertain tax positions, which brought our total liabilities for penalties and interest on uncertain tax positions to $3.3 million and $1.7 million on our balance sheets at December 31, 2013 and 2012, respectively. Including associated foreign tax credits and penalties and interest, we have accrued a net total of $8.6 million in the caption "other long-term liabilities" on our balance sheet for unrecognized tax benefits at December 31, 2013. All additions or reductions to those liabilities affect our effective income tax rate in the periods of change. | |||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, not including associated foreign tax credits and penalties and interest, is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Beginning of year | $ | 5,140 | $ | 10,104 | $ | 9,991 | |||||||
Additions based on tax positions related to the current year | 100 | 244 | 947 | ||||||||||
Reductions for expiration of statutes of limitations | (1,225 | ) | (225 | ) | (834 | ) | |||||||
Additions based on tax positions related to prior years | 3,490 | 3,335 | — | ||||||||||
Reductions based on tax positions related to prior years | (337 | ) | (8,193 | ) | — | ||||||||
Settlements | — | (125 | ) | — | |||||||||
Balance at end of year | $ | 7,168 | $ | 5,140 | $ | 10,104 | |||||||
We do not believe that the total of unrecognized tax benefits will significantly increase or decrease in the next 12 months. | |||||||||||||
Summary of Income Tax Examinations | ' | ||||||||||||
We file a consolidated U.S. federal income tax return for Oceaneering International, Inc. and our domestic subsidiaries. We conduct our international operations in a number of locations that have varying laws and regulations with regard to income and other taxes, some of which are subject to interpretation. Our management believes that adequate provisions have been made for all taxes that will ultimately be payable, although final determination of tax liabilities may differ from our estimates. | |||||||||||||
Our tax returns are subject to audit by taxing authorities in multiple jurisdictions. These audits often take years to complete and settle. The following lists the earliest tax years open to examination by tax authorities where we have significant operations: | |||||||||||||
Jurisdiction | Periods | ||||||||||||
United States | 2010 | ||||||||||||
United Kingdom | 2010 | ||||||||||||
Norway | 2003 | ||||||||||||
Angola | 2008 | ||||||||||||
Nigeria | 2007 | ||||||||||||
Brazil | 2008 | ||||||||||||
Australia | 2009 | ||||||||||||
Canada | 2009 |
Selected_Income_Statement_Info1
Selected Income Statement Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Income Statement Information [Abstract] | ' | ||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||
The following schedule shows our revenue, costs and gross margins by services and products: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue: | |||||||||||||
Services | $ | 2,174,739 | $ | 1,887,957 | $ | 1,369,614 | |||||||
Products | 1,112,280 | 894,647 | 823,049 | ||||||||||
Total revenue | 3,287,019 | 2,782,604 | 2,192,663 | ||||||||||
Cost of Services and Products: | |||||||||||||
Services | 1,624,483 | 1,418,511 | 999,396 | ||||||||||
Products | 788,109 | 642,199 | 603,289 | ||||||||||
Unallocated expenses | 108,891 | 94,036 | 81,219 | ||||||||||
Total cost of services and products | 2,521,483 | 2,154,746 | 1,683,904 | ||||||||||
Gross margin: | |||||||||||||
Services | 550,256 | 469,446 | 370,218 | ||||||||||
Products | 324,171 | 252,448 | 219,760 | ||||||||||
Unallocated expenses | (108,891 | ) | (94,036 | ) | (81,219 | ) | |||||||
Total gross margin | $ | 765,536 | $ | 627,858 | $ | 508,759 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Long-term Debt consisted of the following: | |||||||||
December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Revolving credit facility | $ | — | $ | 94,000 | |||||
Long-term Debt | $ | — | $ | 94,000 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Operating Leases of Lessee Disclosure | ' | ||||
At December 31, 2013, we occupied several facilities under noncancellable operating leases expiring at various dates through 2025. Future minimum rentals under all of our operating leases, including vessel rentals, are as follows: | |||||
(in thousands) | |||||
2014 | $ | 106,474 | |||
2015 | 101,543 | ||||
2016 | 89,686 | ||||
2017 | 29,255 | ||||
2018 | 12,099 | ||||
Thereafter | 32,689 | ||||
Total Lease Commitments | $ | 371,746 | |||
Operations_by_Business_Segment1
Operations by Business Segment and Geographic Area (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | ||||||||||||
Financial Data By Business Segment | ' | ||||||||||||
