Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | OCEANEERING INTERNATIONAL INC | ||
Entity Central Index Key | 73,756 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 97,850,854 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,523,463,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Rate Fair Value Hedge Asset at Fair Value | $ 1,909 | |
Current Assets: | ||
Cash and cash equivalents | 385,235 | $ 430,714 |
Accounts receivable, net of allowances for doubtful accounts | 612,785 | 778,372 |
Inventory | 328,453 | 375,588 |
Other current assets | 191,020 | 128,876 |
Total Current Assets | 1,517,493 | 1,713,550 |
Property and Equipment, at cost | 2,772,580 | 2,660,788 |
Less accumulated depreciation | 1,505,849 | 1,354,966 |
Net Property and Equipment | 1,266,731 | 1,305,822 |
Other Assets: | ||
Goodwill | 426,872 | 331,474 |
Investments in unconsolidated affiliates | 49,144 | 32,624 |
Other non-current assets | 218,440 | 154,094 |
Total Other Assets | 645,312 | 485,568 |
Total Assets | 3,429,536 | 3,504,940 |
Current Liabilities: | ||
Accounts payable | 118,277 | 123,688 |
Accrued liabilities | 477,284 | 490,260 |
Income taxes payable | 20,395 | 65,189 |
Total Current Liabilities | 615,956 | 679,137 |
Long-term Debt | 795,836 | 743,469 |
Other Long-term Liabilities | $ 439,010 | $ 424,863 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common Stock, par value $0.25 | $ 27,709 | $ 27,709 |
Additional paid-in capital | 230,179 | 229,640 |
Treasury stock | (743,577) | (656,917) |
Retained earnings | 2,364,786 | 2,240,229 |
Accumulated other comprehensive income | (300,363) | (183,190) |
Total Shareholders' Equity | 1,578,734 | 1,657,471 |
Total Liabilities and Sharesholders' Equity | $ 3,429,536 | $ 3,504,940 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowances for doubtful accounts | $ 5,893 | $ 137 |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Common stock, shares authorized | 360,000,000 | 360,000,000 |
Common stock, shares issued | 110,834,088 | 110,834,088 |
Treasury stock, shares | 12,984,829 | 11,220,682 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | $ 3,062,754 | $ 3,659,624 | $ 3,287,019 |
Cost of services and products | 2,457,325 | 2,800,423 | 2,521,483 |
Gross Margin | 605,429 | 859,201 | 765,536 |
Selling, general and administrative expense | 231,619 | 230,871 | 220,420 |
Income from Operations | 373,810 | 628,330 | 545,116 |
Interest income | 607 | 293 | 554 |
Interest expense, net of amounts capitalized | (25,050) | (4,708) | (2,194) |
Equity earnings of unconsolidated affiliates | 2,230 | (51) | 133 |
Other income (expense), net | (15,336) | (387) | (1,273) |
Income before Income Taxes | 336,261 | 623,477 | 542,336 |
Provision for income taxes | 105,250 | 195,148 | 170,836 |
Net Income | $ 231,011 | $ 428,329 | $ 371,500 |
Cash Dividends declared per Share | $ 1.08 | $ 1.03 | $ 0.84 |
Basic Earnings per Share | $ 2.35 | $ 4.02 | $ 3.43 |
Weighted Average Number of Shares Outstanding, Basic | 98,417 | 106,593 | 108,158 |
Diluted Earnings per Share | $ 2.34 | $ 4 | $ 3.42 |
Weighted Average Number of Shares Outstanding, Diluted | 98,808 | 107,091 | 108,731 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization of Intangible Assets | $ 7,800 | $ 6,600 | $ 5,200 |
Cash Flows from Operating Activities: | |||
Net Income | 231,011 | 428,329 | 371,500 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 241,235 | 229,779 | 202,228 |
Deferred income tax provision | 29,090 | 70,717 | 51,800 |
Net loss (gain) on dispositions of property and equipment | 4,917 | (1,165) | 450 |
Noncash compensation | 17,289 | 20,034 | 19,380 |
Distributions from unconsolidated affiliates greater than earnings | 0 | 0 | 878 |
Excluding the effects of acquisitions, increase (decrease) in cash from: | |||
Accounts receivable | 178,796 | (8,482) | (101,912) |
Inventory | 59,182 | 66,327 | (110,508) |
Other operating assets | (65,786) | (11,197) | (22,380) |
Currency translation effect on working capital | (30,228) | (21,603) | (12,114) |
Accounts payable and accrued liabilites | (44,783) | (43,507) | 128,297 |
Income taxes payable | (45,943) | (15,639) | 2,435 |
Other operating liabilities | (14,372) | 8,169 | 1,370 |
Total adjustments to net income | 329,397 | 293,433 | 159,924 |
Net Cash Provided by Operating Activities | 560,408 | 721,762 | 531,424 |
Cash Flows from Investing Activities: | |||
Purchases of property and equipment | (199,970) | (386,883) | (382,531) |
Business acquisitions, net of cash acquired | (224,018) | (39,788) | (11,059) |
Payments to Acquire Other Investments | (19,531) | 0 | 0 |
Distributions of capital from unconsolidated affiliates | 5,963 | 4,772 | 4,279 |
Dispositions of property and equipment and equity investment | 376 | 2,427 | 11,666 |
Net Cash Used in Investing Activities | (437,180) | (419,472) | (377,645) |
Cash Flows from Financing Activities: | |||
Net proceeds of 4.65% Senior Notes, including issuance costs | 0 | 493,125 | 0 |
Net proceeds (payments) of bank credit facilities, including issuance costs | 49,665 | 248,429 | (93,739) |
Excess tax benefits from stock-based compensation | 247 | 3,932 | 4,279 |
Cash dividends | (106,454) | (109,742) | (90,885) |
Purchases of treasury stock | (100,459) | (590,384) | 0 |
Net Cash Provided by (Used in) Financing Activities | (157,001) | 45,360 | (180,345) |
Effect of Exchange Rate on Cash and Cash Equivalents | (11,706) | (8,366) | (2,553) |
Net Increase (Decrease) in Cash and Cash Equivalents | (45,479) | 339,284 | (29,119) |
Cash and Cash Equivalents-Beginning of Period | 430,714 | 91,430 | 120,549 |
Cash and Cash Equivalents-End of Period | $ 385,235 | $ 430,714 | $ 91,430 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 231,011 | $ 428,329 | $ 371,500 |
Other comprehensive income, net of tax: | |||
Foreign currency translation adjustments | (118,705) | (128,666) | (71,282) |
Pension-related adjustments | 1,531 | (1,947) | 859 |
Other comprehensive income | (117,174) | (130,613) | (70,423) |
Comprehensive Income | $ 113,837 | $ 297,716 | $ 301,077 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | 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] |
Balance, shares at Dec. 31, 2012 | 110,834 | ||||||
Common Stock, Value, Issued at Dec. 31, 2012 | $ 27,709 | ||||||
Additional Paid in Capital at Dec. 31, 2012 | $ 212,940 | ||||||
Treasury Stock, Carrying Basis at Dec. 31, 2012 | $ (84,062) | ||||||
Retained Earnings at Dec. 31, 2012 | $ 1,641,027 | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2012 | $ 21,138 | ||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax at Dec. 31, 2012 | $ (3,292) | ||||||
Balance at Dec. 31, 2012 | $ 1,815,460 | ||||||
Stockholders' Equity [Roll Forward] | |||||||
Net Income | 371,500 | 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, shares at Dec. 31, 2013 | 110,834 | ||||||
Common Stock, Value, Issued at Dec. 31, 2013 | $ 27,709 | ||||||
Additional Paid in Capital at Dec. 31, 2013 | 222,402 | ||||||
Treasury Stock, Carrying Basis at Dec. 31, 2013 | (75,736) | ||||||
Retained Earnings at Dec. 31, 2013 | 1,921,642 | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2013 | (50,144) | ||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax at Dec. 31, 2013 | (2,433) | ||||||
Balance at Dec. 31, 2013 | 2,043,440 | ||||||
Stockholders' Equity [Roll Forward] | |||||||
Net Income | 428,329 | 428,329 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (128,666) | (128,666) | |||||
Other Comprehensive Income | (130,613) | ||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1,947 | (1,947) | |||||
Restricted stock unit activity | (12,509) | (4,311) | (8,198) | ||||
Restricted stock activity | 0 | (1,005) | 1,005 | ||||
Tax benefits from stock plans | 3,932 | 3,932 | |||||
Cash dividends | (109,742) | (109,742) | |||||
Treasury Stock, Value, Acquired, Cost Method | (590,384) | (590,384) | |||||
Balance, shares at Dec. 31, 2014 | 110,834 | ||||||
Common Stock, Value, Issued at Dec. 31, 2014 | 27,709 | $ 27,709 | |||||
Additional Paid in Capital at Dec. 31, 2014 | 229,640 | ||||||
Treasury Stock, Carrying Basis at Dec. 31, 2014 | (656,917) | ||||||
Retained Earnings at Dec. 31, 2014 | 2,240,229 | 2,240,229 | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2014 | (178,810) | ||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax at Dec. 31, 2014 | (4,380) | ||||||
Balance at Dec. 31, 2014 | 1,657,471 | ||||||
Stockholders' Equity [Roll Forward] | |||||||
Net Income | 231,011 | 231,011 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (118,705) | (118,705) | |||||
Other Comprehensive Income | (117,174) | ||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (1,531) | 1,531 | |||||
Restricted stock unit activity | (14,092) | (2,164) | (11,928) | ||||
Restricted stock activity | 0 | (1,871) | 1,871 | ||||
Tax benefits from stock plans | 247 | 247 | |||||
Cash dividends | (106,454) | (106,454) | |||||
Treasury Stock, Value, Acquired, Cost Method | (100,459) | (100,459) | |||||
Balance, shares at Dec. 31, 2015 | 110,834 | ||||||
Common Stock, Value, Issued at Dec. 31, 2015 | 27,709 | $ 27,709 | |||||
Additional Paid in Capital at Dec. 31, 2015 | $ 230,180 | ||||||
Treasury Stock, Carrying Basis at Dec. 31, 2015 | $ (743,577) | ||||||
Retained Earnings at Dec. 31, 2015 | 2,364,786 | $ 2,364,786 | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2015 | $ (297,515) | ||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax at Dec. 31, 2015 | $ (2,849) | ||||||
Balance at Dec. 31, 2015 | $ 1,578,734 |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Treasury stock, shares | 2,000,000 | 8,900,000 | 0 |
Summary Of Major Accounting Pol
