Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.25 per share | ||
Entity Incorporation, State or Country Code | DE | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Registrant Name | OCEANEERING INTERNATIONAL INC | ||
Entity Central Index Key | 0000073756 | ||
Entity File Number | 1-10945 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,500,000,000 | ||
Entity Tax Identification Number | 95-2628227 | ||
Entity Address, Address Line One | 11911 FM 529 | ||
Entity Address, City or Town | Houston, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77041 | ||
City Area Code | 713 | ||
Local Phone Number | 329-4500 | ||
Trading Symbol | OII | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Share Price | $ 15.57 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Document Type | 10-K | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Houston, Texas | ||
Entity Common Stock, Shares Outstanding | 99,648,844 | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Contract with Customer, Asset, Net, Current | $ 164,847,000 | $ 221,997,000 |
Valuation allowances | 679,242,000 | 592,516,000 |
Deferred Tax Assets, Operating Loss Carryforwards | 551,724,000 | 521,757,000 |
Current Assets: | ||
Cash and cash equivalents | 538,114,000 | 452,016,000 |
Accounts receivable, net of allowances for doubtful accounts | 262,960,000 | 296,214,000 |
Inventory | 153,682,000 | 141,241,000 |
Other Assets, Current | 68,400,000 | 58,795,000 |
Prepaid Expense, Current | 62,171,000 | 48,616,000 |
Total Current Assets | 1,188,003,000 | 1,170,263,000 |
Other Assets: | ||
Property and Equipment, at cost | 2,452,421,000 | 2,456,602,000 |
Less accumulated depreciation | 1,962,825,000 | 1,865,495,000 |
Net Property and Equipment | 489,596,000 | 591,107,000 |
Goodwill | 34,908,000 | 35,016,000 |
Other non-current assets | 104,255,000 | 108,250,000 |
Operating Lease, Right-of-Use Asset | 146,097,000 | 141,206,000 |
Assets, Noncurrent | 285,260,000 | 284,472,000 |
Total Assets | 1,962,859,000 | 2,045,842,000 |
Current Liabilities: | ||
Accounts payable | 122,327,000 | 94,207,000 |
Accrued liabilities | 290,659,000 | 292,863,000 |
Contract with Customer, Liability, Current | 88,175,000 | 50,046,000 |
Total Current Liabilities | 501,161,000 | 437,116,000 |
Long-term Debt | 702,067,000 | 805,251,000 |
Other Long-term Liabilities | 90,104,000 | 89,244,000 |
Commitments and Contingencies | ||
Common stock, shares issued | 110,834,088 | |
Common stock, shares authorized | 360,000,000 | |
Common stock, par value (in dollars per share) | $ 0.25 | |
Stockholders' Equity: | ||
Common Stock, par value $0.25 | $ 27,709,000 | 27,709,000 |
Additional paid-in capital | $ 173,608,000 | $ 192,492,000 |
Treasury stock, shares | 11,033,098 | 11,525,725 |
Treasury Stock, Common, Value | $ (631,811,000) | $ (660,021,000) |
Retained earnings | 1,301,913,000 | 1,351,220,000 |
Accumulated other comprehensive income | (366,458,000) | (359,306,000) |
Total Shareholders' Equity | 504,961,000 | 552,094,000 |
Noncontrolling Interest in Variable Interest Entity | 6,063,000 | 6,063,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 511,024,000 | 558,157,000 |
Total Liabilities and Sharesholders' Equity | 1,962,859,000 | 2,045,842,000 |
Operating Lease, Liability, Noncurrent | 158,503,000 | 156,074,000 |
Contract with Customer, Liability | 88,175,000 | 50,046,000 |
Allowance for Doubtful Accounts Receivable, Current | $ 1,210,000 | $ 4,466,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, allowances for doubtful accounts | $ 1,210 | $ 4,466 |
Common stock, par value (in dollars per share) | $ 0.25 | |
Common stock, shares authorized | 360,000,000 | |
Common stock, shares issued | 110,834,088 | |
Treasury stock, shares | 11,033,098 | 11,525,725 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 1,869,275 | $ 1,827,889 | $ 2,048,124 |
Cost of services and products | 1,605,210 | 1,663,948 | 1,949,880 |
Other Asset Impairment Charges | 0 | 70,445 | 159,353 |
Gross Margin | 264,065 | 163,941 | 98,244 |
Selling, general and administrative expense | 224,266 | 195,695 | 214,891 |
Goodwill, Impairment Loss | 0 | 343,880 | 14,713 |
Income from Operations | 39,799 | (446,079) | (290,713) |
Interest income | 2,477 | 3,083 | 7,893 |
Interest expense, net of amounts capitalized | (38,810) | (43,900) | (42,711) |
Equity earnings of unconsolidated affiliates | 594 | 2,268 | 1,331 |
Other Nonoperating Income | (9,769) | (14,269) | (6,621) |
Income before Income Taxes | (5,709) | (498,897) | (330,821) |
Income Tax Expense (Benefit) | 43,598 | (2,146) | 17,623 |
Net Income | $ (49,307) | $ (496,751) | $ (348,444) |
Basic Earnings per Share | $ (0.49) | $ (5.01) | $ (3.52) |
Weighted Average Number of Shares Outstanding, Basic | 99,706 | 99,233 | 98,876 |
Diluted Earnings per Share | $ (0.49) | $ (5.01) | $ (3.52) |
Weighted Average Number of Shares Outstanding, Diluted | 99,706 | 99,233 | 98,876 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ (49,307) | $ (496,751) | $ (348,444) |
Other comprehensive income, net of tax: | |||
Foreign currency translation adjustments | (7,339) | (25,209) | 5,280 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 187 | ||
Other comprehensive income | (7,152) | (25,209) | 5,280 |
Comprehensive Income | $ (56,459) | $ (521,960) | $ (343,164) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | |||
Net Income | $ (49,307) | $ (496,751) | $ (348,444) |
Cost, Depreciation and Amortization | 139,723 | 528,895 | 263,427 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 139,723 | 528,895 | 263,427 |
Impairment of Long-Lived Assets Held-for-use | 0 | 70,445 | 159,353 |
Provision for Other Credit Losses | 29,549 | ||
Deferred income tax provision | (1,798) | (4,158) | (12,268) |
Inventory Write-down | 0 | 7,038 | 21,285 |
Net loss (gain) on dispositions of property and equipment | (769) | (1,521) | 7,664 |
Noncash compensation | 11,008 | 8,681 | 11,432 |
Other Noncash Expense | (4,302) | (4,035) | (3,651) |
Excluding the effects of acquisitions, increase (decrease) in cash from: | |||
Accounts receivable | (41,099) | (125,541) | 17,561 |
Inventory | (7,313) | (26,466) | 11,777 |
Other operating assets | 0 | (12,840) | 0 |
Currency translation effect on working capital | (14,498) | 3,638 | 16,246 |
Accounts payable and accrued liabilites | 6 | 8,927 | 5,533 |
Increase (Decrease) in Other Current Liabilities | 63,051 | (138,932) | 76,552 |
Other operating liabilities | 2,701 | (13,469) | (2,196) |
Total adjustments to net income | 274,621 | 633,398 | 506,013 |
Net Cash Provided by Operating Activities | 225,314 | 136,647 | 157,569 |
Cash Flows from Investing Activities: | |||
Purchases of property and equipment | (50,199) | (60,687) | (147,684) |
Proceeds from Sale of Debt Securities, Available-for-sale | 4,486 | 0 | 0 |
Distributions of capital from unconsolidated affiliates | 3,298 | 6,207 | 3,388 |
Dispositions of property and equipment and life insurance proceeds | 7,101 | 1,890 | 9,509 |
Payments for (Proceeds from) Other Investing Activities | (1,157) | 0 | 0 |
Net Cash Used in Investing Activities | (34,157) | (52,590) | (134,787) |
Repayments of Senior Debt | (100,000) | 0 | 0 |
Cash Flows from Financing Activities: | |||
Proceeds from (Payments for) Other Financing Activities | (1,682) | (1,699) | (2,299) |
Net Cash Provided by (Used in) Financing Activities | (101,682) | (1,699) | (2,299) |
Effect of Exchange Rate on Cash and Cash Equivalents | (3,377) | (3,997) | (1,087) |
Net Increase (Decrease) in Cash and Cash Equivalents | 86,098 | 78,361 | 19,396 |
Cash and Cash Equivalents-Beginning of Period | 452,016 | 373,655 | 354,259 |
Cash and Cash Equivalents-End of Period | $ 538,114 | $ 452,016 | $ 373,655 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Retained Earnings [Member] | Parent | Common Stock Issued [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Parent | Noncontrolling Interest |
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,415,298,000 | $ 6,063,000 | ||||||||
Common Stock, Value, Issued at Dec. 31, 2018 | $ 27,709,000 | |||||||||
Additional Paid in Capital at Dec. 31, 2018 | $ 220,421,000 | |||||||||
Treasury Stock, Carrying Basis at Dec. 31, 2018 | $ (704,066,000) | |||||||||
Retained Earnings at Dec. 31, 2018 | $ 2,204,548,000 | |||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2018 | $ (339,377,000) | |||||||||
Balance at Dec. 31, 2018 | 1,409,235,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | (348,444,000) | $ (348,444,000) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 5,280,000 | 5,280,000 | 5,280,000 | |||||||
Other Comprehensive Income | 5,280,000 | |||||||||
Restricted stock unit activity | 9,135,000 | (8,148,000) | 17,283,000 | 9,135,000 | ||||||
Restricted stock activity | (5,143,000) | 5,143,000 | ||||||||
Common Stock, Value, Issued at Dec. 31, 2019 | 27,709,000 | |||||||||
Additional Paid in Capital at Dec. 31, 2019 | 207,130,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Other | (5,860,000) | $ (5,860,000) | $ (5,860,000) | |||||||
Treasury Stock, Carrying Basis at Dec. 31, 2019 | (681,640,000) | |||||||||
Retained Earnings at Dec. 31, 2019 | 1,850,244,000 | |||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2019 | (334,097,000) | |||||||||
Balance at Dec. 31, 2019 | 1,069,346,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,075,409,000 | $ 6,063,000 | ||||||||
Net Income | (496,751,000) | (496,751,000) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (25,209,000) | (25,209,000) | (25,209,000) | |||||||
Other Comprehensive Income | (25,209,000) | |||||||||
Restricted stock unit activity | 6,981,000 | (8,646,000) | 15,627,000 | 6,981,000 | ||||||
Restricted stock activity | 0 | (5,992,000) | 5,992,000 | |||||||
Common Stock, Value, Issued at Dec. 31, 2020 | 27,709,000 | 27,709,000 | ||||||||
Additional Paid in Capital at Dec. 31, 2020 | 192,492,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Other | (2,273,000) | $ (2,273,000) | $ (2,273,000) | |||||||
Treasury Stock, Carrying Basis at Dec. 31, 2020 | (660,021,000) | |||||||||
Retained Earnings at Dec. 31, 2020 | 1,351,220,000 | 1,351,220,000 | ||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2020 | (359,306,000) | |||||||||
Balance at Dec. 31, 2020 | 552,094,000 | |||||||||
Noncontrolling Interest in Variable Interest Entity | 6,063,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 558,157,000 | |||||||||
Net Income | (49,307,000) | (49,307,000) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (7,152,000) | (7,152,000) | (7,152,000) | |||||||
Other Comprehensive Income | (7,152,000) | |||||||||
Restricted stock unit activity | 9,326,000 | (8,445,000) | 17,771,000 | $ 9,326,000 | ||||||
Restricted stock activity | (10,439,000) | 10,439,000 | ||||||||
Common Stock, Value, Issued at Dec. 31, 2021 | 27,709,000 | $ 27,709,000 | ||||||||
Additional Paid in Capital at Dec. 31, 2021 | $ 173,608,000 | |||||||||
Treasury Stock, Carrying Basis at Dec. 31, 2021 | $ (631,811,000) | |||||||||
Retained Earnings at Dec. 31, 2021 | 1,301,913,000 | $ 1,301,913,000 | ||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2021 | $ (366,458,000) | |||||||||
Balance at Dec. 31, 2021 | 504,961,000 | |||||||||
Noncontrolling Interest in Variable Interest Entity | 6,063,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 511,024,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) shares in Thousands | 12 Months Ended |
Dec. 31, 2016shares | |
Treasury stock, shares | 2,000 |
Selected Income Statement Infor
Selected Income Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Selected Income Statement Information [Abstract] | |||
Revenue from External Customers by Products and Services [Table Text Block] | The following table presents revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services. Year Ended December 31, (in thousands) 2021 2020 2019 Business Segment: Energy Services and Products Subsea Robotics $ 538,515 $ 493,332 $ 583,652 Manufactured Products 344,251 477,419 498,350 Offshore Projects Group 378,121 289,127 380,966 Integrity Management & Digital Solutions 241,393 226,938 266,086 Total Energy Services and Products 1,502,280 1,486,816 1,729,054 Aerospace and Defense Technologies 366,995 341,073 319,070 Total $ 1,869,275 $ 1,827,889 $ 2,048,124 The following schedule shows our revenue, costs and gross margins by services and products: Year Ended December 31, (in thousands) 2021 2020 2019 Revenue: Services $ 1,503,745 $ 1,340,033 $ 1,333,787 Products 365,530 487,856 714,337 Total revenue 1,869,275 1,827,889 2,048,124 Cost of Services and Products: Services 1,215,994 1,161,699 1,242,006 Products 295,514 421,445 619,490 Unallocated expenses 93,702 80,804 88,384 Total cost of services and products 1,605,210 1,663,948 1,949,880 Gross margin: Services 287,751 178,334 91,781 Products 70,016 66,411 94,847 Unallocated expenses (93,702) (80,804) (88,384) Total gross margin $ 264,065 $ 163,941 $ 98,244 | ||
Revenue: | |||
Revenues | $ 1,869,275 | $ 1,827,889 | $ 2,048,124 |
Cost of Services and Products: | |||
Unallocated expenses | 93,702 | 80,804 | 88,384 |
Total cost of services and products | 1,605,210 | 1,663,948 | 1,949,880 |
Gross margin: | |||
Gross Margin | (264,065) | (163,941) | (98,244) |
Service [Member] | |||
Revenue: | |||
Revenues | 1,503,745 | 1,340,033 | 1,333,787 |
Cost of Services and Products: | |||
Total cost of services and products | 1,215,994 | 1,161,699 | 1,242,006 |
Gross margin: | |||
Gross Margin | (287,751) | (178,334) | (91,781) |
Product [Member] | |||
Revenue: | |||