The table that follows presents Revenue, Income from Operations, Depreciation and Amortization Expense and Equity Earnings of Unconsolidated Affiliates by business segment: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 981,728 | $ | 853,520 | $ | 755,033 | |||||||
Subsea Products | 1,027,792 | 829,034 | 770,212 | ||||||||||
Subsea Projects | 509,440 | 379,571 | 167,477 | ||||||||||
Asset Integrity | 481,919 | 435,381 | 266,577 | ||||||||||
Total Oilfield | 3,000,879 | 2,497,506 | 1,959,299 | ||||||||||
Advanced Technologies | 286,140 | 285,098 | 233,364 | ||||||||||
Total | $ | 3,287,019 | $ | 2,782,604 | $ | 2,192,663 | |||||||
Income from Operations | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 281,973 | $ | 248,972 | $ | 224,705 | |||||||
Subsea Products | 231,050 | 170,959 | 142,184 | ||||||||||
Subsea Projects | 93,865 | 63,461 | 32,662 | ||||||||||
Asset Integrity | 55,243 | 45,196 | 30,560 | ||||||||||
Total Oilfield | 662,131 | 528,588 | 430,111 | ||||||||||
Advanced Technologies | 24,954 | 21,182 | 16,661 | ||||||||||
Unallocated Expenses | (141,969 | ) | (121,173 | ) | (111,941 | ) | |||||||
Total | $ | 545,116 | $ | 428,597 | $ | 334,831 | |||||||
Depreciation and Amortization Expense | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 128,310 | $ | 108,933 | $ | 100,089 | |||||||
Subsea Products | 39,964 | 36,638 | 31,299 | ||||||||||
Subsea Projects | 15,331 | 13,340 | 8,024 | ||||||||||
Asset Integrity | 12,401 | 11,808 | 5,689 | ||||||||||
Total Oilfield | 196,006 | 170,719 | 145,101 | ||||||||||
Advanced Technologies | 2,682 | 2,677 | 3,134 | ||||||||||
Unallocated Expenses | 3,540 | 3,087 | 2,992 | ||||||||||
Total | $ | 202,228 | $ | 176,483 | $ | 151,227 | |||||||
Equity Earnings of Unconsolidated Affiliates | |||||||||||||
Subsea Projects | $ | 133 | $ | 1,673 | $ | 3,801 | |||||||
Total | $ | 133 | $ | 1,673 | $ | 3,801 | |||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||
The following table presents Assets, Property and Equipment and Goodwill by business segment as of the dates indicated: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 1,117,920 | $ | 1,017,772 | |||||||||
Subsea Products | 942,607 | 727,703 | |||||||||||
Subsea Projects | 382,782 | 316,353 | |||||||||||
Asset Integrity | 381,392 | 404,137 | |||||||||||
Total Oilfield | 2,824,701 | 2,465,965 | |||||||||||
Advanced Technologies | 67,328 | 73,908 | |||||||||||
Corporate and Other | 236,471 | 228,245 | |||||||||||
Total | $ | 3,128,500 | $ | 2,768,118 | |||||||||
Property and Equipment, net | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 681,027 | $ | 597,770 | |||||||||
Subsea Products | 289,015 | 213,536 | |||||||||||
Subsea Projects | 163,210 | 157,755 | |||||||||||
Asset Integrity | 34,223 | 33,503 | |||||||||||
Total Oilfield | 1,167,475 | 1,002,564 | |||||||||||
Advanced Technologies | 12,332 | 9,194 | |||||||||||
Corporate and Other | 9,292 | 13,374 | |||||||||||
Total | $ | 1,189,099 | $ | 1,025,132 | |||||||||
Goodwill | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 26,761 | $ | 27,428 | |||||||||
Subsea Products | 113,066 | 120,332 | |||||||||||
Asset Integrity | 183,777 | 204,979 | |||||||||||
Total Oilfield | 323,604 | 352,739 | |||||||||||
Advanced Technologies | 20,414 | 10,454 | |||||||||||
Total | $ | 344,018 | $ | 363,193 | |||||||||
All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and other assets have not been allocated to particular business segments and are included in Corporate and Other. | |||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | ' | ||||||||||||
The following table presents Capital Expenditures, including business acquisitions, by business segment for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Capital Expenditures | |||||||||||||
Oilfield | |||||||||||||
Remotely Operated Vehicles | $ | 225,885 | $ | 198,323 | $ | 135,770 | |||||||
Subsea Products | 102,653 | 68,052 | 100,824 | ||||||||||
Subsea Projects | 40,833 | 15,890 | 64,803 | ||||||||||
Asset Integrity | 8,327 | 18,560 | 212,951 | ||||||||||
Total Oilfield | 377,698 | 300,825 | 514,348 | ||||||||||
Advanced Technologies | 13,175 | 2,953 | 5,757 | ||||||||||
Corporate and Other | 2,717 | 6,080 | 6,540 | ||||||||||
Total | $ | 393,590 | $ | 309,858 | $ | 526,645 | |||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | ||||||||||||
The following table summarizes certain financial data by geographic area: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue | |||||||||||||
Foreign: | |||||||||||||
Africa | $ | 696,202 | $ | 505,541 | $ | 316,051 | |||||||
Norway | 461,915 | 461,863 | 310,891 | ||||||||||
United Kingdom | 383,397 | 334,319 | 256,565 | ||||||||||