Summary Of Major Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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. We use the cost method for all other long-term investments. Investments in entities that we do not consolidate are reflected on our balance sheet in Other non-current assets. All significant intercompany accounts and transactions have been eliminated. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") 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 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. During the second quarter of 2015, we recorded an inventory write-down of $9 million upon our decision to cease manufacturing subsea blow out preventer ("BOP") control systems. In the fourth quarter of 2015, we recorded an inventory write-down of $16.0 million attributable to remotely operated vehicle components, as we determined the components would not be used as a result of the deterioration in market conditions. Property and Equipment and Long-Lived Intangible Assets. 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. Long-lived 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 10 years. Amortization expense on intangible assets was $7.8 million , $6.6 million and $5.2 million in 2015 , 2014 and 2013 , respectively. 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 capitalized $2.4 million and $0.7 million of interest in 2015 and 2014 , respectively and no interest in 2013. 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 our property and equipment and long-lived intangible assets 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 benefits 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 an 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. We made several smaller acquisitions during the periods presented, none of which were material. In April 2015, we completed the acquisition of C & C Technologies, Inc. ("C&C"). C&C is a global provider of ocean-bottom mapping services in deepwater utilizing customized autonomous underwater vehicles and provides marine construction surveys for both surface and subsea assets, as well as satellite-based positioning services for drilling rigs and seismic and construction vessels. C&C also provides land and near-shore survey services along the U.S. Gulf Coast and in Mexico, and performs shallow water conventional geophysical surveys in the U.S. Gulf of Mexico. The acquisition price of approximately $224 million was paid in cash. 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. This purchase price allocation is preliminary and is subject to change when we obtain final asset and liability valuations. Based on the terms of the acquisition agreement, all of our goodwill and other intangible assets associated with the C&C acquisition will be deductible for income tax purposes. We have included C&C's operations in our consolidated financial statements starting from the date of closing, and its operating results are reflected in our Subsea Projects segment. The acquisition of C&C did not have a material effect on our operating results, cash flows from operations or financial position. Goodwill. In our annual evaluation of goodwill impairment, we 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, we determine 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 we conclude otherwise, then we are required to perform the first step of the two-step impairment test. We tested the goodwill attributable to each of our reporting units for impairment as of December 31, 2015 and 2014 and concluded that there was no impairment. The only changes in our reporting units' goodwill balances during the periods presented are from business acquisitions, as discussed above, and currency exchange rate changes. For information regarding goodwill by business segment, see Note 7. 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 2015 , we accounted for 16% 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, may 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. In prior years, we have recorded adjustments to earnings as a result of revisions to contract estimates. 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) 2015 2014 Revenue recognized $ 694,690 $ 368,888 Less: Billings to customers (649,550 ) (312,968 ) Revenue in excess of amounts billed $ 45,140 $ 55,920 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) 2015 2014 Amounts billed to customers $ 302,904 $ 196,501 Less: Revenue recognized (190,812 ) (109,547 ) Billings in excess of revenue recognized $ 112,092 $ 86,954 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 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% 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, net of tax, 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 $(15.4) million , $(0.5) million and $0.1 million of foreign currency transaction gains (losses) in 2015 , 2014 and 2013 , respectively, and those amounts are included as a component of Other income (expense), net. Earnings per Share. For each year presented, the only difference between our annual calculated weighted average basic and diluted number of shares outstanding is the effect of outstanding restricted stock units. Repurchase Plans. In February 2010, our Board of Directors approved a program to repurchase up to 12 million shares of our common stock. In 2014, we completed the purchase of the shares authorized under that program by repurchasing the remaining 8.9 million shares for $590 million . The total cost for the repurchase of the 12 million shares of our common stock was $677 million . In December 2014, following completion of the February 2010 program, our Board of Directors approved a new share repurchase program under which we may repurchase up to 10 million shares of our common stock on a discretionary basis. The December 2014 program calls for the repurchases to be made in the open market, or in privately negotiated transactions from time to time, in compliance with applicable laws, rules and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, applicable legal requirements and other relevant factors. The timing and amount of any repurchases will be determined by management based on its evaluation of these factors. We expect that any shares repurchased under the new program will be held as treasury stock for future use. The new program does not obligate us to repurchase any particular number of shares. Under the new program, we had repurchased 2 million shares of our common stock for $100 million through December 31, 2015 . We account for the shares we hold in treasury under the cost method, at average cost. 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, other comprehensive income or changes in assets or liabilities, depending on whether a derivative instrument is designated as part of a hedge relationship and, if it is, the type of hedge relationship. See Note 6 for information relative to the interest rate swap we have had in effect since 2014. During the year ended December 31, 2013 , we had no derivative instruments in effect. New Accounting Standards. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers ." ASU 2014-09, as amended, completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. ASU 2014-09 is effective for us for interim and annual reporting periods beginning after December 15, 2017. Early application is not permitted before periods beginning after December 15, 2016, and we have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. We are currently evaluating the requirements of ASU 2014-09 and have not yet determined its impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for our financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted, and we adopted this update in the second quarter of 2015 and reclassified prior period amounts to conform with the new presentation. In July 2015, the FASB issued ASU 2015-11, "Inventory - Simplifying the Measurement of Inventory." ASU 2015-11 requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for our inventories beginning January 1, 2017. We do not anticipate that this update will have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments." This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for our financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not anticipate that this update will have a material impact on our consolidated financial statements. In November 2015, , the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. The Update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for our financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application is permitted. We do not anticipate that this update will have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities." This update: • requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; • simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; • eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; • requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; • requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; • requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and • clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 will be effective for us beginning on January 1, 2018. We are currently assessing the impact of these requirements on our consolidated financial statements and future disclosures. |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 Inventory: Remotely operated vehicle parts and components $ 163,539 $ 207,885 Other inventory, primarily raw materials 164,914 167,703 Total $ 328,453 $ 375,588 Other Current Assets: Deferred income taxes $ 57,337 $ 49,809 Prepaid expenses 133,683 79,067 Total $ 191,020 $ 128,876 Other Non-Current Assets: Intangible assets, net $ 93,701 $ 60,895 Cash surrender value of life insurance policies 55,924 53,653 Investment in unconsolidated affiliates 49,144 32,624 Other 19,671 6,922 Total $ 218,440 $ 154,094 Accrued Liabilities: Payroll and related costs $ 161,228 $ 209,481 Accrued job costs 79,857 79,894 Deferred revenue 157,042 116,936 Other 79,157 83,949 Total $ 477,284 $ 490,260 Other Long-Term Liabilities: Deferred income taxes $ 353,181 $ 322,758 Supplemental Executive Retirement Plan 46,931 45,423 Long-Term Incentive Plan 15,650 29,482 Accrued post-employment benefit obligations 7,511 11,349 Other 15,737 15,851 Total $ 439,010 $ 424,863 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Our provisions for income taxes and our cash taxes paid are as follows: Year Ended December 31, (in thousands) 2015 2014 2013 Current: Domestic $ 11,028 $ 17,856 $ 45,468 Foreign 65,132 106,575 73,568 Total current 76,160 124,431 119,036 Deferred: Domestic 40,284 73,520 56,115 Foreign (11,194 ) (2,803 ) (4,315 ) Total deferred 29,090 70,717 51,800 Total provision for income taxes $ 105,250 $ 195,148 $ 170,836 Cash taxes paid $ 119,591 $ 139,724 $ 113,760 The components of income before income taxes are as follows: Year Ended December 31, (in thousands) 2015 2014 2013 Domestic $ 51,018 $ 110,800 $ 68,066 Foreign 285,243 512,677 474,270 Income before income taxes $ 336,261 $ 623,477 $ 542,336 As of December 31, 2015 and 2014 , our worldwide deferred tax assets, liabilities and net deferred tax liabilities were as follows: December 31, (in thousands) 2015 2014 Deferred tax assets: Deferred compensation $ 46,973 $ 50,829 Deferred income 18,787 16,305 Accrued expenses 12,624 9,235 Other 55,547 27,808 Gross deferred tax assets 133,931 104,177 Valuation allowance — — Total deferred tax assets $ 133,931 $ 104,177 Deferred tax liabilities: Property and equipment $ 126,079 $ 128,958 Unremitted foreign earnings not considered indefinitely reinvested 296,018 238,133 Basis difference in equity investments 7,678 8,947 Other — 1,088 Total deferred tax liabilities $ 429,775 $ 377,126 Net deferred income tax liability $ 295,844 $ 272,949 Our net deferred tax liability is reflected within our balance sheet as follows: December 31, (in thousands) 2015 2014 Deferred tax liabilities $ 353,181 $ 322,758 Current deferred tax assets (57,337 ) (49,809 ) Net deferred income tax liability $ 295,844 $ 272,949 At December 31, 2015 , we had approximately $40 million of foreign tax credits and $9.6 million of net operating losses available to reduce future payments of U.S. federal income taxes. The tax credits expire commencing in 2024, and the net operating losses expire commencing in 2032. 