Revenues | 365,530 | 487,856 | 714,337 |
Cost of Services and Products: | |||
Total cost of services and products | 295,514 | 421,445 | 619,490 |
Gross margin: | |||
Gross Margin | (70,016) | (66,411) | (94,847) |
Unallocated Expenses Member | |||
Gross margin: | |||
Gross Margin | $ 93,702 | $ 80,804 | $ 88,384 |
Debt Term Loan (Details)
Debt Term Loan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 25, 2023 | Oct. 27, 2014 | |
Debt Instrument [Line Items] | |||
Loans Payable to Bank | $ 300,000,000 | ||
Debt Instrument, Repurchase Amount | 100,000,000 | ||
Senior Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Payments of Debt Issuance Costs | 6,900,000 | ||
Senior Notes due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Payments of Debt Issuance Costs | 4,200,000 | ||
Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Payments of Debt Issuance Costs | $ 3,000,000 | ||
Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 450,000,000 | $ 500,000,000 | |
Applicable Margin [Member] | Minimum [Member] | Adjusted Base Rate Advances [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Basis Spread on Variable Rate | 0.125% | ||
Applicable Margin [Member] | Minimum [Member] | Eurodollar Advances [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Basis Spread on Variable Rate | 1.125% | ||
Applicable Margin [Member] | Maximum [Member] | Adjusted Base Rate Advances [Member] | Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Basis Spread on Variable Rate | 0.75% |
Leases Statement
Leases Statement $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Property, Plant and Equipment [Line Items] | |
Right-of-use asset impairment | $ 17 |
Operating Leases, Operating Lease Term | 15 years |
Leases Asset and Liabilities
Leases Asset and Liabilities - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 146,097 | $ 141,206 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Operating Lease, Liability, Noncurrent | $ 158,503 | $ 156,074 |
Lessee, Operating Lease, Liability, Payments, Due | 236,156 | $ 174,872 |
Operating Lease, Liability | $ 177,284 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Other Current Liabilities | ||
Leases [Abstract] | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 10 years | 10 years |
Operating Lease, Weighted Average Discount Rate, Percent | 5.90% | 6.10% |
Right-of-use asset impairment | $ 17 |
Leases Operating Lease Maturiti
Leases Operating Lease Maturities - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Maturities [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 28,619 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 25,439 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 22,402 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 22,027 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 22,841 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 114,828 | |
Lessee, Operating Lease, Liability, Payments, Due | 236,156 | $ 174,872 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (58,872) | |
Operating Lease, Liability | $ 177,284 |
Costs to Obtain or Fulfill a Co
Costs to Obtain or Fulfill a Contract Statement - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Capitalized Contract Cost, Net | $ 7,800 | $ 8,300 |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASES Supplemental information about our operating leases follows: December 31, (in thousands) 2021 2020 Assets: Right-of-use operating lease assets $ 146,097 $ 141,206 Liabilities: Operating Current $ 18,781 $ 18,798 Operating Noncurrent 158,503 156,074 Lease liabilities $ 177,284 $ 174,872 December 31, 2021 2020 Lease Term and Discount Rate: Weighted-average remaining lease term (years) 10 10 Weighted-average discount rate 5.9 % 6.1 % No impairments of right-of-use operating leases was recorded in 2021. During the first quarter of 2020, we determined there were impairment indicators present for reporting units in our Subsea Products and Advanced Technologies segments and, as a result, we recorded a pre-tax right-of-use operating lease impairments of $17 million. See Note 5—“Impairments” for more information on determination of impairment indicators for our right-of-use assets. Operating lease cost reflects the lease expense resulting from amortization over the respective lease terms of our operating leases with initial lease terms greater than 12 months. Our short-term lease cost consists of expense for our operating leases with initial lease terms of 12 months or less that are not recorded on our balance sheet. The components of lease cost are as follows: Year ended December 31, (in thousands) 2021 2020 Lease Cost: Operating lease cost Operating lease cost $ 34,406 $ 34,030 Short-term lease cost Short-term lease cost 78,835 52,886 Total Lease Cost $ 113,241 $ 86,916 As of December 31, 2021, future maturities of lease liabilities for our operating leases with an initial lease term of more than 12 months were as follows: Maturities of Lease Liabilities (in thousands) For the year ended December 31, 2022 $ 28,619 2023 25,439 2024 22,402 2025 22,027 2026 22,841 Thereafter 114,828 Total lease payments 236,156 Less: Interest (58,872) Present Value of Lease Liabilities $ 177,284 |
Summary Of Major Accounting Pol
Summary Of Major Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Property, Plant, and Equipment and Intangible Assets | Property and Equipment, Long-Lived Intangible Assets and Right-of-Use Operating Lease Assets. We provide for depreciation of property and equipment on the straight-line method over estimated useful lives of eight years for Remotely Operated Vehicles (“ROVs”), three three 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 2 years. For information regarding right-of-use operating lease assets, see “Leases” below. We charge the costs of repair and maintenance of property and equipment to operations as incurred, while we capitalize the costs of improvements that extend asset lives or functionality. We capitalize interest on assets where the construction period is anticipated to be more than three months. We did not capitalize interest in 2021 and 2020 as compared to $3.4 million of interest in 2019. 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 recognized in income. Our management periodically, and upon the occurrence of a triggering event, reviews the realizability of our property and equipment, long-lived intangible assets and right-of-use operating lease assets to determine whether any events or changes in circumstances indicate that the carrying amounts of the assets 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 recognize a loss for the difference between the carrying amount and the fair value of the asset. For information regarding write-downs and write-offs of property and equipment, long-lived intangible assets and right-of-use operating lease assets in the years ended December 31, 2020 and 2019 see Note 5—“Impairments” and Note 11—“Operations by Business Segment and Geographic Area.” For assets held for sale or disposal, the fair value of the asset is measured using fair market value less estimated costs 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. |
Allowance for Credit Losses | Allowance for Credit Loss—Financial Assets Measured at Amortized Costs. On January 1, 2020, we adopted Accounting Standard Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as amended (“ASC 326”), which introduces a new credit reserving methodology known as the Current Expected Credit Loss (“CECL”) model. The CECL model applies to financial assets measured at amortized costs, including accounts receivable, contract assets and held-to-maturity loan receivables. Under the CECL model, we identify allowances for credit loss based on future expected losses when accounts receivable, contract assets or held-to-maturity loan receivables are created rather than when losses are probable. We use the loss-rate method in developing the allowance for credit losses, which involves identifying pools of assets with similar risk characteristics, reviewing historical losses within the last three We monitor the credit quality of our accounts receivable and other financing receivable amounts by frequent customer interaction, following economic and industry trends and reviewing specific customer data. Our other receivable amounts include contract assets and held-to-maturity loans receivable, which historically we consider to have a low risk of loss. We are monitoring the impacts from the coronavirus (“COVID-19”) outbreak and volatility in the oil and natural gas markets on our customers and various counterparties. We have considered the current and expected economic and market conditions, as a result of COVID-19, in determining credit loss expense for the years ended December 31, 2021 and 2020. As a result of the adoption of ASC 326, we recorded a cumulative-effect adjustment of $2.3 million as of January 1, 2020, which decreased retained earnings and increased the allowance for credit losses. We adopted ASC 326 using the modified retrospective method. Prior periods were not restated. We had an allowance for doubtful accounts of $7.5 million as of December 31, 2019, which we determined using the specific identification method, in accordance with previously applicable U.S. GAAP. As of December 31, 2021, our allowance for credit losses was $0.9 million for accounts receivable and $0.3 million for other receivables. As of December 31, 2020, our allowance for credit losses was $3.9 million for accounts receivable and $0.6 million for other receivables. Financial assets are written off when deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flows. During the years ended December 31, 2021 and 2020 , we recognized credit losses of $53 million and $11 million, respectively. Approximately $50 million was reserved in the fourth quarter of 2021 and $3 million in prior periods for our 2021 credit losses. The 2021 credit losses included a reserve of $49 million in receivables and contract assets partially offset by the reclassification of $20 million of contract assets into salable inventory related to termination of a number of entertainment ride systems contracts with the China Evergrande Group and its affiliated companies (collectively, “Evergrande”) in our Manufactured Products segment. See Note 10—”Commitments and Contingencies” for discussion regarding Evergrande. We have elected to apply the practical expedient available under ASC 326 to exclude the accrued interest receivable balance that is included in our held-to-maturity loans receivable. The amount excluded as of December 31, 2021 and 2020 was $1.2 million and $1.5 million, respectively. Accounts receivable are considered to be past-due after the end of the contractual terms agreed to with the customer. There were no material past-due amounts that we consider uncollectible for our financial assets as of December 31, 2021. We generally do not require collateral from our customers. |
Asset Impairment Charges | IMPAIRMENTS Goodwill We did not identify any triggering events and, accordingly, no impairments of goodwill were recorded in the year ended December 31, 2021. In our 2020 annual goodwill evaluation, we performed qualitative assessments for our two reporting units, Subsea Robotics and ADTech, with remaining goodwill balances. We concluded that it was more likely than not that the fair value of each of these reporting units was more than the carrying value of the reporting unit. After reallocation of our goodwill to our new segments in the third quarter of 2020, we determined that impairment indicators were present and performed quantitative analyses for our Subsea Robotics and Manufactured Products reporting units. Based on these quantitative analyses, the fair value was determined to be less than the carrying value for our Manufactured Products unit, but not for our Subsea Robotics reporting unit. As a result, for our Manufactured Products unit, we recorded a pre-tax goodwill impairment loss of $41 million in the three-month period ended September 30, 2020. During the first quarter of 2020, due to the protracted energy downturn compounded by demand destruction resulting from the adverse impacts of the COVID-19 pandemic and insufficient control of crude oil supply levels during the quarter, as well as our customers' continued focus on cost discipline, we determined that impairment indicators were present and we were required to perform a quantitative analysis for our Subsea Products–Service, Technology and Rentals (“ST&R”), Subsea Products–Manufactured Products, Subsea Projects, Asset Integrity and Advanced Technologies–Commercial reporting units. Based on these quantitative analyses, the fair value was determined to be less than the carrying value for each of those reporting units, with the exception of Subsea Products–Manufactured Products. As a result, for our Subsea Products–ST&R, Subsea Projects, Asset Integrity and Advanced Technologies–Commercial reporting units, we recorded pre-tax goodwill impairment losses of $51 million, $130 million, $111 million and $11 million, respectively. For our ROVs and Advanced Technologies–Government reporting units, qualitative assessments were performed; and we concluded that it was more likely than not the fair value of each of those reporting units was more than the carrying value of the reporting unit and, therefore, no impairments were recorded for those reporting units. Our estimates of fair values for our reporting units determined in the first and third quarters of 2020 required us to