Asia and Australia | 335,129 | 290,821 | 217,094 | ||||||||||
Brazil | 213,282 | 164,660 | 155,532 | ||||||||||
Other | 90,456 | 70,172 | 61,916 | ||||||||||
Total Foreign | 2,180,381 | 1,827,376 | 1,318,049 | ||||||||||
United States | 1,106,638 | 955,228 | 874,614 | ||||||||||
Total | $ | 3,287,019 | $ | 2,782,604 | $ | 2,192,663 | |||||||
Long-Lived Assets | |||||||||||||
Foreign: | |||||||||||||
Norway | $ | 429,603 | $ | 474,408 | $ | 436,043 | |||||||
Africa | 186,865 | 141,927 | 120,732 | ||||||||||
United Kingdom | 99,250 | 85,434 | 65,830 | ||||||||||
Asia and Australia | 83,885 | 65,012 | 72,518 | ||||||||||
Brazil | 112,840 | 113,829 | 99,709 | ||||||||||
Other | 38,516 | 34,105 | 30,633 | ||||||||||
Total Foreign | 950,959 | 914,715 | 825,465 | ||||||||||
United States | 691,404 | 607,572 | 552,639 | ||||||||||
Total | $ | 1,642,363 | $ | 1,522,287 | $ | 1,378,104 | |||||||
Employee_Benefit_Plans_and_Sha1
Employee Benefit Plans and Shareholder Rights Plan (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Employee Benefit Plans and Shareholder Rights Plan [Abstract] | ' | ||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||
The following is a summary of our restricted stock and restricted stock unit activity for 2013, 2012 and 2011: | |||||||||||
Number | Weighted | Aggregate | |||||||||
Average | Intrinsic Value | ||||||||||
Fair Value | |||||||||||
Balance at December 31, 2010 | 1,044,150 | 25.74 | |||||||||
Granted | 463,400 | 41.26 | |||||||||
Issued | (379,952 | ) | 30.81 | $ | 15,563,000 | ||||||
Forfeited | (36,748 | ) | 27.77 | ||||||||
Balance at December 31, 2011 | 1,090,850 | 30.49 | |||||||||
Granted | 337,575 | 55.98 | |||||||||
Issued | (369,050 | ) | 20.03 | $ | 20,325,000 | ||||||
Forfeited | (27,803 | ) | 42.02 | ||||||||
Balance at December 31, 2012 | 1,031,572 | 42.27 | |||||||||
Granted | 330,705 | 62.55 | |||||||||
Issued | (376,078 | ) | 33.18 | $ | 23,904,000 | ||||||
Forfeited | (25,909 | ) | 52.72 | ||||||||
Balance at December 31, 2013 | 960,290 | $ | 52.53 | ||||||||
Summary_Of_Major_Accounting_Po3
Summary Of Major Accounting Policies - Principles of Consolidation And Repurchases (Details) (USD $) | Dec. 31, 2013 | Feb. 28, 2010 |
In Millions, except Share data, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | 12,000,000 |
Stock Repurchase Program, Total Number of Shares Repurchased To Date | 3,100,000 | ' |
Stock Repurchase Program, Total Shares Repurchased To Date, Amount | $86 | ' |
Minimum [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Percentage | 50.00% | ' |
Equity Method Investment, Ownership Interest Threshold For Consolidation, Percentage | 20.00% | ' |
Maximum [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investment, Ownership Interest Threshold For Consolidation, Percentage | 50.00% | ' |
Summary_Of_Major_Accounting_Po4
Summary Of Major Accounting Policies - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Interest Costs, Capitalized, Minimum Construction Period | '3 months | ' | ' |
Interest Costs, Capitalized During Period | $0 | $0 | $0 |
Other Comprehensive Income | -70,423 | 45,037 | -18,231 |
Remotely Operated Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Average | '8 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cash and Cash Equivalents, Short-term Investments, Maturity Period | '3 months | ' | ' |
Maximum [Member] | Marine Services Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Average | '20 years | ' | ' |
Maximum [Member] | Building and Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Average | '25 years | ' | ' |
Minimum [Member] | Marine Services Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Average | '3 years | ' | ' |
Minimum [Member] | Building and Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Average | '3 years | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Other Comprehensive Income | ' | $262 | $143 |
Summary_Of_Major_Accounting_Po5
Summary Of Major Accounting Policies - Acquisitions (Details) (USD $) | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | $291,617,000 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 196,337,000 |
Business Acquisition, Purchase Price Allocation, Intangible Assets Not Amortizable | 60,549,000 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 34,731,000 |
Norse Cutting and Abandonment AS [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 50,296,000 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 20,283,000 |
Business Acquisition, Purchase Price Allocation, Intangible Assets Not Amortizable | 13,802,000 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 16,211,000 |