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, 2015 2014 2013 United States statutory rate 35.0 % 35.0 % 35.0 % State and local taxes — 0.1 0.2 Foreign tax rate differential (2.5 ) (2.6 ) (3.7 ) Other items, net (1.2 ) (1.2 ) — Total effective tax rate 31.3 % 31.3 % 31.5 % We consider $641 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 not considered indefinitely reinvested. 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% 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 $(0.9) million , $(0.4) million and $1.7 million in 2015 , 2014 and 2013 , respectively, for penalties and interest on uncertain tax positions, which brought our total liabilities for penalties and interest on uncertain tax positions to $2.0 million and $2.9 million on our balance sheets at December 31, 2015 and 2014 , respectively. All additions or reductions to those liabilities would 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) 2015 2014 2013 Beginning of year $ 5,575 $ 7,168 $ 5,140 Additions based on tax positions related to the current year 260 432 100 Reductions for expiration of statutes of limitations (1,649 ) (1,572 ) (1,225 ) Additions based on tax positions related to prior years 1,059 254 3,490 Reductions based on tax positions related to prior years — (707 ) (337 ) Settlements — — — Balance at end of year $ 5,245 $ 5,575 $ 7,168 Including associated foreign tax credits and penalties and interest, we have accrued a net total of $5.7 million in the caption "other long-term liabilities" on our balance sheet at December 31, 2015 for unrecognized tax benefits. 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 2012 United Kingdom 2012 Norway 2005 Angola 2010 Brazil 2010 Australia 2011 |
Selected Income Statement Infor
Selected Income Statement Information Selected Income Statement Information (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 Revenue: Services $ 2,001,167 $ 2,336,304 $ 2,174,739 Products 1,061,587 1,323,320 1,112,280 Total revenue 3,062,754 3,659,624 3,287,019 Cost of Services and Products: Services 1,585,305 1,742,411 1,624,483 Products 800,316 946,923 788,109 Unallocated expenses 71,704 111,089 108,891 Total cost of services and products 2,457,325 2,800,423 2,521,483 Gross margin: Services 415,862 593,893 550,256 Products 261,271 376,397 324,171 Unallocated expenses (71,704 ) (111,089 ) (108,891 ) Total gross margin $ 605,429 $ 859,201 $ 765,536 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Long-term Debt consisted of the following: December 31, (in thousands) 2015 2014 4.650% Senior Notes due 2024: Principal of the notes $ 500,000 $ 500,000 Issuance costs, net of amortization (6,073 ) (6,761 ) Fair value of interest rate swap on $100 million of principal 1,909 230 Term Loan Facility 300,000 250,000 Revolving Credit Facility — — Long-term Debt $ 795,836 $ 743,469 In October 2014, we entered into a new credit agreement (as amended, the "Credit Agreement") with a group of banks to replace our prior principal credit agreement. The Credit Agreement provides for a $300 million three-year term loan (the "Term Loan Facility") and a $500 million five-year revolving credit facility (the "Revolving Credit Facility"). Subject to certain conditions, the aggregate commitments under the Revolving Credit Facility may be increased by up to $300 million at any time upon agreement between us and existing or additional lenders. Borrowings under the Revolving Credit Facility and the Term Loan Facility may be used for general corporate purposes. Simultaneously with the execution of the Credit Agreement and pursuant to its terms, we repaid all amounts outstanding under, and terminated, the prior credit agreement. In November 2015, we entered into an Agreement and Amendment No. 1 to Credit Agreement (the "Amendment") to the Credit Agreement. The Amendment amended the Credit Agreement to (1) replace the maximum leverage ratio financial covenant with a new financial covenant restricting the maximum total capitalization ratio (defined in the Amendment to be the ratio of consolidated debt to total capitalization) to 55% and (2) extend the maturities of the Term Loan Facility and the Revolving Credit Facility by one year each, to October 27, 2018 and October 25, 2020, respectively, with the extending Lenders, which represent 93.75% of the existing commitments of the Lenders, such that (a) the total commitments for the Revolving Credit Facility will be $500 million until October 25, 2019 and thereafter $468.75 million until October 25, 2020, and (b) the outstanding term loan advances pursuant to the Term Loan Facility will be $300 million until October 27, 2017 and thereafter $281.25 million until October 27, 2018 . Borrowings under the Credit Agreement bear interest at an Adjusted Base Rate or the Eurodollar Rate (both as defined in the Credit Agreement), at our option, plus an applicable margin initially based on our Leverage Ratio (as defined in the Credit Agreement) and, at our election, based on the ratings of our senior unsecured debt by designated ratings services, thereafter to be based on such debt ratings. The applicable margin varies: (1) in the case of advances bearing interest at the Adjusted Base Rate, from 0.125% to 0.750% for borrowings under the Revolving Credit Facility and from 0% to 0.500% for borrowings under the Term Loan Facility; and (2) in the case of advances bearing interest at the Eurodollar Rate, from 1.125% to 1.750% for borrowings under the Revolving Credit Facility and from 1.000% to 1.500% for borrowings under the Term Loan Facility. The Adjusted Base Rate is the highest 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 daily one-month LIBOR plus 1% . We pay a commitment fee ranging from 0.125% to 0.300% on the unused portion of the Revolving Credit Facility, depending on our Leverage Ratio. The commitment fees are included as interest expense in our consolidated financial statements. The Credit Agreement contains various covenants that we believe are customary for agreements of this nature, including, but not limited to, restrictions on our ability and the ability of each of our subsidiaries to incur 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 a maximum Capitalization Ratio of 55%. The Credit Agreement includes customary events of default and associated remedies. As of December 31, 2015 , we were in compliance with all the covenants set forth in the Credit Agreement. In November 2014, we completed the public offering of $500 million aggregate principal amount of 4.650% Senior Notes due 2024 (the "Senior Notes"). We pay interest on the Senior Notes on May 15 and November 15 of each year, beginning on May 15, 2015. The Senior Notes are scheduled to mature on November 15, 2024. We may redeem some or all of the Senior Notes at specified redemption prices. We used the net proceeds from the offering for general corporate purposes, including funding the C&C acquisition, other capital expenditures and repurchases of shares of our common stock. We incurred $6.9 million of issuance costs related to the Senior Notes and $2.2 million of new loan costs, including costs of the Amendment, related to the Credit Agreement. We are amortizing these costs, which are included on our balance sheet as a reduction of debt for the Senior Notes and as an other non-current asset for the Credit Agreement, to interest expense over ten years for the Senior Notes and over six years for the Revolving Credit Facility and the Term Loan Facility. We made cash interest payments of $27.2 million , $3.7 million and $2.1 million in 2015 , 2014 and 2013 , respectively. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 6. COMMITMENTS AND CONTINGENCIES Lease Commitments At December 31, 2015 , 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) 2016 $ 123,503 2017 55,377 2018 23,860 2019 15,313 2020 13,754 Thereafter 86,384 Total Lease Commitments $ 318,191 Rental expense, which includes hire of vessels, specialized equipment and real estate rental, was approximately $229 million , $257 million and $191 million in 2015 , 2014 and 2013 , 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 On June 17, 2014, a purported shareholder filed a derivative complaint against all of the then-current members of our board of directors and one of our former directors, as defendants, and our company, as nominal defendant, in the Court of Chancery of the State of Delaware. Through the complaint, the plaintiff is asserting, on behalf of our company, actions for breach of fiduciary duties and unjust enrichment in connection with prior determinations of our board of directors relating to nonexecutive director compensation. The plaintiff is seeking relief including disgorgement of payments made to the defendants, an award of unspecified damages and an award for attorneys’ fees and other costs. We and the defendants filed a motion to dismiss the complaint and a supporting brief on September 5, 2014, asserting that the complaint failed to state a claim on which relief could be granted, and further that the plaintiff did not comply with procedural requirements necessary to allow him to commence litigation against certain directors on our behalf. The Court has not yet ruled on that