use significant unobservable inputs, classified as Level 3 fair value measurements, including assumptions related to future performance, risk-adjusted discount rates, future commodity prices and demand for our services and estimates of expected realizable values. For our cash flow projections in each of those periods, we utilized a weighted-average cost of capital ranging from 11% to 15% and a terminal value based on the Gordon Growth Model, assuming an expected long-term growth rate of 2%. Our third quarter 2020 change in our operating segments resulted in one reporting unit for each of our new segments. The following table reflects goodwill impairments as recorded in the three-month period ended March 31, 2020, and allocated, based on historical cost, to our new reporting segments: Three Months Ended March 31, 2020 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Goodwill Impairment Subsea Robotics Manufactured Products OPG IMDS Total Subsea Products/ST&R $ 51,302 $ 17,457 $ — $ 33,845 $ — $ 51,302 Subsea Projects/Subsea Projects 129,562 84,661 — 32,440 12,461 129,562 Asset Integrity/Asset Integrity 110,753 — — — 110,753 110,753 Advanced Technologies/Commercial 11,388 — 11,388 — — 11,388 Total goodwill impairment $ 303,005 $ 102,118 $ 11,388 $ 66,285 $ 123,214 $ 303,005 In our 2019 annual goodwill evaluation, we performed quantitative assessments for (1) our Subsea Projects reporting unit, due to its fair value being less than carrying value in the prior year, and (2) our Asset Integrity reporting unit, due to deterioration in its business environment. In our quantitative analyses for the Subsea Projects and Asset Integrity reporting units, we estimated the fair values by weighting the results from the income approach and the market approach. These valuation approaches considered a number of factors that included prospective financial information, operating margins, growth rates, terminal values, discount rates and comparable multiples of similar companies in our industry and required us to make certain assumptions and estimates regarding industry economic factors and future profitability of our business. Based on these quantitative tests, we determined that the fair value for our Subsea Projects reporting unit exceeded the carrying amount and there was no impairment. For our Asset Integrity reporting unit, the fair value was less than the carrying value and, as a result, we recorded a pre-tax goodwill impairment loss of $15 million. For the remaining reporting units, qualitative assessments were performed, and we concluded that it was more likely than not that the fair value of each such reporting unit was more than the carrying value of the reporting unit. Our third quarter 2020 change in our operating segments resulted in goodwill impairment as recorded for the year ended December 31, 2019 to our Asset Integrity reporting unit, to be allocated, based on historical cost, to our IMDS reporting segment and unit in our new organizational structure. Aside from the goodwill impairments discussed above, the changes in our reporting units' goodwill balances during the periods presented are from currency exchange rate changes. For further information regarding goodwill by business segment, see Note 11–“Operations by Business Segment and Geographic Area.” Property and Equipment and Intangible Assets We did not identify any triggering events and, accordingly, no impairments of long-lived assets were recorded in the year ended December 31, 2021. After reallocation of our long-lived assets to our new segments in the third quarter of 2020, we determined that impairment indicators were present and performed a quantitative assessment for our Manufactured Products asset groups. Based on that assessment, we concluded that it was more likely than not that the fair value of the asset groups within Manufactured Products was more than the carrying value of each asset group and, therefore, no impairment was required. We did not identify any triggering events for our asset groups other than those included in Manufactured Products during the third quarter of 2020. During the first quarter of 2020, due to the protracted energy downturn compounded by demand destruction resulting from the adverse impacts of the COVID-19 pandemic and insufficient control of crude oil supply levels during the quarter, as well as our customers' continued focus on cost discipline, we determined that impairment indicators were present within certain of our asset groups. To measure fair value for these asset groups, we used the following approaches: • Subsea Distribution Solutions U.K. - We utilized the cost approach and considered economic obsolescence under the income approach to determine fair value of the property and equipment. • Subsea Distribution Solutions Brazil and Angola - We utilized a combination of market and cost approaches to measure fair values. • Shallow Water vessels - We utilized the cost approach and considered historical, current and anticipated dayrates and utilization to measure market value. • Renewables and Special Projects - We utilized a combination of market and cost approaches to measure fair values. • Oceaneering Entertainment Systems and Oceaneering AGV Systems - We utilized a combination of market and cost approaches to measure fair value. Our estimates of fair value for these asset groups required us to use significant unobservable inputs, classified as Level 3 fair value measurements, including assumptions related to future performance, risk-adjusted discount rates, future commodity prices and demand for our services and estimates of expected realizable value. In the first quarter of 2020, our cash flow projections utilized a weighted-average cost of capital ranging from 12% to 15% and a terminal value based on the Gordon Growth Model, assuming an expected long-term growth rate of 2%. Our third quarter 2020 change in operating segments did not result in any changes in our asset groups. Our reporting units with long-lived asset impairments in the three-month period ended March 31, 2020, were realigned into our new reporting segments as follows: Three Months Ended March 31, 2020 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Long-lived Asset Impairments Manufactured Products OPG IMDS Total Subsea Products Subsea Distribution Solutions U.K. $ 6,543 $ 6,543 $ — $ — $ 6,543 Subsea Distribution Solutions Brazil 9,834 9,834 9,834 Subsea Distribution Solutions Angola 38,482 38,482 38,482 Subsea Projects Shallow Water vessels 3,894 3,894 3,894 Renewables and Special Projects Group 3,628 3,628 3,628 Global Data Solutions 167 167 167 Advanced Technologies Oceaneering Entertainment Systems 5,065 5,065 5,065 Oceaneering AGV Systems 1,150 1,150 1,150 Total long-lived asset impairments $ 68,763 $ 61,074 $ 7,522 $ 167 $ 68,763 In 2020, we also recorded $24 million for write-downs and write-offs of certain equipment and intangible assets associated with equipment obsolescence. In the fourth quarter of 2019, due to the protracted energy downturn and our customers' continued focus on cost discipline, we determined that impairment indicators were present within certain of our asset groups in our Subsea Projects and Asset Integrity segments. For our Subsea Projects segment, impairment indicators were present in our Deepwater and Shallow Water vessel asset groups and in our Ecosse Subsea Limited (“Ecosse”) asset group. For the Deepwater and Shallow Water vessel asset groups, we utilized the cost approach and considered historical, current and anticipated dayrates and utilization to measure market value. For our Ecosse asset group, we utilized a combination of income and market approaches, using projected discounted cash flows and the estimated expected realizable value in the market. Our Asset Integrity segment consists of one asset group. We measured the fair value of the Asset Integrity asset group by applying the income approach, using projected discounted cash flows. Our estimates of fair values for the asset groups in our Subsea Projects and Asset Integrity segments required us to use significant unobservable inputs, classified as Level 3 fair value measurements, including assumptions related to future performance, risk-adjusted discount rates, future commodity prices and demand for our services and estimates of expected realizable value. Our third quarter 2020 change in operating segments did not result in any changes in our asset groups. Our reporting units with long-lived asset impairments in the year ended December 31, 2019, were realigned into our new reporting segments as follows: Year Ended December 31, 2019 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Long-lived Asset Impairments OPG IMDS Total Subsea Projects Deepwater and Shallow Water vessel asset groups $ 131,894 $ 131,894 $ 131,894 Ecosse asset group 10,721 10,721 10,721 Asset Integrity 16,738 16,738 16,738 Total long-lived asset impairments $ 159,353 $ 142,615 $ 16,738 $ 159,353 In the fourth quarter of 2019, we also recorded $45 million for write-downs and write-offs of certain equipment and intangible assets, including asset write-downs relating to the retirement of 30 ROVs, and some of the installation and workover control systems “(IWOCS”) equipment in our Subsea Products segment. See Note 11–“Operations by Business Segment and Geographic Area” for additional information regarding write-downs and write-offs of property and equipment and long-lived intangible assets. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [Abstract] | |
Revenue recognition [Text Block] | REVENUE Revenue by Category The following table presents revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services. Year Ended December 31, (in thousands) 2021 2020 2019 Business Segment: Energy Services and Products Subsea Robotics $ 538,515 $ 493,332 $ 583,652 Manufactured Products 344,251 477,419 498,350 Offshore Projects Group 378,121 289,127 380,966 Integrity Management & Digital Solutions 241,393 226,938 266,086 Total Energy Services and Products 1,502,280 1,486,816 1,729,054 Aerospace and Defense Technologies 366,995 341,073 319,070 Total $ 1,869,275 $ 1,827,889 $ 2,048,124 Year Ended December 31, (in thousands) 2021 2020 2019 Geographic Operating Areas: Foreign: Africa $ 273,095 $ 198,505 $ 292,818 Norway 214,306 202,379 217,762 Asia and Australia 184,659 149,798 174,769 United Kingdom 181,453 241,168 256,348 Brazil 111,198 84,636 93,511 Other 93,021 90,541 91,591 Total Foreign 1,057,732 967,027 1,126,799 United States 811,543 860,862 921,325 Total $ 1,869,275 $ 1,827,889 $ 2,048,124 |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 12 Months Ended |
Dec. 31, 2020 | |
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) 2021 2020 Inventory, net: Remotely operated vehicle parts and components $ 72,572 $ 62,788 Other inventory, primarily raw materials 81,110 78,453 Total $ 153,682 $ 141,241 Other current assets: Prepaid expenses $ 62,171 $ 48,616 Angolan bonds 6,229 10,179 Total $ 68,400 $ 58,795 Other noncurrent assets: Cash surrender value of life insurance policies $ 41,922 $ 39,562 Investment in unconsolidated affiliates 30,502 34,166 Intangible assets, net 12,641 14,317 Other 19,190 20,205 Total $ 104,255 $ 108,250 Accrued liabilities: Payroll and related costs $ 134,538 $ 135,042 Accrued job costs 49,032 47,721 Income taxes payable 35,826 35,929 Current operating lease liability 18,781 18,798 Other 52,482 55,373 Total $ 290,659 $ 292,863 Other long-term liabilities: Supplemental Executive Retirement Plan $ 35,195 $ 33,982 Uncertain tax positions 14,830 15,010 Long-Term Incentive Plan 11,996 12,640 Deferred income taxes 1,375 2,993 Other 26,708 24,619 Total $ 90,104 $ 89,244 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of income (loss) before income taxes are as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Domestic $ (125,010) $ (306,354) $ (271,515) Foreign 119,301 (192,543) (59,306) Income (loss) before income taxes $ (5,709) $ (498,897) $ (330,821) The components of the income tax provision (benefit) applicable for domestic and foreign taxes and cash taxes paid are as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Current income tax expense (benefit): Domestic $ 974 $ (32,743) $ (7,571) Foreign 44,422 34,755 37,462 Total current income tax expense (benefit) 45,396 2,012 29,891 Deferred income tax expense (benefit): Domestic (328) (9,192) (10,860) Foreign (1,470) 5,034 (1,408) Total deferred income tax expense (benefit) (1,798) (4,158) (12,268) Total income tax expense (benefit) $ 43,598 $ (2,146) $ 17,623 Cash taxes paid, net $ 29,204 $ 26,264 $ 29,806 The reconciliation between the actual income tax provision and income tax computed using the U.S. statutory federal income tax rate is summarized as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Income tax provision (benefit) at the U.S. statutory rate $ (1,199) $ (104,769) $ (69,472) Tax Act - net mandatory repatriation tax — — (8,220) CARES Act — (4,681) — Permanent differences for goodwill impairments — 50,435 — Valuation allowances 33,068 46,650 74,553 Foreign tax rate differential 8,619 6,088 18,439 Stock compensation 542 1,032 989 Uncertain tax positions 158 (5,939) 3,046 Other items, net 2,410 9,038 (1,712) Total provision (benefit) for income taxes $ 43,598 $ (2,146) $ 17,623 Significant components of net deferred tax assets and liabilities were as follows: December 31, (in thousands) 2021 2020 Deferred tax assets: Deferred compensation $ 17,169 $ 16,761 Deferred income 7,604 1,958 Accrued expenses 23,555 27,864 Net operating loss and other carryforwards 551,724 521,757 Long-term operating lease liabilities 34,728 40,417 Goodwill and intangibles 19,623 19,357 Interest 31,898 27,359 Other 27,667 14,045 Gross deferred tax assets 713,968 669,518 Valuation allowances (679,242) (592,516) Total deferred tax assets $ 34,726 $ 77,002 Deferred tax liabilities: Property and equipment $ 7,185 $ 1,343 Basis difference in equity investments 1,948 2,348 Right-of-use operating lease assets 26,968 28,519 Interest — 47,785 Total deferred tax liabilities $ 36,101 $ 79,995 Net deferred income tax liability $ 1,375 $ 2,993 Our net deferred tax liability is reflected within our balance sheet as follows: December 31, (in thousands) 2021 2020 Deferred tax liabilities included in other long-term liabilities $ 1,375 $ 2,993 Net deferred income tax liability $ 1,375 $ 2,993 As of December 31, 2021, we had approximately $508 million of deferred tax assets related to net operating and other loss carryforwards that were generated in various worldwide jurisdictions. The carryforwards include $197 million that do not expire and $311 million that will expire from 2022 through 2040. We have recorded a total valuation allowance of $679 million on net operating loss and tax credit carryforwards, as well as other deferred tax assets, as our management believes that it is more likely than not that these deferred tax assets will not be realized. The following is a reconciliation of the beginning and ending amounts of our valuation allowances: Year Ended December 31, (in thousands) 2021 2020 2019 Balance at beginning of year $ (592,516) $ (277,258) $ (203,040) Increase due principally to net operating losses (83,908) (300,748) (59,596) (Increase) decrease due to foreign tax and business credit carryforwards (5,761) (14,510) (14,622) Reduction due to utilization of foreign tax credits generated in prior years 2,943 — — Balance at end of year $ (679,242) $ (592,516) $ (277,258) On March 27, 2020, the U.S. Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law in the United States. In accordance with the rules and procedures under the CARES Act, we filed a certain refund claim to carry back a portion of our U.S. net operating loss. Prior to enactment of the CARES Act, such net operating losses could only be carried forward. As a result, we expect to receive combined refunds of approximately $33 million, of which we have received $10 million as of December 31, 2021. The remaining refunds are classified as accounts receivable, net, in the consolidated balance sheet as of December 31, 2021. In 2020, we also realized a non-cash tax benefit of $8.4 million due to the carryback provision of the CARES Act recognized as a reduction in long-term liabilities. We continue to make an assertion to indefinitely reinvest the unrepatriated earnings of any foreign subsidiary that would incur material tax consequences upon the distribution of such earnings. As of December 31, 2021, we did not provide for deferred taxes on earnings of our foreign subsidiaries that are indefinitely reinvested. If we were to make a distribution from the unremitted earnings of these subsidiaries, we could be subject to taxes in various jurisdictions. However, it is not practical to estimate the amount of tax that could ultimately be due if such earnings were remitted. If our expectations were to change regarding future tax consequences, we may be required to record additional deferred taxes that could have a material effect on our consolidated financial statements. We recognize the expense or benefit for an uncertain tax position if it is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the uncertain tax position 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 these positions as a component of our provision for income taxes in our consolidated financial statements. A reconciliation of the beginning and ending amount of gross uncertain tax positions, excluding penalties and interest, is as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Balance at beginning of year $ 20,086 $ 16,911 $ 14,971 Additions based on tax positions related to the current year 1,934 2,229 3,662 Reductions for expiration of statutes of limitations (784) (628) (2,835) Additions based on tax positions related to prior years 2,011 1,830 2,060 Reductions based on tax positions related to prior years (2,818) (68) (563) Settlements (3,062) (188) (384) Balance at end of year $ 17,367 $ 20,086 $ 16,911 We increased (decreased) income tax expense by $(1.1) million, $(1.2) million and $1.4 million in 2021, 2020 and 2019, respectively, for penalties and interest on uncertain tax positions, which brought our total liabilities for penalties and interest on uncertain tax positions to $3.4 million and $4.5 million in other long-term liabilities on our balance sheets as of December 31, 2021 and 2020, respectively. All additions or reductions to those liabilities would affect our effective income tax rate in the periods of change. We believe approximately $7.0 million to $8.0 million of gross uncertain tax positions will be resolved within the next 12 months. A portion of our uncertain tax position liability is reflected as a reduction in our gross deferred tax asset before valuation allowance and the remaining balance is reflected in other long-term liabilities on our consolidated balance sheet. The balance of gross uncertain tax position liability included in other long-term liabilities on our consolidated balance sheet was $11 million and $10 million as of December 31, 2021 and December 31, 2020, respectively. The balance of gross uncertain tax position liability netted against our gross deferred tax asset before valuation allowance was $6.0 million and $9.6 million as of December 31, 2021 and December 31, 2020, respectively. Our tax returns are subject to audit by taxing authorities in multiple jurisdictions. These audits often take years to complete and settle. The following table lists the earliest tax years open to examination by tax authorities where we have significant operations: Jurisdiction Periods United States 2014 United Kingdom 2019 Norway 2016 Angola 2013 Brazil 2017 Australia 2017 |
Selected Income Statement Inf_2
Selected Income Statement Information Selected Income Statement Information (Notes) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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) 2021 2020 2019 Revenue: Services $ 1,503,745 $ 1,340,033 $ 1,333,787 Products 365,530 487,856 714,337 Total revenue 1,869,275 1,827,889 2,048,124 Cost of Services and Products: Services 1,215,994 1,161,699 1,242,006 Products 295,514 421,445 619,490 Unallocated expenses 93,702 80,804 88,384 Total cost of services and products 1,605,210 1,663,948 1,949,880 Gross margin: Services 287,751 178,334 91,781 Products 70,016 66,411 94,847 Unallocated expenses (93,702) (80,804) (88,384) Total gross margin $ 264,065 $ 163,941 $ 98,244 | SELECTED INCOME STATEMENT INFORMATION The following schedule shows our revenue, costs and gross margins by services and products: Year Ended December 31, (in thousands) 2021 2020 2019 Revenue: Services $ 1,503,745 $ 1,340,033 $ 1,333,787 Products 365,530 487,856 714,337 Total revenue 1,869,275 1,827,889 2,048,124 Cost of Services and Products: Services 1,215,994 1,161,699 1,242,006 Products 295,514 421,445 619,490 Unallocated expenses 93,702 80,804 88,384 Total cost of services and products 1,605,210 1,663,948 1,949,880 Gross margin: Services 287,751 178,334 91,781 Products 70,016 66,411 94,847 Unallocated expenses (93,702) (80,804) (88,384) Total gross margin $ 264,065 $ 163,941 $ 98,244 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | . COMMITMENTS AND CONTINGENCIES Lease Commitments As of December 31, 2021, we occupied several facilities under noncancellable operating leases expiring at various dates through 2035. See Note 4 —“ Leases” for more information on our operating leases. Insurance The workers' compensation, maritime employer's liability and comprehensive general liability insurance policies that we purchase each include a deductible layer, for which we would be responsible, that we consider financially prudent. Insurance above the deductible layers 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 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 In the ordinary course of business, we are, from time to time, involved in litigation or subject to disputes, governmental investigations or claims related to our business activities, including, among other things: • performance- or warranty-related matters under our customer and supplier contracts and other business arrangements; and • workers’ compensation claims, Jones Act claims, occupational hazard claims, premises liability claims and other claims. 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 have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, because of the inherent uncertainty of litigation and other dispute resolution proceedings and, in some cases, the availability and amount of potentially available insurance, we can provide no assurance that the resolution of any particular claim or proceeding to which we are a party will not have a material effect on our consolidated financial condition, results of operations or cash flows for the fiscal period in which that resolution occurs. Letters of Credit We had $46 million and $51 million in letters of credit outstanding as of December 31, 2021 and 2020, respectively, which related to 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 we have 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 values of cash and cash equivalents approximate their fair values due to the short-term 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 values. We estimated the aggregate fair market value of the Senior Notes to be $697 million as of December 31, 2021 based on quoted prices. Since the market for the Senior Notes is not an active market, the fair value of the Senior Notes is classified within 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 terms for the assets or liabilities). Foreign currency gains (losses) in the year ended December 31, 2021 and 2019 were primarily related to declining exchange rates for the Angolan kwanza relative to the U.S. dollar. Foreign currency gain (losses in the year ended December 31, 2020 were primarily related to declining exchange rate for the Angolan kwanza and the Brazilian real relative to the U.S. dollar. Foreign currency gains (losses) related to the Angolan kwanza of $(4.5) million, $(2.8) million and $(4.8) million in the years ended December 31, 2021, 2020 and 2019, were primarily due to the remeasurement of our Angolan kwanza cash balances to U.S. dollars. Foreign currency gains (losses) related to the Brazilian real of $(0.2) million, $(7.3) million and $(0.7) million in the years ended December 31, 2021, 2020 and 2019, were primarily due to the remeasurement of our U.S. dollar denominated liability balances to the Brazilian real. We recorded foreign currency transaction losses related to the Angolan kwanza and Brazilian real as a component of other income (expense), net in our Consolidated Statements of Operations. Any conversion of cash balances from kwanza to U.S. dollars is controlled by the central bank in Angola. As of December 31, 2021 and 2020, we had the equivalent of approximately $1.0 million and $4.7 million of kwanza cash balances, respectively, in Angola reflected on our Consolidated Balance Sheets. To mitigate our currency exposure risk in Angola, we have used kwanza to purchase equivalent Angolan central bank (Banco Nacional de Angola) bonds. The bonds are denominated as U.S. dollar equivalents, so that, upon payment of semi-annual interest and principal upon maturity, payment is made in kwanza, equivalent to the respective U.S. dollars at the then-current exchange rate. As of December 31, 2021 and 2020, we had $6.2 million and $10 million, respectively, of Angolan bonds on our Consolidated Balance Sheets. Because we intend to sell the bonds if we are able to repatriate the proceeds, we have classified these bonds as available-for-sale securities, and they are recorded in other current assets on our Consolidated Balance Sheets. During the year ended December 31, 2021, we sold a portion of these bonds for $4.5 million and recognized a gain of $0.5 million as a component of interest income in our Consolidated Statement of Operations. |
Insurance Disclosure | Insurance The workers' compensation, maritime employer's liability and comprehensive general liability insurance policies that we purchase each include a deductible layer, for which we would be responsible, that we consider financially prudent. Insurance above the deductible layers 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 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. |
Legal Matters and Contingencies | Litigation In the ordinary course of business, we are, from time to time, involved in litigation or subject to disputes, governmental investigations or claims related to our business activities, including, among other things: • performance- or warranty-related matters under our customer and supplier contracts and other business arrangements; and • workers’ compensation claims, Jones Act claims, occupational hazard claims, premises liability claims and other claims. 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 have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, because of the inherent uncertainty of litigation and other dispute resolution proceedings and, in some cases, the availability and amount of potentially available insurance, we can provide no assurance that the resolution of any particular claim or proceeding to which we are a party will not have a material effect on our consolidated financial condition, results of operations or cash flows for the fiscal period in which that resolution occurs. |