AGR Field Operations [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 220,011,000 |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Costs | 2,000,000 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 165,218,000 |
Business Acquisition, Purchase Price Allocation, Intangible Assets Not Amortizable | 41,387,000 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 13,406,000 |
Series of Individually Immaterial Business Acquisitions [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 21,310,000 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 10,836,000 |
Business Acquisition, Purchase Price Allocation, Intangible Assets Not Amortizable | 5,360,000 |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | $5,114,000 |
Recovered_Sheet1
Summary of Major Accounting Policies - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2010 | |
Accounting Policies [Abstract] | ' | ' |
Goodwill, Impairment Loss | ' | $0 |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | '12 years | ' |
Summary_Of_Major_Accounting_Po6
Summary Of Major Accounting Policies - Percentage-of-Completion (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Temporary Differences Using Percentage of Completion [Line Items] | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements, Percentage of Revenue Accounted Under the Percentage of Completion Method | 12.00% | ' |
Contract in Unbilled Receivable Position [Member] | ' | ' |
Schedule Temporary Differences Using Percentage of Completion [Line Items] | ' | ' |
Fixed-price Contract, Percentage of Completion, Revenue Recognized to Date | $199,654 | $181,286 |
Billed Contracts Receivable | -168,215 | -156,852 |
Costs in Excess of Billings on Uncompleted Contracts or Programs | 31,439 | 24,434 |
Contracts in Unearned Revenue Position [Member] | ' | ' |
Schedule Temporary Differences Using Percentage of Completion [Line Items] | ' | ' |
Fixed-price Contract, Percentage of Completion, Revenue Recognized to Date | -86,264 | -55,803 |
Billed Contracts Receivable | 200,909 | 108,244 |
Billings in Excess of Cost | $114,645 | $52,441 |
Summary_Of_Major_Accounting_Po7
Summary Of Major Accounting Policies - Foreign Currency Translation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | $0.10 | ($5.40) | ($0.40) |
Summary_Of_Major_Accounting_Po8
Summary Of Major Accounting Policies - Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic earnings per share: | ' | ' | ' |
Net income per consolidated statements of income | $371,500 | $289,017 | $235,658 |
Weighted Average Number of Shares Outstanding, Basic | 108,158 | 108,015 | 108,308 |
Basic earnings per share | $3.43 | $2.68 | $2.18 |
Diluted earnings per share: | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Diluted | 108,731 | 108,617 | 109,001 |
Diluted earnings per share | $3.42 | $2.66 | $2.16 |
Selected_Balance_Sheet_Informa2
Selected Balance Sheet Information (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2003 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Deferred income taxes | $61,589,000 | $22,604,000 | ' | ' |
Equity Method Investment, Significant Property, Plant and Equipment Owned by Equity Method Investee | 75.00% | ' | ' | ' |
Equity Method Investments | 37,462,000 | 42,619,000 | ' | ' |
Equity Method Investment, Percentage of Cumulative Undistributed Earnings | 50.00% | ' | ' | ' |
Medusa Spar LLC Investment [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Percentage of equity method investment | 50.00% | ' | ' | ' |
Equity Method Investment, Aggregate Cost | ' | ' | ' | 43,700,000 |
Equity Method Investment, Significant Property, Plant and Equipment Owned by Equity Method Investee | 75.00% | ' | ' | ' |
Equity Method Investments | 37,376,000 | 42,540,000 | ' | ' |
Retained Earnings, Undistributed Earnings from Equity Method Investees | -4,300,000 | 900,000 | ' | ' |
Equity Method Investment, Dividends or Distributions | $5,300,000 | $8,700,000 | $6,300,000 | ' |
Selected_Balance_Sheet_Informa3
Selected Balance Sheet Information (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Inventory for remotely operated vehicles | $190,403 | $174,612 |
Inventory, Work in Process and Raw Materials | 251,386 | 156,668 |
Inventory | 441,789 | 331,280 |
Deferred income taxes | 61,589 | 22,604 |
Prepaid expenses | 69,625 | 61,627 |
Other current assets | 131,214 | 84,231 |
Intangible Assets, Net (Excluding Goodwill) | 68,522 | 78,252 |
Cash surrender value of life insurance policies | 52,862 | 42,841 |
Other | 3,262 | 13,091 |
Other non-current assets | 124,646 | 134,184 |
Equity Method Investments | 37,462 | 42,619 |
Payroll and related costs | 218,766 | 218,609 |
Accrued job costs | 72,117 | 75,037 |
Deferred revenue, including billings in excess of revenue recognized | 150,246 | 73,465 |