motion. In any event, our company is only a nominal defendant in this litigation, and we do not expect the resolution of this matter to have a material adverse effect on our results of operations, cash flows or financial position. Various other 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 that our ultimate liability, if any, that may result from these other actions and claims will not materially affect our results of operations, cash flows or financial position. Letters of Credit We had $58 million and $70 million in letters of credit outstanding as of December 31, 2015 and 2014 , respectively, as guarantees in force for self-insurance requirements and various bid and performance 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 the underlying 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 values 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 under U.S. GAAP (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). We estimated the fair market value of the Senior Notes to be $422 million at December 31, 2015 . We arrived at this estimate by computing the net present value of the future principal and interest payments using a yield to maturity interest rate for securities of similar credit quality and term. The Senior Notes are classified as Level 2 in the fair value hierarchy under U.S. GAAP. We have an interest rate swap in place on $100 million of the Senior Notes for the period from November 2014 to November 2024. The agreement swaps the fixed interest rate of 4.650% on $100 million of the Senior Notes to the floating rate of one month LIBOR plus 2.426%. We estimate the fair value of the interest rate swap to be an asset, included on our balance sheet in our other non-current assets, of $1.9 million at December 31, 2015 . This asset value was arrived at using a discounted cash flow model using Level 2 inputs. |
Operations by Business Segment
Operations by Business Segment and Geographic Area | 12 Months Ended |
Dec. 31, 2015 | |
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, aerospace and commercial theme park 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 and related services. Our Subsea Projects segment provides multiservice subsea support vessels and oilfield diving and support vessel operations, primarily for inspection, maintenance and repair and installation activities. Since April 2015, we have also provided survey, autonomous underwater vehicle ("AUV") and satellite-positioning services. 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, 2015 from those used in our consolidated financial statements for the years ended December 31, 2014 and 2013 . 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) 2015 2014 2013 Revenue Oilfield Remotely Operated Vehicles $ 807,723 $ 1,069,022 $ 981,728 Subsea Products 959,714 1,238,746 1,027,792 Subsea Projects 604,484 588,572 509,440 Asset Integrity 372,957 500,237 481,919 Total Oilfield 2,744,878 3,396,577 3,000,879 Advanced Technologies 317,876 263,047 286,140 Total $ 3,062,754 $ 3,659,624 $ 3,287,019 Income from Operations Oilfield Remotely Operated Vehicles $ 192,514 $ 320,550 $ 281,973 Subsea Products 175,585 281,239 231,050 Subsea Projects 92,034 107,852 93,865 Asset Integrity 18,235 55,469 55,243 Total Oilfield 478,368 765,110 662,131 Advanced Technologies 9,689 13,230 24,954 Unallocated Expenses (114,247 ) (150,010 ) (141,969 ) Total $ 373,810 $ 628,330 $ 545,116 Depreciation and Amortization Expense Oilfield Remotely Operated Vehicles $ 143,364 $ 145,691 $ 128,310 Subsea Products 49,792 46,085 39,964 Subsea Projects 29,863 18,561 15,331 Asset Integrity 10,713 12,775 12,401 Total Oilfield 233,732 223,112 196,006 Advanced Technologies 2,549 2,574 2,682 Unallocated Expenses 4,954 4,093 3,540 Total $ 241,235 $ 229,779 $ 202,228 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 2015, we recognized restructuring expenses of $25.4 million , attributable to each reporting segment as follows: • Remotely Operated Vehicles - $7.2 million ; • Subsea Products - $8.7 million ; • Subsea Projects - $2.5 million ; • Asset Integrity - $6.4 million ; • Advanced Technologies - $0.2 million ; and • Unallocated Expenses - $0.4 million . The restructuring expenses consisted substantially of severance costs that totaled $23.1 million during the year, of which $7.0 million was unpaid at December 31, 2015. During each of 2015 , 2014 and 2013 , revenue from one customer, BP plc and subsidiaries, accounted for 18% of our total consolidated annual revenue. The following table presents Assets, Property and Equipment and Goodwill by business segment as of the dates indicated: December 31, (in thousands) 2015 2014 Assets Oilfield Remotely Operated Vehicles $ 951,001 $ 1,148,680 Subsea Products 890,041 904,935 Subsea Projects 671,019 448,378 Asset Integrity 295,955 347,411 Total Oilfield 2,808,016 2,849,404 Advanced Technologies 97,764 86,203 Corporate and Other 523,756 569,333 Total $ 3,429,536 $ 3,504,940 Property and Equipment, net Oilfield Remotely Operated Vehicles $ 580,315 $ 693,240 Subsea Products 348,042 336,125 Subsea Projects 277,695 214,478 Asset Integrity 35,359 41,624 Total Oilfield 1,241,411 1,285,467 Advanced Technologies 12,614 8,780 Corporate and Other 12,706 11,575 Total $ 1,266,731 $ 1,305,822 Goodwill Oilfield Remotely Operated Vehicles $ 24,344 $ 25,458 Subsea Products 88,279 99,656 Subsea Projects 149,389 19,712 Asset Integrity 143,018 164,806 Total Oilfield 405,030 309,632 Advanced Technologies 21,842 21,842 Total $ 426,872 $ 331,474 All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and certain 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) 2015 2014 2013 Capital Expenditures Oilfield Remotely Operated Vehicles $ 57,558 $ 188,848 $ 225,885 Subsea Products 69,434 112,851 102,653 Subsea Projects 276,308 91,918 40,833 Asset Integrity 9,841 27,027 8,327 Total Oilfield 413,141 420,644 377,698 Advanced Technologies 5,015 2,352 13,175 Corporate and Other 5,832 3,675 2,717 Total $ 423,988 $ 426,671 $ 393,590 Geographic Operating Areas The following table summarizes certain financial data by geographic area: Year Ended December 31, (in thousands) 2015 2014 2013 Revenue Foreign: Africa $ 659,038 $ 795,229 $ 696,202 United Kingdom 367,326 456,804 383,397 Norway 250,272 488,789 461,915 Asia and Australia 245,978 317,277 335,129 Brazil 118,056 185,299 213,282 Other 116,647 98,881 90,456 Total Foreign 1,757,317 2,342,279 2,180,381 United States 1,305,437 1,317,345 1,106,638 Total $ 3,062,754 $ 3,659,624 $ 3,287,019 Long-Lived Assets Foreign: Norway $ 274,868 $ 332,503 $ 429,603 Africa 205,440 215,122 186,865 United Kingdom 138,327 113,191 99,250 Asia and Australia 71,438 90,061 83,885 Brazil 57,896 99,269 112,840 Other 43,128 56,079 38,516 Total Foreign 791,097 906,225 950,959 United States 1,070,841 838,273 691,404 Total $ 1,861,938 $ 1,744,498 $ 1,642,363 Revenue is based on location where services are performed and products are manufactured. |
Employee Benefit Plans and Shar
Employee Benefit Plans and Shareholder Rights Plan | 12 Months Ended |
Dec. 31, 2015 | |
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 $22.8 million , $21.3 million and $18.4 million for the plan years ended December 31, 2015 , 2014 and 2013 , 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 on 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 $1.1 million and $0.8 million in 2015 and 2014 , respectively. We also make matching contributions to foreign employee savings plans similar in nature to a 401(k) plan. In 2015 , 2014 and 2013 , these contributions, principally related to plans associated with U.K. and Norwegian subsidiaries, were $15.1 million , $18.7 million and $17.4 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 2015 , 2014 and 2013 were $3.3 million , $3.3 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 $28 million and $32 million , at December 31, 2015 and 2014 , respectively, and the fair values of the plan assets (using Level 2 inputs) for both plans were $26 million and $27 million at December 31, 2015 and 2014 , respectively. Incentive Plan Under our Amended and Restated 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(s) 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 has been no stock option activity after December 31, 2010 and 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 2015 , 2014 and 2013 , the Compensation Committee granted awards of performance units to certain of our key executives and employees and, in 2014 and 2013, our Board of Directors granted performance units under a prior incentive plan to our Chairman of the Board of Directors (our "Chairman"). 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, 2017 , 2016 and 2015 to be used as the basis for the final value of the performance units. The final value of each performance unit granted in 2015 , 2014 and 2013 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 $6.8 million , $22.8 million and $22.9 million in 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , there were 462,674 performance units outstanding. During 2015 , 2014 and 2013 , the Compensation Committee granted restricted units of our common stock to certain of our key executives and employees. During 2015, our Board of Directors granted restricted common stock to our nonemployee directors. During 2014 and 2013 , our Board of Directors granted restricted units of our common stock to our Chairman and restricted common stock to our other nonemployee directors. Over 65% , 60% , and 60% of the grants made to our employees in 2015 , 2014 and 2013 , 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 of restricted stock units made to our Chairman vest pro rata over three years, as these participants meet certain age and years-of-service requirements. For the grants of restricted stock units 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, following termination of employment or service. The grants of restricted stock to our nonemployee directors were scheduled to vest in full on the first anniversary of the award date conditional upon continued service as a director, with two exceptions. In each of February 2013 and February 2015, 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 the director's service continued until the election of directors at our subsequent annual meeting of shareholders in April 2013 and May 2015, respectively. Both directors 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 (additional charge) realized from tax deductions in excess of (less than) the financial statement expense of our restricted stock grants was $(0.9) million , $3.1 million and $3.4 million in 2015 , 2014 and 2013 , respectively. The following is a summary of our restricted stock and restricted stock unit activity for 2015 , 2014 and 2013 : Number Weighted Average Fair Value Aggregate Intrinsic Value 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 Granted 299,274 70.63 Issued (411,800 ) 43.57 $ 29,043,000 Forfeited (33,364 ) 62.66 Balance at December 31, 2014 814,400 63.30 Granted 380,991 52.40 Issued (311,119 ) 57.94 $ 16,518,000 Forfeited (52,981 ) 60.45 Balance at December 31, 2015 831,291 $ 60.49 The restricted stock units granted in 2015 , 2014 and 2013 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. Grants of restricted stock units are valued at their estimated fair values as of their respective grant dates. The grants in 2015 , 2014 and 2013 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 $15.9 million , $17.2 million and $16.7 million for 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , we had $14.9 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 $5.1 million and $5.7 million at December 31, 2015 and 2014 , 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 P17