Accounting Standards Updates (N
Accounting Standards Updates (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. ACCOUNTING STANDARDS UPDATE Recently Adopted Accounting Standards . On January 1, 2021, we adopted ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification 740 (“ASC 740”), “Income Taxes,” and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. Our adoption of ASU 2019-12 on January 1, 2021, did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards . |
Lease (Notes)
Lease (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of December 31, 2021, future maturities of lease liabilities for our operating leases with an initial lease term of more than 12 months were as follows: Maturities of Lease Liabilities (in thousands) For the year ended December 31, 2022 $ 28,619 2023 25,439 2024 22,402 2025 22,027 2026 22,841 Thereafter 114,828 Total lease payments 236,156 Less: Interest (58,872) Present Value of Lease Liabilities $ 177,284 |
Summary Of Major Accounting P_2
Summary Of Major Accounting Policies-Leases - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Accounting Policies [Abstract] | ||||
Operating Lease, Right-of-Use Asset | $ 146,097,000 | $ 141,206,000 | ||
Operating Lease, Liability | $ 177,284,000 | |||
Operating Leases, Operating Lease Term | 15 years | |||
Stockholders' Equity, Other | (2,273,000) | $ (5,860,000) | ||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life | 2 years | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 29,549,000 | |||
HistoricalCreditLossAnalysisPeriod | 3 years | |||
Accounts Receivable, Allowance for Credit Loss | $ 900,000 | 3,900,000 | $ 7,500,000 | $ 2.3 |
Financing Receivable, Allowance for Credit Loss | 300,000 | 600,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (53,000,000) | (11,000,000) | ||
Contract Assets, Allowance for Credit Losses, Write Off | (38,032,000) | |||
Interest Receivable | $ 1,200,000 | $ 1,500,000 |
Summary Of Major Accounting P_3
Summary Of Major Accounting Policies-Treasury Stock - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2021 | Dec. 12, 2014 | |
Accounting Policies [Abstract] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000,000 | ||
Treasury stock, shares | 2,000,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 100 | ||
Treasury Stock, Common, Shares | 11,000,000 |
Summary Of Major Accounting P_4
Summary Of Major Accounting Policies-Inventory - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Inventory Write-down | $ 0 | $ 7,038 | $ 21,285 |
Summary Of Major Accounting P_5
Summary Of Major Accounting Policies - Principles of Consolidation And Repurchases (Details) - shares shares in Thousands | Dec. 31, 2021 | Dec. 12, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Percentage | 50.00% | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000 | |
Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
Maximum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Summary Of Major Accounting P_6
Summary Of Major Accounting Policies Summary of Major Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory [Line Items] | |||
Inventory Write-down | $ 0 | $ 7,038 | $ 21,285 |
Summary Of Major Accounting P_7
Summary Of Major Accounting Policies - Property, Plant and Equipment and Long-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Interest Costs Capitalized | $ 3,400 | |
Remotely Operated Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating Leases, Operating Lease Term | 8 years | |
Marine Services Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating Leases, Operating Lease Term | 25 years | |
Marine Services Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating Leases, Operating Lease Term | 3 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating Leases, Operating Lease Term | 25 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating Leases, Operating Lease Term | 3 years |
Summary Of Major Accounting P_8
Summary Of Major Accounting Policies - Acquisitions (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. ACCOUNTING STANDARDS UPDATE Recently Adopted Accounting Standards . On January 1, 2021, we adopted ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification 740 (“ASC 740”), “Income Taxes,” and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. Our adoption of ASU 2019-12 on January 1, 2021, did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards . | ||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | Our reporting units with long-lived asset impairments in the three-month period ended March 31, 2020, were realigned into our new reporting segments as follows: Three Months Ended March 31, 2020 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Long-lived Asset Impairments Manufactured Products OPG IMDS Total Subsea Products Subsea Distribution Solutions U.K. $ 6,543 $ 6,543 $ — $ — $ 6,543 Subsea Distribution Solutions Brazil 9,834 9,834 9,834 Subsea Distribution Solutions Angola 38,482 38,482 38,482 Subsea Projects Shallow Water vessels 3,894 3,894 3,894 Renewables and Special Projects Group 3,628 3,628 3,628 Global Data Solutions 167 167 167 Advanced Technologies Oceaneering Entertainment Systems 5,065 5,065 5,065 Oceaneering AGV Systems 1,150 1,150 1,150 Total long-lived asset impairments $ 68,763 $ 61,074 $ 7,522 $ 167 $ 68,763 In 2020, we also recorded $24 million for write-downs and write-offs of certain equipment and intangible assets associated with equipment obsolescence. | Our reporting units with long-lived asset impairments in the year ended December 31, 2019, were realigned into our new reporting segments as follows: Year Ended December 31, 2019 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Long-lived Asset Impairments OPG IMDS Total Subsea Projects Deepwater and Shallow Water vessel asset groups $ 131,894 $ 131,894 $ 131,894 Ecosse asset group 10,721 10,721 10,721 Asset Integrity 16,738 16,738 16,738 Total long-lived asset impairments $ 159,353 $ 142,615 $ 16,738 $ 159,353 |
Summary of Major Accounting P_9
Summary of Major Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||||
Goodwill, Impairment Loss | $ 303,005 | $ 0 | $ 343,880 | $ 14,713 |
Summary Of Major Accounting _10
Summary Of Major Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (8,400) | $ (14,000) | $ (6,300) |
Summary Of Major Accounting _11
Summary Of Major Accounting Policies Summary Of Major Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Revenue Recognition | Revenue Recognition. All of our revenue is realized through contracts with customers. We recognize our revenue according to the contract type. On a daily basis, we recognize service revenue over time for contracts that provide for specific time, material and equipment charges, which we bill periodically, ranging from weekly to monthly. We use the input method to faithfully depict revenue recognition, because each day of service provided represents value to the customer. The performance obligations in these contracts are satisfied, and revenue is recognized, as the work is performed. When appropriate, we apply the practical expedient to recognize revenue for the amount invoiced when the invoice corresponds directly to the value of our performance to date. We account for significant fixed-price contracts, mainly relating to our Manufactured Products segment, and to a lesser extent in our Offshore Projects Group (“OPG”) and Aerospace and Defense Technologies (“ADTech”) segments, by recognizing revenue over time using an input, cost-to-cost measurement percentage-of-completion method. In 2021, 2020 and 2019, we accounted for 16%, 24% and 21%, respectively, of our revenue using the input, cost-to-cost measurement percentage-of-completion method. This commonly used method allows appropriate calculation of progress on our contracts. A performance obligation is satisfied as we create a product on behalf of the customer over the life of the contract. The remainder of our revenue is recognized at the point in time when control transfers to the customer, thus satisfying the performance obligation. We have elected to recognize the cost for freight and shipping as an expense when incurred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by us from customers, are excluded from revenue. 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. We did not have any material adjustments to earnings as a result of revisions to contract estimates during the years ended December 31, 2021, 2020 and 2019. However, there could be significant adjustments to overall contract costs in the future, due to changes in facts and circumstances. In general, our payment terms consist of those services billed regularly as provided and those products delivered at a point in time, which are invoiced after the performance obligation is satisfied. Our product and service contracts with milestone payments due at agreed progress points during the contract are invoiced when those milestones are reached, which may differ from the timing of revenue recognition. Our payment terms generally do not provide financing of contracts to customers, nor do we receive financing from customers as a result of these terms. See Note 3 —“ Revenue” for more information on our revenue from contracts with customers. | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stockholders' Equity, Other | $ (2,273) | $ (5,860) | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. ACCOUNTING STANDARDS UPDATE Recently Adopted Accounting Standards . On January 1, 2021, we adopted ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification 740 (“ASC 740”), “Income Taxes,” and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. Our adoption of ASU 2019-12 on January 1, 2021, did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards . | ||
Percentage of Completion Percent of Revenue | 16.00% | 24.00% | 21.00% |
Revenues | $ 1,869,275 | $ 1,827,889 | $ 2,048,124 |
Cost of Goods and Services Sold | 1,605,210 | 1,663,948 | 1,949,880 |
Income Tax Expense (Benefit) | 43,598 | (2,146) | 17,623 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (49,307) | (496,751) | (348,444) |
Inventory, Net | 153,682 | 141,241 | |
Accrued Liabilities, Current | 290,659 | 292,863 | |
Liabilities, Other than Long-term Debt, Noncurrent | 90,104 | 89,244 | |
Retained Earnings (Accumulated Deficit) | $ 1,301,913 | 1,351,220 | |
Stockholders' Equity, Other | $ (2,273) | $ (5,860) |
Summary Of Major Accounting _12
Summary Of Major Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disposition [Line Items] | |
Treasury Stock [Text Block] | Repurchase Plan. In December 2014, our Board of Directors approved a plan to repurchase up to 10 million shares of our common stock. In 2015, we repurchased 2.0 million shares of our common stock for $100 million. We have not repurchased any shares under this program since December 2015. The timing and amount of any future repurchases will be determined by our management. As of December 31, 2021, we retained 11 million of the shares we had repurchased through this and a prior repurchase program. We expect to hold the shares repurchased and any additional shares repurchased under the plan as treasury stock for possible future use. The plan does not obligate us to repurchase any particular number of shares. 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. (“Oceaneering,” “we,” “us” or “our”) 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 as of 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. |
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. |
Inventory | Inventory. Inventory is valued at the lower of cost or net realizable value. We determine cost using the weighted-average method. We periodically review the value of items in inventory and record write-downs or write-offs of inventory based on our assessment of market conditions. Write-downs and write-offs are charged to cost of services and products. We did not record any write-downs or write-offs of inventory in the year ended December 31, 2021, as compared to $7.0 million and $21 million of write-downs and write-offs in the years ended December 31, 2020 and 2019, respectively. |