Other | 75,499 | 41,192 |
Accounts Payable and Accrued Liabilities, Current | 516,628 | 408,303 |
Deferred tax liabilities | 260,807 | 178,100 |
Supplemental Executive Retirement Plan | 45,144 | 35,772 |
Accrued post-employment benefit obligations | 10,528 | 12,942 |
Other | 41,493 | 14,659 |
Accounts Payable and Accrued Liabilities, Noncurrent | 357,972 | 241,473 |
Medusa Spar LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investments | 37,376 | 42,540 |
Other [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investments | $86 | $79 |
Income_Taxes_Provisions_for_In
Income Taxes - Provisions for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Domestic | $45,468 | $4,039 | $13,169 |
Foreign | 73,568 | 108,212 | 81,556 |
Total current | 119,036 | 112,251 | 94,725 |
Deferred: | ' | ' | ' |
Domestic | 56,115 | 26,170 | 12,144 |
Foreign | -4,315 | -5,516 | -4,642 |
Total deferred | 51,800 | 20,654 | 7,502 |
Total provision for income taxes | 170,836 | 132,905 | 102,227 |
Cash taxes paid | $113,760 | $92,422 | $72,825 |
Income_Taxes_Income_Before_Inc
Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $68,066 | $53,240 | $41,831 |
Foreign | 474,270 | 368,682 | 296,054 |
Income before Income Taxes | $542,336 | $421,922 | $337,885 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deferred compensation | $48,401 | $42,296 |
Deferred income | 30,101 | 10,251 |
Accrued expenses | 8,441 | 7,676 |
Other | 11,921 | 12,613 |
Gross deferred tax assets | 98,864 | 72,836 |
Valuation allowance | 0 | 0 |
Total deferred tax assets | 98,864 | 72,836 |
Deferred tax liabilities: | ' | ' |
Property and equipment | 129,441 | 106,237 |
Unremitted foreign earnings | 157,091 | 91,164 |
Basis difference in equity investments | 10,843 | 13,860 |
Other | 707 | 17,071 |
Total deferred tax liabilities | 298,082 | 228,332 |
Net deferred income tax liability | 199,218 | 155,496 |
Deferred Tax Assets (Liabilities), Net [Abstract] | ' | ' |
Deferred tax liabilities | 260,807 | 178,100 |
Deferred income taxes | -61,589 | -22,604 |
Net deferred income tax liability | $199,218 | $155,496 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Total effective tax rate | 31.50% | 31.50% | 30.30% |
United States statutory rate | 35.00% | 35.00% | 35.00% |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | ($337,000) | ($8,193,000) | $0 |
Unremitted Earnings of Foreign Subsidiaries To Be Indefinitely Reinvested | 431,000,000 | ' | ' |
Unrecognized Tax Benefits, Probability Threshold of Realizing for Tax Benefits Recognition, Minimum Percentage | ' | ' | 50.00% |
Penalties and interest expense relating to uncertain tax positions | 1,700,000 | -2,700,000 | 400,000 |
Liabilities for penalties and interest on uncertain tax | 3,300,000 | 1,700,000 | ' |
Unrecognized Tax Benefits, Including Foreign Tax Credits and Penalties and Interest | ' | $8,600,000 | ' |
Income_Taxes_Summary_of_Unreco
Income Taxes - Summary of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Beginning of year | $5,140 | $10,104 | $9,991 |
Additions based on tax positions related to the current year | 100 | 244 | 947 |
Reductions for explration statutes of limitations | -1,225 | -225 | -834 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 3,490 | 3,335 | 0 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -337 | -8,193 | 0 |
Settlements | 0 | -125 | 0 |
Balance at end of year | $7,168 | $5,140 | $10,104 |
Income_Taxes_Summary_Of_Earlie
Income Taxes - Summary Of Earliest Tax Years Open To Examination (Details) | 12 Months Ended |
Dec. 31, 2012 | |
United States [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest tax years open to examination by tax authorities | '2010 |
United Kingdom [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest tax years open to examination by tax authorities | '2010 |
Norway [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest tax years open to examination by tax authorities | '2003 |
Angola [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest tax years open to examination by tax authorities | '2008 |
Nigeria [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest tax years open to examination by tax authorities | '2007 |
Brazil [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest tax years open to examination by tax authorities | '2008 |
Australia [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest tax years open to examination by tax authorities | '2009 |
Canada [Member] | ' |
Income Tax Examination [Line Items] | ' |
Earliest tax years open to examination by tax authorities | '2009 |
Income_Taxes_Income_Taxes_Inco
Income Taxes Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