Summary Of Major Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers ." ASU 2014-09, as amended, completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. ASU 2014-09 is effective for us for interim and annual reporting periods beginning after December 15, 2017. Early application is not permitted before periods beginning after December 15, 2016, and we have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. We are currently evaluating the requirements of ASU 2014-09 and have not yet determined its impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for our financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted, and we adopted this update in the second quarter of 2015 and reclassified prior period amounts to conform with the new presentation. In July 2015, the FASB issued ASU 2015-11, "Inventory - Simplifying the Measurement of Inventory." ASU 2015-11 requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for our inventories beginning January 1, 2017. We do not anticipate that this update will have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments." This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for our financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not anticipate that this update will have a material impact on our consolidated financial statements. In November 2015, , the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. The Update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for our financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application is permitted. We do not anticipate that this update will have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities." This update: • requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; • simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; • eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; • requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; • requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; • requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and • clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 will be effective for us beginning on January 1, 2018. We are currently assessing the impact of these requirements on our consolidated financial statements and future disclosures. |
Treasury Stock [Text Block] | Repurchase Plans. In February 2010, our Board of Directors approved a program to repurchase up to 12 million shares of our common stock. In 2014, we completed the purchase of the shares authorized under that program by repurchasing the remaining 8.9 million shares for $590 million . The total cost for the repurchase of the 12 million shares of our common stock was $677 million . In December 2014, following completion of the February 2010 program, our Board of Directors approved a new share repurchase program under which we may repurchase up to 10 million shares of our common stock on a discretionary basis. The December 2014 program calls for the repurchases to be made in the open market, or in privately negotiated transactions from time to time, in compliance with applicable laws, rules and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, applicable legal requirements and other relevant factors. The timing and amount of any repurchases will be determined by management based on its evaluation of these factors. We expect that any shares repurchased under the new program will be held as treasury stock for future use. The new program does not obligate us to repurchase any particular number of shares. Under the new program, we had repurchased 2 million shares of our common stock for $100 million through December 31, 2015 . We account for the shares we hold in treasury under the cost method, at average cost. |
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. We use the cost method for all other long-term investments. Investments in entities that we do not consolidate are reflected on our balance sheet in Other non-current assets. 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 ("U.S. GAAP") 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 investment. |
Accounts Receivable | 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. Inventory is valued at lower of cost or market. We determine cost using the weighted-average method. During the second quarter of 2015, we recorded an inventory write-down of $9 million upon our decision to cease manufacturing subsea blow out preventer ("BOP") control systems. |
Property and Equipment | Property and Equipment and Long-Lived Intangible Assets. 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. Long-lived 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 10 years. Amortization expense on intangible assets was $7.8 million , $6.6 million and $5.2 million in 2015 , 2014 and 2013 , respectively. 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 capitalized $2.4 million and $0.7 million of interest in 2015 and 2014 , respectively and no interest in 2013. 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 our property and equipment and long-lived intangible assets 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 benefits 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 an 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. We made several smaller acquisitions during the periods presented, none of which were material. In April 2015, we completed the acquisition of C & C Technologies, Inc. ("C&C"). C&C is a global provider of ocean-bottom mapping services in deepwater utilizing customized autonomous underwater vehicles and provides marine construction surveys for both surface and subsea assets, as well as satellite-based positioning services for drilling rigs and seismic and construction vessels. C&C also provides land and near-shore survey services along the U.S. Gulf Coast and in Mexico, and performs shallow water conventional geophysical surveys in the U.S. Gulf of Mexico. The acquisition price of approximately $224 million was paid in cash. 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. This purchase price allocation is preliminary and is subject to change when we obtain final asset and liability valuations. Based on the terms of the acquisition agreement, all of our goodwill and other intangible assets associated with the C&C acquisition will be deductible for income tax purposes. We have included C&C's operations in our consolidated financial statements starting from the date of closing, and its operating results are reflected in our Subsea Projects segment. The acquisition of C&C did not have a material effect on our operating results, cash flows from operations or financial position. |
Goodwill and Intangible Assets | Goodwill. In our annual evaluation of goodwill impairment, we 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, we determine 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 we conclude otherwise, then we are required to perform the first step of the two-step impairment test. We tested the goodwill attributable to each of our reporting units for impairment as of December 31, 2015 and 2014 and concluded that there was no impairment. The only changes in our reporting units' goodwill balances during the periods presented are from business acquisitions, as discussed above, and currency exchange rate changes. For information regarding goodwill by business segment, see Note 7. |
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 2015 , we accounted for 16% 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, may 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. In prior years, we have recorded adjustments to earnings as a result of revisions to contract estimates. 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 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% 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, net of tax, 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 $(15.4) million , $(0.5) million and $0.1 million of foreign currency transaction gains (losses) in 2015 , 2014 and 2013 , 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, other comprehensive income or changes in assets or liabilities, depending on whether a derivative instrument is designated as part of a hedge relationship and, if it is, the type of hedge relationship. See Note 6 for information relative to the interest rate swap we have had in effect since 2014. During the year ended December 31, 2013 , we had no derivative instruments in effect. |
Summary Of Major Accounting P18
Summary Of Major Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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) 2015 2014 Revenue recognized $ 694,690 $ 368,888 Less: Billings to customers (649,550 ) (312,968 ) Revenue in excess of amounts billed $ 45,140 $ 55,920 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) 2015 2014 Amounts billed to customers $ 302,904 $ 196,501 Less: Revenue recognized (190,812 ) (109,547 ) Billings in excess of revenue recognized $ 112,092 $ 86,954 |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per Share. For each year presented, the only difference between our annual calculated weighted average basic and diluted number of shares outstanding is the effect of outstanding restricted stock units. |