Revenue Recognition | Revenue Recognition. All of our revenue is realized through contracts with customers. We recognize our revenue according to the contract type. On a daily basis, we recognize service revenue over time for contracts that provide for specific time, material and equipment charges, which we bill periodically, ranging from weekly to monthly. We use the input method to faithfully depict revenue recognition, because each day of service provided represents value to the customer. The performance obligations in these contracts are satisfied, and revenue is recognized, as the work is performed. When appropriate, we apply the practical expedient to recognize revenue for the amount invoiced when the invoice corresponds directly to the value of our performance to date. We account for significant fixed-price contracts, mainly relating to our Manufactured Products segment, and to a lesser extent in our Offshore Projects Group (“OPG”) and Aerospace and Defense Technologies (“ADTech”) segments, by recognizing revenue over time using an input, cost-to-cost measurement percentage-of-completion method. In 2021, 2020 and 2019, we accounted for 16%, 24% and 21%, respectively, of our revenue using the input, cost-to-cost measurement percentage-of-completion method. This commonly used method allows appropriate calculation of progress on our contracts. A performance obligation is satisfied as we create a product on behalf of the customer over the life of the contract. The remainder of our revenue is recognized at the point in time when control transfers to the customer, thus satisfying the performance obligation. We have elected to recognize the cost for freight and shipping as an expense when incurred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by us from customers, are excluded from revenue. 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. We did not have any material adjustments to earnings as a result of revisions to contract estimates during the years ended December 31, 2021, 2020 and 2019. However, there could be significant adjustments to overall contract costs in the future, due to changes in facts and circumstances. In general, our payment terms consist of those services billed regularly as provided and those products delivered at a point in time, which are invoiced after the performance obligation is satisfied. Our product and service contracts with milestone payments due at agreed progress points during the contract are invoiced when those milestones are reached, which may differ from the timing of revenue recognition. Our payment terms generally do not provide financing of contracts to customers, nor do we receive financing from customers as a result of these terms. See Note 3 —“ Revenue” for more information on our revenue from contracts with customers. |
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 12—“Employee Benefit Plans.” |
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 and provide a valuation allowance against deferred tax assets when it is more likely than not that the asset will not be realized. We recognize an expense or benefit for an uncertain tax position if it is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the uncertain tax position 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 these uncertain tax positions as a component of our provision for income taxes on our financial statements. We have elected to account for a tax on global intangible low‑taxed income (“GILTI”) as a current period expense when incurred. For more information on income taxes, see Note 7—“Income Taxes.” |
Foreign Currency Translations | Foreign Currency Translation. |
Derivatives, Policy [Policy Text Block] | Financial Instruments. |
Reclassification, Comparability Adjustment | Reclassifications. Certain amounts from prior periods have been reclassified to conform with the current year presentation. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill. Our goodwill is evaluated for impairment annually and whenever we identify certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its carrying amount. |
Lessee, Leases | Leases. We determine whether a contract is or contains a lease at inception, whether as a lessee or a lessor. We take into consideration the elements of an identified asset, right to control and the receipt of economic benefit in making those determinations. As a lessor, we lease certain types of equipment along with the provision of services and utilize the expedient allowing us to combine the lease and non-lease components into a combined component that is accounted for (1) under ASC 842, when the lease component is predominant, and (2) under the accounting standard “ Revenue from Contracts with Customers ” (“ASC 606”), when the service component is predominant. In general, when we have a service component, it is typically the predominant element and leads to accounting under ASC 606. As a lessor, we lease certain types of equipment, often providing services at the same time. These leases can be priced on a dayrate or lump-sum basis for periods ranging from a few days to multi-year contracts. These leases are negotiated on commercial terms at market rates and many carry standard options to extend or terminate at our customer's discretion. These leases generally do not contain options to purchase, material restrictions or covenants that impact our accounting for leases. As a lessee, we lease land, buildings, vessels and equipment for the operation of our business and to support some of our service line revenue streams. These generally carry lease terms that range from days for operational and support equipment to 15 years for land and buildings. These leases are negotiated on commercial terms at market rates and many carry standard options to extend or terminate at our discretion. When the exercise of those options is reasonably certain, we include them in the lease assessment. Our leases do not contain material restrictions or covenants that impact our accounting for them, nor do we provide residual value guarantees. As a lessee, we utilize the practical expedients to not recognize leases with an initial lease term of 12 months or less on the balance sheet and to combine lease and non-lease components together and account for the combined component as a lease for all asset classes, except real estate. Right-of-use operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement or modification date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, based on the information available at commencement or modification date in determining the present value of future payments. In determining the incremental borrowing rate, we considered our external credit ratings, bond yields for us and our identified peers, the risk-free rate in geographic regions where we operate, and the impact associated with providing collateral over a similar term as the lease for an amount equal to the future lease payments. Our right-of-use operating lease assets also include any lease prepayments made and exclude lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. See Note 4—“Leases” for more information on our operating leases and Note 5—“Impairments” for more information on determination of impairment indicators for our right-of-use assets. |
Earnings Per Share, Policy | Earnings (Loss) 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. |
Lessee, Operating Leases [Text Block] | LEASES Supplemental information about our operating leases follows: December 31, (in thousands) 2021 2020 Assets: Right-of-use operating lease assets $ 146,097 $ 141,206 Liabilities: Operating Current $ 18,781 $ 18,798 Operating Noncurrent 158,503 156,074 Lease liabilities $ 177,284 $ 174,872 December 31, 2021 2020 Lease Term and Discount Rate: Weighted-average remaining lease term (years) 10 10 Weighted-average discount rate 5.9 % 6.1 % No impairments of right-of-use operating leases was recorded in 2021. During the first quarter of 2020, we determined there were impairment indicators present for reporting units in our Subsea Products and Advanced Technologies segments and, as a result, we recorded a pre-tax right-of-use operating lease impairments of $17 million. See Note 5—“Impairments” for more information on determination of impairment indicators for our right-of-use assets. Operating lease cost reflects the lease expense resulting from amortization over the respective lease terms of our operating leases with initial lease terms greater than 12 months. Our short-term lease cost consists of expense for our operating leases with initial lease terms of 12 months or less that are not recorded on our balance sheet. The components of lease cost are as follows: Year ended December 31, (in thousands) 2021 2020 Lease Cost: Operating lease cost Operating lease cost $ 34,406 $ 34,030 Short-term lease cost Short-term lease cost 78,835 52,886 Total Lease Cost $ 113,241 $ 86,916 As of December 31, 2021, future maturities of lease liabilities for our operating leases with an initial lease term of more than 12 months were as follows: Maturities of Lease Liabilities (in thousands) For the year ended December 31, 2022 $ 28,619 2023 25,439 2024 22,402 2025 22,027 2026 22,841 Thereafter 114,828 Total lease payments 236,156 Less: Interest (58,872) Present Value of Lease Liabilities $ 177,284 |
Summary Of Major Accounting _13
Summary Of Major Accounting Policies (Details)-Allowance for Credit Losses - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Accounting Policies [Abstract] | ||||
Accounts Receivable, Allowance for Credit Loss | $ 900,000 | $ 3,900,000 | $ 7,500,000 | $ 2.3 |
Interest Receivable | 1,200,000 | 1,500,000 | ||
Financing Receivable, Allowance for Credit Loss | 300,000 | 600,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (53,000,000) | (11,000,000) | ||
HistoricalCreditLossAnalysisPeriod | 3 years | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 29,549,000 | |||
Contract Assets, Allowance for Credit Losses, Write Off | (38,032,000) | |||
Valuation Allowance [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 53,000,000 | 11,000,000 | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 50,000,000 | 3,000,000 | ||
Increase (Decrease) in Inventories | 7,313,000 | $ 26,466,000 | $ (11,777,000) | |
Manufactured Products | ||||
Accounting Policies [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (49,000,000) | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549,000 | |||
Contract Assets, Allowance for Credit Losses, Write Off | (38,000,000) | |||
Valuation Allowance [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 49,000,000 | |||
Increase (Decrease) in Inventories | $ 20,000,000 |
Revenue Business Segment (Detai
Revenue Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,869,275 | $ 1,827,889 | $ 2,048,124 |
Subsea Robotics | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 538,515 | 493,332 | 583,652 |
Manufactured Products | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 344,251 | 477,419 | 498,350 |
Offshore Projects Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 378,121 | 289,127 | 380,966 |
Integrity Management & Digital Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 241,393 | 226,938 | 266,086 |
Aerospace and Defense Technologies | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 366,995 | 341,073 | 319,070 |
energy service and product | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,502,280 | $ 1,486,816 | $ 1,729,054 |
Revenue Geographic areas (Detai
Revenue Geographic areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [Abstract] | |||
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended December 31, (in thousands) 2021 2020 2019 Geographic Operating Areas: Foreign: Africa $ 273,095 $ 198,505 $ 292,818 Norway 214,306 202,379 217,762 Asia and Australia 184,659 149,798 174,769 United Kingdom 181,453 241,168 256,348 Brazil 111,198 84,636 93,511 Other 93,021 90,541 91,591 Total Foreign 1,057,732 967,027 1,126,799 United States 811,543 860,862 921,325 Total $ 1,869,275 $ 1,827,889 $ 2,048,124 | ||
Revenue by Geographic Area [Line Items] | |||
Revenues | $ 1,869,275 | $ 1,827,889 | $ 2,048,124 |
Subsea Robotics | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 538,515 | 493,332 | 583,652 |
Africa [Member] | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 273,095 | 198,505 | 292,818 |
UNITED KINGDOM | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 181,453 | 241,168 | 256,348 |
NORWAY | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 214,306 | 202,379 | 217,762 |
BRAZIL | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 111,198 | 84,636 | 93,511 |
UNITED STATES | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 811,543 | 860,862 | 921,325 |
Non-US | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 1,057,732 | 967,027 | 1,126,799 |
Other geographical member | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 93,021 | 90,541 | 91,591 |
Asia Pacific [Member] | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | $ 184,659 | $ 149,798 | $ 174,769 |
Revenue Timing of Transfer of G
Revenue Timing of Transfer of Goods or Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [Abstract] | |||
Revenues | $ 1,869,275 | $ 1,827,889 | $ 2,048,124 |
Revenue Recognition for Remaining Performance Obligations in next 24 months | 50,000 | ||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,869,275 | 1,827,889 | 2,048,124 |
Transferred over Time [Member] | |||
Revenue [Abstract] | |||
Revenues | 1,747,585 | 1,702,232 | 1,900,729 |
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,747,585 | 1,702,232 | 1,900,729 |
Transferred at Point in Time [Member] | |||
Revenue [Abstract] | |||
Revenues | 121,690 | 125,657 | 147,395 |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 121,690 | $ 125,657 | $ 147,395 |
Revenue Contract Assets and Con
Revenue Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Asset, Reclassified to Receivable | $ (1,844,605) | $ (1,711,716) | |
Revenue from Contract with Customer, Excluding Assessed Tax | 1,825,487 | 1,712,425 | |
Contract with Customer, Liability, Revenue Recognized | (43,813) | (97,303) | |
Revenues | 1,869,275 | 1,827,889 | $ 2,048,124 |
Contract with Customer, Asset, Net, Current | 164,847 | 221,997 | |
Contract with Customer, Liability | 88,175 | 50,046 | |
Capitalized Contract Cost, Net | 7,800 | 8,300 | |