United States statutory rate | 35.00% | 35.00% | 35.00% |
State and local taxes | 0.20% | 0.13% | 0.20% |
Foreign tax rate differential | -3.70% | -2.90% | -3.30% |
Amended returns filed | 0.00% | 0.00% | -1.40% |
Other items, net | 0.00% | -0.70% | -0.20% |
Total effective tax rate | 31.50% | 31.50% | 30.30% |
Selected_Income_Statement_Info2
Selected Income Statement Information Selected Income Statement Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' |
Services | $2,174,739 | $1,887,957 | $1,369,614 |
Products | 1,112,280 | 894,647 | 823,049 |
Total revenue | 3,287,019 | 2,782,604 | 2,192,663 |
Cost of Services and Products: | ' | ' | ' |
Services | 1,624,483 | 1,418,511 | 999,396 |
Products | 788,109 | 642,199 | 603,289 |
Unallocated expenses | 108,891 | 94,036 | 81,219 |
Total cost of services and products | 2,521,483 | 2,154,746 | 1,683,904 |
Gross margin: | ' | ' | ' |
Services | 550,256 | 469,446 | 370,218 |
Products | 324,171 | 252,448 | 219,760 |
Unallocated expenses | -108,891 | -94,036 | -81,219 |
Gross Margin | $765,536 | $627,858 | $508,759 |
Debt_LongTerm_Debt_Details
Debt - Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Revolving credit facility | $0 | $94,000 |
Long-term Debt | $0 | $94,000 |
Debt_Line_of_Credit_Details
Debt - Line of Credit (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 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 | Jan. 06, 2012 | |
Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Letter of Credit [Member] | Credit Agreement 2012 [Member] | ||||
Refinancing of Debt [Member] | Minimum [Member] | Maximum [Member] | Adjusted Base Rate Advances [Member] | Adjusted Base Rate Advances [Member] | Adjusted Base Rate Advances [Member] | Adjusted Base Rate Advances [Member] | Eurodollar Advances [Member] | Eurodollar Advances [Member] | Refinancing of Debt [Member] | |||||
Adjusted Base Rate [Member] | Adjusted Base Rate [Member] | Applicable Margin [Member] | Applicable Margin [Member] | Applicable Margin [Member] | Applicable Margin [Member] | |||||||||
Federal Funds Rate [Member] | Eurodollar Rate [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Minimum [Member] | Minimum [Member] | Refinancing of Debt [Member] | Refinancing of Debt [Member] | Refinancing of Debt [Member] | Refinancing of Debt [Member] | |||||||||
Refinancing of Debt [Member] | Refinancing of Debt [Member] | |||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | 0.18% | 0.35% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | 94,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Available Additional Borrowing Capacity | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Description Of Variable Rate Basis | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | 0.13% | 0.75% | 1.13% | 1.75% | ' |
Interest Paid | $2,100,000 | $4,300,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Lease Payments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Leased Assets [Line Items] | ' | ' | ' |
2012 | $106,474,000 | ' | ' |
2013 | 101,543,000 | ' | ' |
2014 | 89,686,000 | ' | ' |
2015 | 29,255,000 | ' | ' |
2016 | 12,099,000 | ' | ' |
Thereafter | 32,689,000 | ' | ' |
Total Lease Commitments | 371,746,000 | ' | ' |
Operating Leases, Rent Expense, Net | $191,000,000 | $107,000,000 | $73,000,000 |
Recovered_Sheet2
Commitments And Contingencies - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | $45,000,000 | $42,000,000 |
Allowance for Doubtful Accounts Receivable, Current | 4,168,000 | 2,298,000 |
Collectibility of Receivables [Member] | Brazil [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accounts receivable, overdue | 4,100,000 | ' |
Allowance for Doubtful Accounts Receivable, Current | $3,300,000 | ' |
Operations_by_Business_Segment2
Operations by Business Segment and Geographic Area - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Equity Method Investment, Significant Property, Plant and Equipment Owned by Equity Method Investee | 75.00% | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | ($450) | $584 | $24,188 |
Medusa Spar LLC Investment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
Equity Method Investment, Significant Property, Plant and Equipment Owned by Equity Method Investee | 75.00% | ' | ' |
Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Major Customer Above Benchmark Threshold, Number | 1 | 1 | 0 |
BP [Member] | Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 18.00% | 13.00% | ' |
Subsea Projects Member | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | ' | ' | $19,600 |
Operations_by_Business_Segment3
Operations by Business Segment and Geographic Area - Financial Data By Business Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | $3,287,019 | $2,782,604 | $2,192,663 |