Selected Balance Sheet Inform19
Selected Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
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) 2015 2014 Inventory: Remotely operated vehicle parts and components $ 163,539 $ 207,885 Other inventory, primarily raw materials 164,914 167,703 Total $ 328,453 $ 375,588 Other Current Assets: Deferred income taxes $ 57,337 $ 49,809 Prepaid expenses 133,683 79,067 Total $ 191,020 $ 128,876 Other Non-Current Assets: Intangible assets, net $ 93,701 $ 60,895 Cash surrender value of life insurance policies 55,924 53,653 Investment in unconsolidated affiliates 49,144 32,624 Other 19,671 6,922 Total $ 218,440 $ 154,094 Accrued Liabilities: Payroll and related costs $ 161,228 $ 209,481 Accrued job costs 79,857 79,894 Deferred revenue 157,042 116,936 Other 79,157 83,949 Total $ 477,284 $ 490,260 Other Long-Term Liabilities: Deferred income taxes $ 353,181 $ 322,758 Supplemental Executive Retirement Plan 46,931 45,423 Long-Term Incentive Plan 15,650 29,482 Accrued post-employment benefit obligations 7,511 11,349 Other 15,737 15,851 Total $ 439,010 $ 424,863 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [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, 2015 2014 2013 United States statutory rate 35.0 % 35.0 % 35.0 % State and local taxes — 0.1 0.2 Foreign tax rate differential (2.5 ) (2.6 ) (3.7 ) Other items, net (1.2 ) (1.2 ) — Total effective tax rate 31.3 % 31.3 % 31.5 % We consider $641 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 not considered indefinitely reinvested. |
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) 2015 2014 2013 Current: Domestic $ 11,028 $ 17,856 $ 45,468 Foreign 65,132 106,575 73,568 Total current 76,160 124,431 119,036 Deferred: Domestic 40,284 73,520 56,115 Foreign (11,194 ) (2,803 ) (4,315 ) Total deferred 29,090 70,717 51,800 Total provision for income taxes $ 105,250 $ 195,148 $ 170,836 Cash taxes paid $ 119,591 $ 139,724 $ 113,760 |
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) 2015 2014 2013 Domestic $ 51,018 $ 110,800 $ 68,066 Foreign 285,243 512,677 474,270 Income before income taxes $ 336,261 $ 623,477 $ 542,336 |
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2015 and 2014 , our worldwide deferred tax assets, liabilities and net deferred tax liabilities were as follows: December 31, (in thousands) 2015 2014 Deferred tax assets: Deferred compensation $ 46,973 $ 50,829 Deferred income 18,787 16,305 Accrued expenses 12,624 9,235 Other 55,547 27,808 Gross deferred tax assets 133,931 104,177 Valuation allowance — — Total deferred tax assets $ 133,931 $ 104,177 Deferred tax liabilities: Property and equipment $ 126,079 $ 128,958 Unremitted foreign earnings not considered indefinitely reinvested 296,018 238,133 Basis difference in equity investments 7,678 8,947 Other — 1,088 Total deferred tax liabilities $ 429,775 $ 377,126 Net deferred income tax liability $ 295,844 $ 272,949 Our net deferred tax liability is reflected within our balance sheet as follows: December 31, (in thousands) 2015 2014 Deferred tax liabilities $ 353,181 $ 322,758 Current deferred tax assets (57,337 ) (49,809 ) Net deferred income tax liability $ 295,844 $ 272,949 |
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 we believe 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 $(0.9) million , $(0.4) million and $1.7 million in 2015 , 2014 and 2013 , respectively, for penalties and interest on uncertain tax positions, which brought our total liabilities for penalties and interest on uncertain tax positions to $2.0 million and $2.9 million on our balance sheets at December 31, 2015 and 2014 , respectively. All additions or reductions to those liabilities would 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) 2015 2014 2013 Beginning of year $ 5,575 $ 7,168 $ 5,140 Additions based on tax positions related to the current year 260 432 100 Reductions for expiration of statutes of limitations (1,649 ) (1,572 ) (1,225 ) Additions based on tax positions related to prior years 1,059 254 3,490 Reductions based on tax positions related to prior years — (707 ) (337 ) Settlements — — — Balance at end of year $ 5,245 $ 5,575 $ 7,168 Including associated foreign tax credits and penalties and interest, we have accrued a net total of $5.7 million in the caption "other long-term liabilities" on our balance sheet at December 31, 2015 for unrecognized tax benefits. 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 2012 United Kingdom 2012 Norway 2005 Angola 2010 Brazil 2010 Australia 2011 |
Selected Income Statement Inf21
Selected Income Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 Revenue: Services $ 2,001,167 $ 2,336,304 $ 2,174,739 Products 1,061,587 1,323,320 1,112,280 Total revenue 3,062,754 3,659,624 3,287,019 Cost of Services and Products: Services 1,585,305 1,742,411 1,624,483 Products 800,316 946,923 788,109 Unallocated expenses 71,704 111,089 108,891 Total cost of services and products 2,457,325 2,800,423 2,521,483 Gross margin: Services 415,862 593,893 550,256 Products 261,271 376,397 324,171 Unallocated expenses (71,704 ) (111,089 ) (108,891 ) Total gross margin $ 605,429 $ 859,201 $ 765,536 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term Debt consisted of the following: December 31, (in thousands) 2015 2014 4.650% Senior Notes due 2024: Principal of the notes $ 500,000 $ 500,000 Issuance costs, net of amortization (6,073 ) (6,761 ) Fair value of interest rate swap on $100 million of principal 1,909 230 Term Loan Facility 300,000 250,000 Revolving Credit Facility — — Long-term Debt $ 795,836 $ 743,469 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee Disclosure | At December 31, 2015 , 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) 2016 $ 123,503 2017 55,377 2018 23,860 2019 15,313 2020 13,754 Thereafter 86,384 Total Lease Commitments $ 318,191 |
Operations by Business Segmen24
Operations by Business Segment and Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 Revenue Oilfield Remotely Operated Vehicles $ 807,723 $ 1,069,022 $ 981,728 Subsea Products 959,714 1,238,746 1,027,792 Subsea Projects 604,484 588,572 509,440 Asset Integrity 372,957 500,237 481,919 Total Oilfield 2,744,878 3,396,577 3,000,879 Advanced Technologies 317,876 263,047 286,140 Total $ 3,062,754 $ 3,659,624 $ 3,287,019 Income from Operations Oilfield Remotely Operated Vehicles $ 192,514 $ 320,550 $ 281,973 Subsea Products 175,585 281,239 231,050 Subsea Projects 92,034 107,852 93,865 Asset Integrity 18,235 55,469 55,243 Total Oilfield 478,368 765,110 662,131 Advanced Technologies 9,689 13,230 24,954 Unallocated Expenses (114,247 ) (150,010 ) (141,969 ) Total $ 373,810 $ 628,330 $ 545,116 Depreciation and Amortization Expense Oilfield Remotely Operated Vehicles $ 143,364 $ 145,691 $ 128,310 Subsea Products 49,792 46,085 39,964 Subsea Projects 29,863 18,561 15,331 Asset Integrity 10,713 12,775 12,401 Total Oilfield 233,732 223,112 196,006 Advanced Technologies 2,549 2,574 2,682 Unallocated Expenses 4,954 4,093 3,540 Total $ 241,235 $ 229,779 $ 202,228 |
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) 2015 2014 Assets Oilfield Remotely Operated Vehicles $ 951,001 $ 1,148,680 Subsea Products 890,041 904,935 Subsea Projects 671,019 448,378 Asset Integrity 295,955 347,411 Total Oilfield 2,808,016 2,849,404 Advanced Technologies 97,764 86,203 Corporate and Other 523,756 569,333 Total $ 3,429,536 $ 3,504,940 Property and Equipment, net Oilfield Remotely Operated Vehicles $ 580,315 $ 693,240 Subsea Products 348,042 336,125 Subsea Projects 277,695 214,478 Asset Integrity 35,359 41,624 Total Oilfield 1,241,411 1,285,467 Advanced Technologies 12,614 8,780 Corporate and Other 12,706 11,575 Total $ 1,266,731 $ 1,305,822 Goodwill Oilfield Remotely Operated Vehicles $ 24,344 $ 25,458 Subsea Products 88,279 99,656 Subsea Projects 149,389 19,712 Asset Integrity 143,018 164,806 Total Oilfield 405,030 309,632 Advanced Technologies 21,842 21,842 Total $ 426,872 $ 331,474 All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and certain 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) 2015 2014 2013 Capital Expenditures Oilfield Remotely Operated Vehicles $ 57,558 $ 188,848 $ 225,885 Subsea Products 69,434 112,851 102,653 Subsea Projects 276,308 91,918 40,833 Asset Integrity 9,841 27,027 8,327 Total Oilfield 413,141 420,644 377,698 Advanced Technologies 5,015 2,352 13,175 Corporate and Other 5,832 3,675 2,717 Total $ 423,988 $ 426,671 $ 393,590 |
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) 2015 2014 2013 Revenue Foreign: Africa $ 659,038 $ 795,229 $ 696,202 United Kingdom 367,326 456,804 383,397 Norway 250,272 488,789 461,915 Asia and Australia 245,978 317,277 335,129 Brazil 118,056 185,299 213,282 Other 116,647 98,881 90,456 Total Foreign 1,757,317 2,342,279 2,180,381 United States 1,305,437 1,317,345 1,106,638 Total $ 3,062,754 $ 3,659,624 $ 3,287,019 Long-Lived Assets Foreign: Norway $ 274,868 $ 332,503 $ 429,603 Africa 205,440 215,122 186,865 United Kingdom 138,327 113,191 99,250 Asia and Australia 71,438 90,061 83,885 Brazil 57,896 99,269 112,840 Other 43,128 56,079 38,516 Total Foreign 791,097 906,225 950,959 United States 1,070,841 838,273 691,404 Total $ 1,861,938 $ 1,744,498 $ 1,642,363 |
Employee Benefit Plans and Sh25
Employee Benefit Plans and Shareholder Rights Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 , 2014 and 2013 : Number Weighted Average Fair Value Aggregate Intrinsic Value 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 Granted 299,274 70.63 Issued (411,800 ) 43.57 $ 29,043,000 Forfeited (33,364 ) 62.66 Balance at December 31, 2014 814,400 63.30 Granted 380,991 52.40 Issued (311,119 ) 57.94 $ 16,518,000 Forfeited (52,981 ) 60.45 Balance at December 31, 2015 831,291 $ 60.49 |
Summary Of Major Accounting P26
Summary Of Major Accounting Policies - Principles of Consolidation And Repurchases (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 12, 2014 | Feb. 28, 2010 |
Schedule of Equity Method Investments [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000,000 | 12,000,000 | ||
Stock Repurchase Program, Total Number of Shares Repurchased To Date | 2,000,000 | 12,000,000 | ||
Stock Repurchase Program, Total Shares Repurchased To Date, Amount | $ 100 | $ 677 | ||