Amortization of costs to fulfill a contract | $ 4,500 | $ 6,600 | 8,500 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers. Year Ended December 31, (in thousands) 2021 2020 Total contract assets, beginning of period $ 221,997 $ 221,288 Revenue accrued 1,825,487 1,712,425 Write-off of Evergrande contract assets (38,032) — Amounts billed (1,844,605) (1,711,716) Total contract assets, end of period $ 164,847 $ 221,997 Total contract liabilities, beginning of period $ 50,046 $ 117,342 Deferrals of milestone payments 81,942 30,007 Recognition of revenue for goods and services (43,813) (97,303) Total contract liabilities, end of period $ 88,175 $ 50,046 | ||
Revenue by Timing of Transfer of Goods or Services [Table Text Block] | Year Ended December 31, (in thousands) 2021 2020 2019 Timing of Transfer of Goods or Services: Revenue recognized over time $ 1,747,585 $ 1,702,232 $ 1,900,729 Revenue recognized at a point in time 121,690 125,657 147,395 Total $ 1,869,275 $ 1,827,889 $ 2,048,124 | ||
Contract with Customer, Asset, before Allowance for Credit Loss, Current | $ 164,847 | $ 221,997 | 221,288 |
Contract with Customer, Liability, Current | 88,175 | 50,046 | $ 117,342 |
Increase (Decrease) in Contract with Customer, Liability | $ 81,942 | $ 30,007 |
Revenue Performance Obligations
Revenue Performance Obligations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [Abstract] | |||
Revenue, Remaining Performance Obligation, Amount | $ 235,000,000 | ||
Revenue Recognition for Remaining Performance Obligations in next 24 months | 50,000,000 | ||
Capitalized Contract Cost, Net | 7,800,000 | $ 8,300,000 | |
Amortization of costs to fulfill a contract | 4,500,000 | $ 6,600,000 | $ 8,500,000 |
RevenueRecognitionforRemainingPerformanceObligationsinnext12months | 185,000,000 | ||
Contract Assets, Allowance for Credit Losses, Write Off | $ (38,032,000) |
Selected Balance Sheet Inform_2
Selected Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Accrued Liabilities, Current | $ 290,659 | $ 292,863 |
Equity Method Investments | 30,502 | 34,166 |
Inventory | 153,682 | 141,241 |
Inventory [Line Items] | ||
Inventory | 153,682 | 141,241 |
Prepaid Expense, Current | 62,171 | 48,616 |
Debt Securities, Available-for-sale, Current | 6,229 | 10,179 |
Other Inventory, Net of Reserves | 81,110 | 78,453 |
Other current assets | 68,400 | 58,795 |
Intangible Assets, Net (Excluding Goodwill) | 12,641 | 14,317 |
Cash surrender value of life insurance policies | 41,922 | 39,562 |
Equity Method Investments | 30,502 | 34,166 |
Other | 19,190 | 20,205 |
Other Assets, Noncurrent | 104,255 | 108,250 |
Payroll and related costs | 134,538 | 135,042 |
Accrued job costs | 49,032 | 47,721 |
Accrued Income Taxes, Current | $ 35,826 | $ 35,929 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Other | $ 52,482 | $ 55,373 |
Accrued Liabilities, Current | 290,659 | 292,863 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 1,375 | |
Deferred Tax Liabilities, Gross, Noncurrent | 2,993 | |
Supplemental Executive Retirement Plan | 35,195 | 33,982 |
Long-Term Incentive Plan | 11,996 | 12,640 |
Liability for Uncertainty in Income Taxes, Noncurrent | 14,830 | 15,010 |
Other | 26,708 | 24,619 |
Liabilities, Other than Long-term Debt, Noncurrent | 90,104 | 89,244 |
ROVs [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Inventory | 72,572 | 62,788 |
Inventory [Line Items] | ||
Inventory | $ 72,572 | $ 62,788 |
Selected Balance Sheet Inform_3
Selected Balance Sheet Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
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) 2021 2020 Inventory, net: Remotely operated vehicle parts and components $ 72,572 $ 62,788 Other inventory, primarily raw materials 81,110 78,453 Total $ 153,682 $ 141,241 Other current assets: Prepaid expenses $ 62,171 $ 48,616 Angolan bonds 6,229 10,179 Total $ 68,400 $ 58,795 Other noncurrent assets: Cash surrender value of life insurance policies $ 41,922 $ 39,562 Investment in unconsolidated affiliates 30,502 34,166 Intangible assets, net 12,641 14,317 Other 19,190 20,205 Total $ 104,255 $ 108,250 Accrued liabilities: Payroll and related costs $ 134,538 $ 135,042 Accrued job costs 49,032 47,721 Income taxes payable 35,826 35,929 Current operating lease liability 18,781 18,798 Other 52,482 55,373 Total $ 290,659 $ 292,863 Other long-term liabilities: Supplemental Executive Retirement Plan $ 35,195 $ 33,982 Uncertain tax positions 14,830 15,010 Long-Term Incentive Plan 11,996 12,640 Deferred income taxes 1,375 2,993 Other 26,708 24,619 Total $ 90,104 $ 89,244 | |
Schedule of Equity Method Investments [Line Items] | ||
Inventory | $ 141,241 | $ 153,682 |
Other Inventory, Net of Reserves | 78,453 | 81,110 |
Prepaid Expense, Current | 48,616 | 62,171 |
Other current assets | 58,795 | 68,400 |
Intangible Assets, Net (Excluding Goodwill) | 14,317 | 12,641 |
Cash surrender value of life insurance policies | 39,562 | 41,922 |
Equity Method Investments | 34,166 | 30,502 |
Other | 20,205 | 19,190 |
Other non-current assets | 108,250 | 104,255 |
Payroll and related costs | 135,042 | 134,538 |
Accrued job costs | 47,721 | 49,032 |
Accrued Income Taxes, Current | 35,929 | 35,826 |
Other | 55,373 | 52,482 |
Accrued Liabilities, Current | 292,863 | 290,659 |
Supplemental Executive Retirement Plan | 33,982 | 35,195 |
Long-Term Incentive Plan | 12,640 | 11,996 |
Liability for Uncertainty in Income Taxes, Noncurrent | 15,010 | 14,830 |
Other | 24,619 | 26,708 |
Other Long-term Liabilities | 89,244 | 90,104 |
Liabilities, Other than Long-term Debt, Noncurrent | $ 89,244 | $ 90,104 |
Income Taxes - Provisions for I
Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Domestic | $ 974 | $ (32,743) | $ (7,571) |
Foreign | 44,422 | 34,755 | 37,462 |
Total current | 45,396 | 2,012 | 29,891 |
Deferred: | |||
Domestic | (328) | (9,192) | (10,860) |
Foreign | (1,470) | 5,034 | (1,408) |
Total deferred | (1,798) | (4,158) | (12,268) |
Income Tax Expense (Benefit) | 43,598 | (2,146) | 17,623 |
Cash taxes paid | 29,204 | 26,264 | 29,806 |
CARES Act Tax Refund | 33,000 | ||
Proceeds from Income Tax Refunds | 10,000 | ||
Noncash Income Tax Benefit | 8,400 | ||
Income Including Equity Affiliate Earnings Before Income Taxes | $ (5,709) | $ (498,897) | $ (330,821) |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (125,010) | $ (306,354) | $ (271,515) |
Foreign | 119,301 | (192,543) | (59,306) |
Income before Income Taxes | $ (5,709) | $ (498,897) | $ (330,821) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 508,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1,100 | $ (1,200) | $ 1,400 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 197,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 311,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 679,000 | ||
Deferred compensation | 17,169 | 16,761 | |
Deferred income | 7,604 | 1,958 | |
Accrued expenses | 23,555 | 27,864 | |
Deferred Tax Assets, Operating Loss Carryforwards | 551,724 | 521,757 | |
Deferred tax asset reserves long-term operating lease liabilities | 34,728 | 40,417 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses | 19,623 | 19,357 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, interest | 31,898 | 27,359 | |
Other | 27,667 | 14,045 | |
Valuation allowances | 679,242 | 592,516 | 277,258 |
Property and equipment | 7,185 | 1,343 | |
Deferred Tax Liabilities, Investments | 1,948 | 2,348 | |
Deferred Tax Liabilities, Leasing Arrangements | 26,968 | 28,519 | |
Deferred Tax Liabilities Interest | 0 | 47,785 | |
Deferred Tax Liabilities, Gross | 36,101 | 79,995 | |
Deferred tax assets: | |||
Deferred compensation | 17,169 | 16,761 | |
Deferred income | 7,604 | 1,958 | |
Accrued expenses | 23,555 | 27,864 | |
Deferred Tax Assets, Operating Loss Carryforwards | 551,724 | 521,757 | |
Deferred Tax Liabilities, Leasing Arrangements | 26,968 | 28,519 | |
Other | 27,667 | 14,045 | |
Deferred tax asset reserves long-term operating lease liabilities | 34,728 | 40,417 | |
Gross deferred tax assets | 713,968 | 669,518 | |
Valuation allowance | (679,242) | (592,516) | $ (277,258) |
Total deferred tax assets | 34,726 | 77,002 | |
Deferred tax liabilities: | |||
Property and equipment | 7,185 | 1,343 | |
Deferred Tax Liabilities, Investments | 1,948 | 2,348 | |
Deferred Tax Assets (Liabilities), Net [Abstract] | |||
Total deferred tax liabilities | 1,375 | 2,993 | |
Deferred Income Tax Liabilities, Net | $ 1,375 | $ 2,993 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance [Line Items] | |||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation between the actual income tax provision and income tax computed using the U.S. statutory federal income tax rate is summarized as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Income tax provision (benefit) at the U.S. statutory rate $ (1,199) $ (104,769) $ (69,472) Tax Act - net mandatory repatriation tax — — (8,220) CARES Act — (4,681) — Permanent differences for goodwill impairments — 50,435 — Valuation allowances 33,068 46,650 74,553 Foreign tax rate differential 8,619 6,088 18,439 Stock compensation 542 1,032 989 Uncertain tax positions 158 (5,939) 3,046 Other items, net 2,410 9,038 (1,712) Total provision (benefit) for income taxes $ 43,598 $ (2,146) $ 17,623 | ||
Tax Credit Carryforward [Line Items] | |||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 14,830 | $ 15,010 | |
Income Tax Expense (Benefit) | 43,598 | (2,146) | $ 17,623 |
Deferred Tax Assets, Operating Loss Carryforwards | 551,724 | 521,757 | |
Deferred Tax Assets, Valuation Allowance | 679,242 | 592,516 | 277,258 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | $ (2,818) | (68) | (563) |
Unrecognized Tax Benefits, Probability Threshold of Realizing for Tax Benefits Recognition, Minimum Percentage | 5000.00% | ||
Penalties and interest expense relating to uncertain tax positions | $ 1,100 | (1,200) | $ 1,400 |
Liabilities for penalties and interest on uncertain tax | 3,400 | 4,500 | |
Operating Loss Carryforwards | 508,000 | ||
Operating Loss Carryforwards, Valuation Allowance | $ 679,000 | ||
Current Fiscal Year End Date | --12-31 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 197,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 311,000 | ||
Uncertain Tax positions to be resolved in next 12 months | 7,000 | ||
CARES Act Tax Refund | 33,000 | ||
Proceeds from Income Tax Refunds | 10,000 | ||
Noncash Income Tax Benefit | 8,400 | ||
Income Tax Contingency [Line Items] | |||
Uncertain Tax positions to be resolved in next 12 months | 7,000 | ||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 1,375 | ||
Liabilities Subject to Compromise, Income Tax Contingencies | 6,000 | 9,600 | |
Liabilities Subject to Compromise, Income Tax Contingencies | 6,000 | 9,600 | |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 1,375 | ||
Liability for Uncertainty in Income Taxes, Current | 8,000 | ||
Other Liabilities | |||
Income Tax Contingency [Line Items] | |||
Liabilities Subject to Compromise, Income Tax Contingencies | 11,000 | 10,000 | |
Liabilities Subject to Compromise, Income Tax Contingencies | $ 11,000 | $ 10,000 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning of year | $ 20,086 | $ 16,911 | $ 14,971 |
Additions based on tax positions related to the current year | 1,934 | 2,229 | 3,662 |
Reductions for explration statutes of limitations | (784) | (628) | (2,835) |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 2,011 | 1,830 | 2,060 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (2,818) | (68) | (563) |
Settlements | (3,062) | (188) | (384) |
Balance at end of year | $ 17,367 | $ 20,086 | $ 16,911 |
Income Taxes - Summary Of Earli
Income Taxes - Summary Of Earliest Tax Years Open To Examination (Details) | 12 Months Ended |
Dec. 31, 2021 | |
United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2019 |
Norway [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2016 |
Angola Member | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2013 |
Brazil [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2017 |
Australia [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2017 |
United States [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2014 |
Income Taxes Income Taxes - Inc
Income Taxes Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (1,199) | $ (104,769) | $ (69,472) |
Effective Income Tax Rate Reconciliation, Repatriation Tax | 0 | 0 | (8,220) |
Income Tax Reconciliation CARES Tax Act net operating loss carryback | 0 | (4,681) | 0 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account | 33,068 | 46,650 | 74,553 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 8,619 | 6,088 | 18,439 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 542 | 1,032 | 989 |
Effective Income Tax Rate Reconciliation, Uncertain Tax Position | 158 | (5,939) | 3,046 |
Income Tax Rate Reconciliation Permanent Differences | 0 | 50,435 | 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 2,410 | 9,038 | (1,712) |
Income Tax Expense (Benefit) | $ 43,598 | $ (2,146) | $ 17,623 |
Income Taxes Income Taxes - Rec
Income Taxes Income Taxes - Reconciliation of Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | ||||
Uncertain Tax positions to be resolved in next 12 months | $ 7,000 | |||
Liability for Uncertainty in Income Taxes, Noncurrent | 14,830 | $ 15,010 | ||
Unrecognized Tax Benefits | 17,367 | 20,086 | $ 16,911 | $ 14,971 |
Additions based on tax positions related to the current year | 1,934 | 2,229 | 3,662 | |
Reductions for explration statutes of limitations | (784) | (628) | (2,835) | |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 2,011 | 1,830 | 2,060 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (2,818) | (68) | (563) | |