Income from Operations | 545,116 | 428,597 | 334,831 |
Depreciation, Depletion and Amortization, Nonproduction | 202,228 | 176,483 | 151,227 |
Income (Loss) from Equity Method Investments | 133 | 1,673 | 3,801 |
Oil And Gas [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 3,000,879 | 2,497,506 | 1,959,299 |
Income from Operations | 662,131 | 528,588 | 430,111 |
Depreciation, Depletion and Amortization, Nonproduction | 196,006 | 170,719 | 145,101 |
ROVs [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 981,728 | 853,520 | 755,033 |
Income from Operations | 281,973 | 248,972 | 224,705 |
Depreciation, Depletion and Amortization, Nonproduction | 128,310 | 108,933 | 100,089 |
Subsea Products [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 1,027,792 | 829,034 | 770,212 |
Income from Operations | 231,050 | 170,959 | 142,184 |
Depreciation, Depletion and Amortization, Nonproduction | 39,964 | 36,638 | 31,299 |
Subsea Projects [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 509,440 | 379,571 | 167,477 |
Income from Operations | 93,865 | 63,461 | 32,662 |
Depreciation, Depletion and Amortization, Nonproduction | 15,331 | 13,340 | 8,024 |
Income (Loss) from Equity Method Investments | 133 | 1,673 | 3,801 |
Asset Integrity [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 481,919 | 435,381 | 266,577 |
Income from Operations | 55,243 | 45,196 | 30,560 |
Depreciation, Depletion and Amortization, Nonproduction | 12,401 | 11,808 | 5,689 |
Advanced Technologies [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 286,140 | 285,098 | 233,364 |
Income from Operations | 24,954 | 21,182 | 16,661 |
Depreciation, Depletion and Amortization, Nonproduction | 2,682 | 2,677 | 3,134 |
Unallocated Expenses [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Income from Operations | -141,969 | -121,173 | -111,941 |
Depreciation, Depletion and Amortization, Nonproduction | $3,540 | $3,087 | $2,992 |
Operations_by_Business_Segment4
Operations by Business Segment and Geographic Area Operations by Business Segment and Geographic Areas - Schedule of Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $3,128,500 | $2,768,118 |
Property, Plant and Equipment, Net | 1,189,099 | 1,025,132 |
Goodwill | 344,018 | 363,193 |
Oil And Gas [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 2,824,701 | 2,465,965 |
Property, Plant and Equipment, Net | 1,167,475 | 1,002,564 |
Goodwill | 323,604 | 352,739 |
ROVs [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,117,920 | 1,017,772 |
Property, Plant and Equipment, Net | 681,027 | 597,770 |
Goodwill | 26,761 | 27,428 |
Subsea Products [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 942,607 | 727,703 |
Property, Plant and Equipment, Net | 289,015 | 213,536 |
Goodwill | 113,066 | 120,332 |
Subsea Projects [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 382,782 | 316,353 |
Property, Plant and Equipment, Net | 163,210 | 157,755 |
Asset Integrity [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 381,392 | 404,137 |
Property, Plant and Equipment, Net | 34,223 | 33,503 |
Goodwill | 183,777 | 204,979 |
Advanced Technologies [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 67,328 | 73,908 |
Property, Plant and Equipment, Net | 12,332 | 9,194 |
Goodwill | 20,414 | 10,454 |
Corporate and Other [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 236,471 | 228,245 |
Property, Plant and Equipment, Net | $9,292 | $13,374 |
Operations_by_Business_Segment5
Operations by Business Segment and Geographic Area Operations by Business Segment and Geographic Area - Other Significant Reconciling Items (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | $393,590 | $309,858 | $526,645 |
Oil And Gas [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 377,698 | 300,825 | 514,348 |
ROVs [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 225,885 | 198,323 | 135,770 |
Subsea Products [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 102,653 | 68,052 | 100,824 |
Subsea Projects [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 40,833 | 15,890 | 64,803 |
Asset Integrity [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 8,327 | 18,560 | 212,951 |
Advanced Technologies [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 13,175 | 2,953 | 5,757 |
Corporate and Other [Member] | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | $2,717 | $6,080 | $6,540 |
Operations_by_Business_Segment6
Operations by Business Segment and Geographic Area - Revenues and Long-Lived Assets by Location (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Foreign Countries | $2,180,381 | $1,827,376 | $1,318,049 |