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 P27
Summary Of Major Accounting Policies Summary of Major Accounting Policies - Inventory (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Subsea Products Member | |
Inventory [Line Items] | |
Inventory Write-down | $ 9,000 |
ROVs [Member] | |
Inventory [Line Items] | |
Inventory Write-down | $ 16,000 |
Summary Of Major Accounting P28
Summary Of Major Accounting Policies - Property, Plant and Equipment and Long-Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 10 years | ||
Property, Plant and Equipment [Line Items] | |||
Interest Costs, Capitalized, Minimum Construction Period | 3 months | ||
Interest Costs, Capitalized During Period | $ 2.4 | $ 0.7 | $ 0 |
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 |
Summary Of Major Accounting P29
Summary Of Major Accounting Policies - Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Payments for Repurchase of Common Stock | $ 100,459 | $ 590,384 | $ 0 |
Summary of Major Accounting P30
Summary of Major Accounting Policies - Goodwill (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |
Goodwill, Impairment Loss | $ 0 |
Summary Of Major Accounting P31
Summary Of Major Accounting Policies - Percentage-of-Completion (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Temporary Differences Using Percentage of Completion [Line Items] | ||
Revenue Recognition, Multiple-deliverable Arrangements, Percentage of Revenue Accounted Under the Percentage of Completion Method | 16.00% | |
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 | $ 694,690 | $ 368,888 |
Billed Contracts Receivable | (649,550) | (312,968) |
Costs in Excess of Billings on Uncompleted Contracts or Programs | 45,140 | 55,920 |
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 | (190,812) | (109,547) |
Billed Contracts Receivable | 302,904 | 196,501 |
Billings in Excess of Cost | $ 112,092 | $ 86,954 |
Summary Of Major Accounting P32
Summary Of Major Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (15.4) | $ (0.5) | $ 0.1 |
Selected Balance Sheet Inform33
Selected Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Accrued Liabilities, Current | $ 477,284 | $ 490,260 |
Deferred income taxes | 57,337 | 49,809 |
Equity Method Investments | $ 49,144 | $ 32,624 |
Selected Balance Sheet Inform34
Selected Balance Sheet Information (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Inventory for remotely operated vehicles | $ 163,539 | $ 207,885 |
Inventory, Work in Process and Raw Materials | 164,914 | 167,703 |
Inventory | 328,453 | 375,588 |
Deferred income taxes | 57,337 | 49,809 |
Prepaid expenses | 133,683 | 79,067 |
Other current assets | 191,020 | 128,876 |
Intangible Assets, Net (Excluding Goodwill) | 93,701 | 60,895 |
Cash surrender value of life insurance policies | 55,924 | 53,653 |
Other | 19,671 | 6,922 |
Other non-current assets | 218,440 | 154,094 |
Equity Method Investments | 49,144 | 32,624 |
Payroll and related costs | 161,228 | 209,481 |
Accrued job costs | 79,857 | 79,894 |
Deferred revenue, including billings in excess of revenue recognized | 157,042 | 116,936 |
Other | 79,157 | 83,949 |
Deferred tax liabilities | 353,181 | 322,758 |
Supplemental Executive Retirement Plan | 46,931 | 45,423 |
Due to Employees, Noncurrent | 15,650 | 29,482 |
Accrued post-employment benefit obligations | 7,511 | 11,349 |
Other | 15,737 | 15,851 |
Accounts Payable and Accrued Liabilities, Noncurrent | $ 439,010 | $ 424,863 |
Income Taxes - Provisions for I
Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Domestic | $ 11,028 | $ 17,856 | $ 45,468 |
Foreign | 65,132 | 106,575 | 73,568 |
Total current | 76,160 | 124,431 | 119,036 |
Deferred: | |||
Domestic | 40,284 | 73,520 | 56,115 |
Foreign | (11,194) | (2,803) | (4,315) |
Total deferred | 29,090 | 70,717 | 51,800 |
Total provision for income taxes | 105,250 | 195,148 | 170,836 |
Cash taxes paid | $ 119,591 | $ 139,724 | $ 113,760 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 51,018 | $ 110,800 | $ 68,066 |
Foreign | 285,243 | 512,677 | 474,270 |
Income before Income Taxes | $ 336,261 | $ 623,477 | $ 542,336 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 9,600 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (900) | $ (400) | $ 1,700 |
Deferred tax assets: | |||
Deferred compensation | 46,973 | 50,829 | |
Deferred income | 18,787 | 16,305 | |
Accrued expenses | 12,624 | 9,235 | |
Other | 55,547 | 27,808 | |
Gross deferred tax assets | 133,931 | 104,177 | |
Valuation allowance | 0 | 0 | |
Total deferred tax assets | 133,931 | 104,177 | |
Deferred tax liabilities: | |||
Property and equipment | 126,079 | 128,958 | |
Unremitted foreign earnings | 296,018 | 238,133 | |
Basis difference in equity investments | (7,678) | (8,947) | |
Other | 0 | 1,088 | |
Total deferred tax liabilities | 295,844 | 272,949 | |
Deferred Tax Liabilities, Gross | 429,775 | 377,126 | |
Deferred Tax Assets (Liabilities), Net [Abstract] | |||
Deferred tax liabilities | 353,181 | 322,758 | |
Deferred income taxes | $ (57,337) | $ (49,809) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 40,000 | ||
Total effective tax rate | 31.30% | 31.30% | 31.50% |
United States statutory rate | 35.00% | 35.00% | 35.00% |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | $ 0 | $ (707) | $ (337) |
Unremitted Earnings of Foreign Subsidiaries To Be Indefinitely Reinvested | $ 641,000 | ||
Unrecognized Tax Benefits, Probability Threshold of Realizing for Tax Benefits Recognition, Minimum Percentage | 50.00% | ||
Penalties and interest expense relating to uncertain tax positions | $ (900) | (400) | $ 1,700 |
Liabilities for penalties and interest on uncertain tax | $ 2,000 | $ 2,900 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning of year | $ 5,575 | $ 7,168 | $ 5,140 |
Additions based on tax positions related to the current year | 260 | 432 | 100 |
Reductions for explration statutes of limitations | 1,649 | 1,572 | (1,225) |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 1,059 | 254 | 3,490 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 0 | (707) | (337) |
Settlements | 0 | 0 | 0 |
Balance at end of year | $ 5,245 | $ 5,575 | $ 7,168 |
Income Taxes - Summary Of Earli
Income Taxes - Summary Of Earliest Tax Years Open To Examination (Details) | 12 Months Ended |
Dec. 31, 2015 | |
United States [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2,012 |
United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2,012 |
Norway [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2,005 |
Angola [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2,010 |
Brazil [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2,010 |
Australia [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2,011 |
Income Taxes Income Taxes - Inc
Income Taxes Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
United States statutory rate | 35.00% | 35.00% | 35.00% |
State and local taxes | 0.00% | 0.10% | 0.20% |
Foreign tax rate differential | (2.50%) | (2.60%) | (3.70%) |
Other items, net | (1.20%) | (1.20%) | 0.00% |
Total effective tax rate | 31.30% | 31.30% | 31.50% |
Selected Income Statement Inf42
Selected Income Statement Information Selected Income Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | |||
Services | $ 2,001,167 | $ 2,336,304 | $ 2,174,739 |
Products | 1,061,587 | 1,323,320 | 1,112,280 |
Total revenue | 3,062,754 | 3,659,624 | 3,287,019 |
Revenues | 3,062,754 | 3,659,624 | 3,287,019 |
Cost of Services and Products: | |||
Services | 1,585,305 | 1,742,411 | 1,624,483 |
Products | 800,316 | 946,923 | 788,109 |
Unallocated expenses | 71,704 | 111,089 | 108,891 |
Total cost of services and products | 2,457,325 | 2,800,423 | 2,521,483 |
Gross margin: | |||
Services | 415,862 | 593,893 | 550,256 |
Products | 261,271 | 376,397 | 324,171 |
Unallocated expenses | (71,704) | (111,089) | (108,891) |
Gross Margin | $ 605,429 | $ 859,201 | $ 765,536 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 21, 2014 |
Debt Instrument [Line Items] | |||
4.650% Senior Notes due 2024 | $ 500,000 | $ 500,000 | $ 500,000 |
Unamortized Debt Issuance Expense | (6,073) | (6,761) | |
Fair Value Hedge Liabilities | 1,909 | 230 | |
Term Loan Facility | 300,000 | 250,000 | |
Revolving credit facility | 0 | 0 | |
Long-term Debt | $ 795,836 | $ 743,469 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.65% |
Debt - Line of Credit (Details)
Debt - Line of Credit (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 27, 2014 | |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Available Additional Borrowing Capacity | $ 300 | |||
Interest Paid | $ 27.2 | 3.7 | $ 2.1 | |
Payments of Debt Issuance Costs | 6.9 | |||
Payments of Financing Costs | $ 2.2 | |||
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | |||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||
Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | |||
Credit Agreement [Member] | Adjusted Base Rate Advances [Member] | Adjusted Base Rate [Member] | Federal Funds Rate [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Basis Spread on Variable Rate | 0.50% | |||
Credit Agreement [Member] | Adjusted Base Rate Advances [Member] | Adjusted Base Rate [Member] | Eurodollar Rate [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Basis Spread on Variable Rate | 1.00% | |||
Credit Agreement [Member] | Adjusted Base Rate Advances [Member] | Applicable Margin [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Basis Spread on Variable Rate | 0.125% | |||
Credit Agreement [Member] | Adjusted Base Rate Advances [Member] | Applicable Margin [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Basis Spread on Variable Rate | 0.75% | |||
Credit Agreement [Member] | Eurodollar Advances [Member] | Applicable Margin [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Basis Spread on Variable Rate | 1.125% | |||
Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |||
Letter of Credit [Member] | Eurodollar Advances [Member] | Applicable Margin [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Basis Spread on Variable Rate | 1.75% |
Debt Term Loan (Details)
Debt Term Loan (Details) - Credit Agreement [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Oct. 27, 2014 |
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | |
Applicable Margin [Member] | Minimum [Member] | Adjusted Base Rate Advances [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Basis Spread on Variable Rate | 0.125% | |
oii term loan facility spread on variable rate | 0.00% | |
Applicable Margin [Member] | Minimum [Member] | Eurodollar Advances [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Basis Spread on Variable Rate | 1.125% | |
oii term loan facility spread on variable rate | 1.00% | |
Applicable Margin [Member] | Maximum [Member] | Adjusted Base Rate Advances [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Basis Spread on Variable Rate | 0.75% | |
oii term loan facility spread on variable rate | 0.50% | |
Applicable Margin [Member] | Maximum [Member] | Eurodollar Advances [Member] | ||
Debt Instrument [Line Items] | ||
oii term loan facility spread on variable rate | 1.50% |
Commitments and Contingencies -
Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
2,016 | $ 123,503 | ||
2,017 | 55,377 | ||
2,018 | 23,860 | ||
2,019 | 15,313 | ||
2,020 | 13,754 | ||
Thereafter | 86,384 | ||
Total Lease Commitments | 318,191 | ||
Operating Leases, Rent Expense, Net | $ 229,000 | $ 257,000 | $ 191,000 |
Commitments And Contingencies47
Commitments And Contingencies - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 58,000 | $ 70,000 |
Derivative, Amount of Hedged Item | 100,000 | |
Interest Rate Fair Value Hedge Asset at Fair Value | $ 1,909 |
Operations by Business Segmen48
Operations by Business Segment and Geographic Area - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Segment Reporting, Disclosure of Major Customers | 0.1798905785 | 0.1824775925 | 0.1766497243 |
Sales [Member] | Customer Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Major Customer Above Benchmark Threshold, Number | 1 | 1 | 1 |
Operations by Business Segmen49
Operations by Business Segment and Geographic Area - Financial Data By Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 3,062,754 | $ 3,659,624 | $ 3,287,019 |
Income from Operations | 373,810 | 628,330 | 545,116 |
Depreciation, Depletion and Amortization, Nonproduction | 241,235 | 229,779 | 202,228 |
Oil And Gas [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,744,878 | 3,396,577 | 3,000,879 |
Income from Operations | 478,368 | 765,110 | 662,131 |
Depreciation, Depletion and Amortization, Nonproduction | 233,732 | 223,112 | 196,006 |
ROVs [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 807,723 | 1,069,022 | 981,728 |
Income from Operations | 192,514 | 320,550 | 281,973 |
Depreciation, Depletion and Amortization, Nonproduction | 143,364 | 145,691 | 128,310 |
Subsea Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 959,714 | 1,238,746 | 1,027,792 |
Income from Operations | 175,585 | 281,239 | 231,050 |
Depreciation, Depletion and Amortization, Nonproduction | 49,792 | 46,085 | 39,964 |
Subsea Projects [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 604,484 | 588,572 | 509,440 |
Income from Operations | 92,034 | 107,852 | 93,865 |
Depreciation, Depletion and Amortization, Nonproduction | 29,863 | 18,561 | 15,331 |
Asset Integrity [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 372,957 | 500,237 | 481,919 |
Income from Operations | 18,235 | 55,469 | 55,243 |
Depreciation, Depletion and Amortization, Nonproduction | 10,713 | 12,775 | 12,401 |
Advanced Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 317,876 | 263,047 | 286,140 |
Income from Operations | 9,689 | 13,230 | 24,954 |
Depreciation, Depletion and Amortization, Nonproduction | 2,549 | 2,574 | 2,682 |
Unallocated Expenses [Member] | |||
Segment Reporting Information [Line Items] | |||
Income from Operations | (114,247) | (150,010) | (141,969) |
Depreciation, Depletion and Amortization, Nonproduction | $ 4,954 | $ 4,093 | $ 3,540 |
Operations by Business Segmen50
Operations by Business Segment and Geographic Area Operations by Business Segment and Geographic Areas - Schedule of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 3,429,536 | $ 3,504,940 |
Property, Plant and Equipment, Net | 1,266,731 | 1,305,822 |
Goodwill | 426,872 | 331,474 |
Oil And Gas [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,808,016 | 2,849,404 |
Property, Plant and Equipment, Net | 1,241,411 | 1,285,467 |
Goodwill | 405,030 | 309,632 |
ROVs [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 951,001 | 1,148,680 |
Property, Plant and Equipment, Net | 580,315 | 693,240 |
Goodwill | 24,344 | 25,458 |
Subsea Products [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 890,041 | 904,935 |
Property, Plant and Equipment, Net | 348,042 | 336,125 |
Goodwill | 88,279 | 99,656 |
Subsea Projects [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 671,019 | 448,378 |
Property, Plant and Equipment, Net | 277,695 | 214,478 |
Goodwill | 149,389 | 19,712 |
Asset Integrity [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 295,955 | 347,411 |
Property, Plant and Equipment, Net | 35,359 | 41,624 |
Goodwill | 143,018 | 164,806 |
Advanced Technologies [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 97,764 | 86,203 |
Property, Plant and Equipment, Net | 12,614 | 8,780 |
Goodwill | 21,842 | 21,842 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 523,756 | 569,333 |
Property, Plant and Equipment, Net | $ 12,706 | $ 11,575 |
Operations by Business Segmen51
Operations by Business Segment and Geographic Area Operations by Business Segment and Geographic Area - Other Significant Reconciling Items (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Additions | $ 423,988 | $ 426,671 | $ 393,590 |
Oil And Gas [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Additions | 413,141 | 420,644 | 377,698 |
ROVs [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Additions | 57,558 | 188,848 | 225,885 |
Subsea Products [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Additions | 69,434 | 112,851 | 102,653 |
Subsea Projects [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Additions | 276,308 | 91,918 | 40,833 |
Asset Integrity [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Additions | 9,841 | 27,027 | 8,327 |
Advanced Technologies [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Additions | 5,015 | 2,352 | 13,175 |
Corporate and Other [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, Plant and Equipment, Additions | $ 5,832 | $ 3,675 | $ 2,717 |
Operations by Business Segmen52
Operations by Business Segment and Geographic Area - Revenues and Long-Lived Assets by Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 3,062,754 | $ 3,659,624 | $ 3,287,019 |
Long-Lived Assets | 1,861,938 | 1,744,498 | 1,642,363 |
Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 659,038 | 795,229 | 696,202 |
Long-Lived Assets | 205,440 | 215,122 | 186,865 |
Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,757,317 | 2,342,279 | 2,180,381 |
Long-Lived Assets | 791,097 | 906,225 | 950,959 |
Norway [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 250,272 | 488,789 | 461,915 |
Long-Lived Assets | 274,868 | 332,503 | 429,603 |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 367,326 | 456,804 | 383,397 |
Long-Lived Assets | 138,327 | 113,191 | 99,250 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 245,978 | 317,277 | 335,129 |
Long-Lived Assets | 71,438 | 90,061 | 83,885 |
Brazil [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 118,056 | 185,299 | 213,282 |
Long-Lived Assets | 57,896 | 99,269 | 112,840 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 116,647 | 98,881 | 90,456 |
Long-Lived Assets | 43,128 | 56,079 | 38,516 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,305,437 | 1,317,345 | 1,106,638 |
Long-Lived Assets | $ 1,070,841 | $ 838,273 | $ 691,404 |
Employee Benefit Plans and Sh53
Employee Benefit Plans and Shareholder Rights Plan - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / shares$ / units | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | |
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 | 247 | $ 3,932 | $ 4,279 |
US 401K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 22,800 | 21,300 | 18,400 |
Foreign Employee Savings Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 15,100 | 18,700 | 17,400 |
Board of Directors Chairman [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent | 5,100 | 5,700 | |
Trust Value Threshold for Payout to Company | 4,000 | ||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 3,300 | 3,300 | 3,400 |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 28,000 | 32,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 26,000 | 27,000 | |
Employee Severance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Postemployment Benefits, Period Expense | 23,100 | ||
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Plan Cash Award Annual Expense | $ 6,800 | $ 22,800 | $ 22,900 |
Deferred Compensation Plan Cash Award Number of Units | 462,674 | ||
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 | $ / units | 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 | $ / units | 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 | $ 14,900 | ||
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 | $ / shares | $ 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 | $ / shares | $ 150 | $ 150 | $ 150 |
Restricted Stock Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation expense | $ 15,900 | $ 17,200 | $ 16,700 |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards Vesting at end of Vesting Period | 65.00% | 60.00% | 60.00% |
US 401K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | $ 1,118 | $ 800 | |
Stock Compensation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | $ (871) | $ 3,132 | $ 3,391 |
Employee Benefit Plans and Sh54
Employee Benefit Plans and Shareholder Rights Plan - Restricted Stock and Restricted Stock Units Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Balance, beginning of year, Number | 814,400 | 960,290 | 1,031,572 |
Balance, beginning of year. Weighted Average Date Fair Value | $ 63.30 | $ 52.53 | $ 42.27 |
Granted, Number | 380,991 | 299,274 | 330,705 |
Granted, Weighted Average Fair Value | $ 52.40 | $ 70.63 | $ 62.55 |
Vested, Number | (311,119) | (411,800) | (376,078) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 16,518,000 | $ 29,043,000 | $ 23,904,000 |
Vested, Weighted Average Fair Value | $ 57.94 | $ 43.57 | $ 33.18 |
Forfeited, Number | (52,981) | (33,364) | (25,909) |
Forfeited, Weighted Average Fair Value | $ 60.45 | $ 62.66 | $ 52.72 |
Balance, end of year, Number | 831,291 | 814,400 | 960,290 |
Balance, end of year. Weighted Average Fair Value | $ 60.49 | $ 63.30 | $ 52.53 |