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Entity's Country of Domicile | 1,106,638 | 955,228 | 874,614 |
Revenues | 3,287,019 | 2,782,604 | 2,192,663 |
Long-Lived Assets | 1,642,363 | 1,522,287 | 1,378,104 |
Foreign [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets | 950,959 | 914,715 | 825,465 |
Norway [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Foreign Countries | 461,915 | 461,863 | 310,891 |
Long-Lived Assets | 429,603 | 474,408 | 436,043 |
West Africa [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Foreign Countries | 696,202 | 505,541 | 316,051 |
Long-Lived Assets | 186,865 | 141,927 | 120,732 |
United Kingdom [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Foreign Countries | 383,397 | 334,319 | 256,565 |
Long-Lived Assets | 99,250 | 85,434 | 65,830 |
Asia and Australia [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Foreign Countries | 335,129 | 290,821 | 217,094 |
Long-Lived Assets | 83,885 | 65,012 | 72,518 |
Brazil [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Foreign Countries | 213,282 | 164,660 | 155,532 |
Long-Lived Assets | 112,840 | 113,829 | 99,709 |
Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Foreign Countries | 90,456 | 70,172 | 61,916 |
Long-Lived Assets | 38,516 | 34,105 | 30,633 |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Long-Lived Assets | $691,404 | $607,572 | $552,639 |
Employee_Benefit_Plans_and_Sha2
Employee Benefit Plans and Shareholder Rights Plan - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Payments Related to Tax Withholding for Share-based Compensation | ' | ' | $0 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | 4,279,000 | 2,475,000 | 1,320,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | ' | ' | 1,300,000 |
US 401K Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 18,400,000 | 16,000,000 | 14,500,000 |
Foreign Employee Savings Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 17,400,000 | 11,600,000 | 9,600,000 |
Board of Directors Chairman [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent | 6,300,000 | 6,800,000 | ' |
Trust Value Threshold for Payout to Company | 4,000,000 | ' | ' |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | 3,400,000 | 2,800,000 | 3,400,000 |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 30,000,000 | 29,000,000 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 26,000,000 | 24,000,000 | ' |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred Compensation Plan Cash Award Annual Expense | 22,900,000 | 19,900,000 | 18,800,000 |
Deferred Compensation Plan Cash Award Number of Units | 434,375 | ' | ' |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred Compensation Plan Cash Award Per Unit | ' | 0 | ' |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred Compensation Plan Cash Award Per Unit | ' | 150 | ' |
Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '7 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Restricted Stock [Member] | Board of Directors Chairman [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 14,400,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 8 months 12 days | ' | ' |
Performance Shares [Member] | Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Final Value | $0 | $0 | $0 |
Performance Shares [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Final Value | $150 | $150 | $150 |
Restricted Stock Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Compensation expense | 16,700,000 | 14,600,000 | 11,100,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards Vesting at end of Vesting Period | 60.00% | 50.00% | 50.00% |
US 401K Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | 888,000 | ' | ' |
Stock Compensation Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | $3,391,000 | ' | ' |
Employee_Benefit_Plans_and_Sha3
Employee Benefit Plans and Shareholder Rights Plan - Restricted Stock and Restricted Stock Units Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Balance, beginning of year, Number | 1,031,572 | 1,090,850 | 1,044,150 |
Balance, beginning of year. Weighted Average Date Fair Value | $42.27 | $30.49 | $25.74 |
Granted, Number | 330,705 | 337,575 | 463,400 |
Granted, Weighted Average Fair Value | $62.55 | $55.98 | $41.26 |
Vested, Number | -376,078 | -369,050 | -379,952 |
Vested, Weighted Average Fair Value | $33.18 | $20.03 | $30.81 |
Vested in Period, Aggregate Intrinsic Value | $23,904,000 | $20,325,000 | $15,563,000 |
Forfeited, Number | -25,909 | -27,803 | -36,748 |
Forfeited, Weighted Average Fair Value | $52.72 | $42.02 | $27.77 |
Balance, end of year, Number | 960,290 | 1,031,572 | 1,090,850 |
Balance, end of year. Weighted Average Fair Value | $52.53 | $42.27 | $30.49 |