Settlements | (3,062) | (188) | (384) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 2,943 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 5,761 | 14,510 | 14,622 | |
Valuation Allowances and Reserves, Period Increase (Decrease) | 83,908 | 300,748 | 59,596 | |
Deferred Tax Assets, Valuation Allowance | $ (679,242) | (592,516) | (277,258) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ (592,516) | $ (277,258) | $ (203,040) |
Income Taxes Income Tax Narrati
Income Taxes Income Tax Narrative Details (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of gross uncertain tax positions, excluding penalties and interest, is as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Balance at beginning of year $ 20,086 $ 16,911 $ 14,971 Additions based on tax positions related to the current year 1,934 2,229 3,662 Reductions for expiration of statutes of limitations (784) (628) (2,835) Additions based on tax positions related to prior years 2,011 1,830 2,060 Reductions based on tax positions related to prior years (2,818) (68) (563) Settlements (3,062) (188) (384) Balance at end of year $ 17,367 $ 20,086 $ 16,911 | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation between the actual income tax provision and income tax computed using the U.S. statutory federal income tax rate is summarized as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Income tax provision (benefit) at the U.S. statutory rate $ (1,199) $ (104,769) $ (69,472) Tax Act - net mandatory repatriation tax — — (8,220) CARES Act — (4,681) — Permanent differences for goodwill impairments — 50,435 — Valuation allowances 33,068 46,650 74,553 Foreign tax rate differential 8,619 6,088 18,439 Stock compensation 542 1,032 989 Uncertain tax positions 158 (5,939) 3,046 Other items, net 2,410 9,038 (1,712) Total provision (benefit) for income taxes $ 43,598 $ (2,146) $ 17,623 | |
Schedule of Components of Income Tax Expense (Benefit) | provision (benefit) applicable for domestic and foreign taxes and cash taxes paid are as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Current income tax expense (benefit): Domestic $ 974 $ (32,743) $ (7,571) Foreign 44,422 34,755 37,462 Total current income tax expense (benefit) 45,396 2,012 29,891 Deferred income tax expense (benefit): Domestic (328) (9,192) (10,860) Foreign (1,470) 5,034 (1,408) Total deferred income tax expense (benefit) (1,798) (4,158) (12,268) Total income tax expense (benefit) $ 43,598 $ (2,146) $ 17,623 Cash taxes paid, net $ 29,204 $ 26,264 $ 29,806 | The components of the income tax provision (benefit) applicable for domestic and foreign taxes and cash taxes paid are as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Current income tax expense (benefit): Domestic $ 974 $ (32,743) $ (7,571) Foreign 44,422 34,755 37,462 Total current income tax expense (benefit) 45,396 2,012 29,891 Deferred income tax expense (benefit): Domestic (328) (9,192) (10,860) Foreign (1,470) 5,034 (1,408) Total deferred income tax expense (benefit) (1,798) (4,158) (12,268) Total income tax expense (benefit) $ 43,598 $ (2,146) $ 17,623 Cash taxes paid, net $ 29,204 $ 26,264 $ 29,806 |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income (loss) before income taxes are as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Domestic $ (125,010) $ (306,354) $ (271,515) Foreign 119,301 (192,543) (59,306) Income (loss) before income taxes $ (5,709) $ (498,897) $ (330,821) | |
Schedule of Deferred Tax Assets and Liabilities | Significant components of net deferred tax assets and liabilities were as follows: December 31, (in thousands) 2021 2020 Deferred tax assets: Deferred compensation $ 17,169 $ 16,761 Deferred income 7,604 1,958 Accrued expenses 23,555 27,864 Net operating loss and other carryforwards 551,724 521,757 Long-term operating lease liabilities 34,728 40,417 Goodwill and intangibles 19,623 19,357 Interest 31,898 27,359 Other 27,667 14,045 Gross deferred tax assets 713,968 669,518 Valuation allowances (679,242) (592,516) Total deferred tax assets $ 34,726 $ 77,002 Deferred tax liabilities: Property and equipment $ 7,185 $ 1,343 Basis difference in equity investments 1,948 2,348 Right-of-use operating lease assets 26,968 28,519 Interest — 47,785 Total deferred tax liabilities $ 36,101 $ 79,995 Net deferred income tax liability $ 1,375 $ 2,993 Our net deferred tax liability is reflected within our balance sheet as follows: December 31, (in thousands) 2021 2020 Deferred tax liabilities included in other long-term liabilities $ 1,375 $ 2,993 Net deferred income tax liability $ 1,375 $ 2,993 | |
Summary of Valuation Allowance [Table Text Block] | The following is a reconciliation of the beginning and ending amounts of our valuation allowances: Year Ended December 31, (in thousands) 2021 2020 2019 Balance at beginning of year $ (592,516) $ (277,258) $ (203,040) Increase due principally to net operating losses (83,908) (300,748) (59,596) (Increase) decrease due to foreign tax and business credit carryforwards (5,761) (14,510) (14,622) Reduction due to utilization of foreign tax credits generated in prior years 2,943 — — Balance at end of year $ (679,242) $ (592,516) $ (277,258) | |
Summary of Income Tax Examinations | Our tax returns are subject to audit by taxing authorities in multiple jurisdictions. These audits often take years to complete and settle. The following table lists the earliest tax years open to examination by tax authorities where we have significant operations: Jurisdiction Periods United States 2014 United Kingdom 2019 Norway 2016 Angola 2013 Brazil 2017 Australia 2017 | |
Tax Credit Carryforward [Line Items] | ||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 14,830 | $ 15,010 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 16, 2018 | Nov. 21, 2014 | |
Debt Disclosure [Abstract] | |||||
Schedule of Debt | Long-term debt consisted of the following: December 31, (in thousands) 2021 2020 4.650% Senior Notes due 2024 $ 400,000 $ 500,000 6.000% Senior Notes due 2028 300,000 300,000 Interest rate swap settlements 6,572 10,870 Unamortized debt issuance costs (4,505) (5,619) Long-term Debt $ 702,067 $ 805,251 | ||||
Debt Instrument [Line Items] | |||||
Current Fiscal Year End Date | --12-31 | ||||
Percentage of commitment of lenders | 90.00% | ||||
4.650% Senior Notes due 2024 | $ 300,000,000 | $ 500,000,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.00% | 4.65% | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 39,000,000 | $ 44,000,000 | $ 46,000,000 | ||
Debt Instrument, Increase, Accrued Interest | 700,000 | ||||
Debt Instrument, Repurchase Amount | 100,000,000 | ||||
Gain (Loss) on Repurchase of Debt Instrument | 1,100,000 | ||||
Write off of Deferred Debt Issuance Cost | 1,800,000 | ||||
4.650% Senior Notes due 2024 | $ 300,000,000 | $ 500,000,000 | |||
Unamortized Debt Issuance Expense | (4,505,000) | (5,619,000) | |||
Term Loan Facility | 300,000,000 | ||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 6,572,000 | 10,870,000 | |||
Long-term Debt | 702,067,000 | 805,251,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.00% | 4.65% | |||
2024 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
4.650% Senior Notes due 2024 | 400,000,000 | 500,000,000 | |||
4.650% Senior Notes due 2024 | 400,000,000 | 500,000,000 | |||
2028 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
4.650% Senior Notes due 2024 | 300,000,000 | 300,000,000 | |||
4.650% Senior Notes due 2024 | $ 300,000,000 | $ 300,000,000 |
Debt - Line of Credit (Details)
Debt - Line of Credit (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 25, 2023 | Oct. 27, 2014 | |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Available Additional Borrowing Capacity | $ 300,000,000 | ||||
Term Loan Facility | 300,000,000 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 39,000,000 | $ 44,000,000 | $ 46,000,000 | ||
Line of Credit Facility, Maximum Capitalization Ratio | 55.00% | ||||
Percentage of commitment of lenders | 90.00% | ||||
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 | $ 450,000,000 | $ 500,000,000 | |||
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% | ||||
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% | ||||
Senior Notes due 2024 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Payments of Debt Issuance Costs | $ 6,900,000 | ||||
Senior Notes due 2028 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Payments of Debt Issuance Costs | 4,200,000 | ||||
Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Payments of Debt Issuance Costs | $ 3,000,000 |
Debt Interest Rate Swap (Detail
Debt Interest Rate Swap (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 16, 2018 | Nov. 21, 2014 | |
Debt Instrument [Line Items] | ||||||
Derivative, Variable Interest Rate | 2.426% | |||||
Derivative, Amount of Hedged Item | $ 200,000,000 | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.00% | 4.65% | ||||
Derivative Liability, Notional Amount | 100,000,000 | |||||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Adjustment | $ 13 | $ 13 | ||||
Amortization of Deferred Finance Cost | $ 4,300,000 | $ 2,000,000 | ||||
Derivative [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Variable Interest Rate | 282.30% |
Operations by Business Segment
Operations by Business Segment and Geographic Area - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||||||
Financial Data By Business Segment | The table that follows presents revenue, income (loss) from operations and depreciation and amortization expense including goodwill impairment, by business segment: Year Ended December 31, (in thousands) 2021 2020 2019 Revenue Energy Services and Products Subsea Robotics $ 538,515 $ 493,332 $ 583,652 Manufactured Products 344,251 477,419 498,350 OPG 378,121 289,127 380,966 IMDS 241,393 226,938 266,086 Total Energy Services and Products 1,502,280 1,486,816 1,729,054 ADTech 366,995 341,073 319,070 Total $ 1,869,275 $ 1,827,889 $ 2,048,124 Income (Loss) from Operations Energy Services and Products Subsea Robotics $ 76,874 $ (65,817) $ 11,627 Manufactured Products (15,876) (88,253) 5,730 OPG 31,197 (105,680) (170,013) IMDS 18,572 (121,675) (52,527) Total Energy Services and Products 110,767 (381,425) (205,183) ADTech 60,992 56,023 42,574 Unallocated Expenses (131,960) (120,677) (128,104) Total $ 39,799 $ (446,079) $ (290,713) Depreciation and Amortization Expense, including Goodwill Impairment Energy Services and Products Subsea Robotics $ 87,900 $ 212,621 $ 140,087 Manufactured Products 12,788 66,772 20,732 OPG 28,173 115,288 58,044 IMDS 4,420 127,221 37,160 Total Energy Services and Products 133,281 521,902 256,023 ADTech 4,783 2,666 2,644 Unallocated Expenses 1,659 4,327 4,760 Total $ 139,723 $ 528,895 $ 263,427 | |||||
Reconciliation of Assets from Segment to Consolidated | The following table presents Assets, Property and Equipment, net and Goodwill by business segment: December 31, (in thousands) 2021 2020 Assets Energy Services and Products Subsea Robotics $ 447,130 $ 487,505 Manufactured Products 342,978 436,835 OPG 333,248 359,844 IMDS 83,796 80,123 Total Energy Services and Products 1,207,152 1,364,307 ADTech 107,999 112,294 Corporate and Other 647,708 569,241 Total $ 1,962,859 $ 2,045,842 Property and Equipment, Net Energy Services and Products Subsea Robotics $ 190,992 $ 252,221 Manufactured Products 85,190 94,600 OPG 186,187 212,990 IMDS 10,934 12,018 Total Energy Services and Products 473,303 571,829 ADTech 7,632 7,892 Corporate and Other 8,661 11,386 Total $ 489,596 $ 591,107 Goodwill Energy Services and Products Subsea Robotics $ 24,454 $ 24,562 Total Energy Services and Products 24,454 24,562 ADTech 10,454 10,454 Total $ 34,908 $ 35,016 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: Year Ended December 31, (in thousands) 2021 2020 2019 Capital Expenditures Energy Services and Products Subsea Robotics $ 27,591 $ 14,624 $ 72,663 Manufactured Products 2,510 1,220 17,522 OPG 7,980 33,647 42,400 IMDS 3,305 3,488 8,529 Total Energy Services and Products 41,386 52,979 141,114 ADTech 2,525 1,462 2,243 Corporate and Other 6,288 6,246 4,327 Total $ 50,199 $ 60,687 $ 147,684 | |||||
Segment Reporting Information [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 146,097 | $ 141,206 | ||||
Impairment of Long-Lived Assets Held-for-use | $ 68,763 | 0 | 70,445 | $ 159,353 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 24,142 | 44,653 | ||||
Inventory Write-down | 0 | 7,038 | 21,285 | |||
Goodwill, Impairment Loss | $ 303,005 | 0 | 343,880 | 14,713 | ||
Other Adjustments to Income, Discontinued Operations | 1,308 | 21,210 | 11,751 | |||
Total Adjustments To Income From Continuing Operations | 32,272 | 466,715 | 251,755 | |||
Depreciation | 136,000 | 170,000 | $ 212,000 | |||
Impairment of Intangible Assets, Finite-lived | $ 10,000 | |||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549 | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,415 | |||||
Customer Concentration Risk [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Concentration Risk, Percentage | 12.00% | 1000.00% | 10.00% | |||
Subsea Projects [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill, Impairment Loss | 129,562 | |||||
Manufactured Products | ||||||
Segment Reporting Information [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 61,074 | |||||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | $ 482 | |||||
Inventory Write-down | 2,107 | |||||
Goodwill, Impairment Loss | $ 41,000 | 11,388 | 52,263 | 0 | ||
Other Adjustments to Income, Discontinued Operations | $ 537 | 2,266 | 757 | |||
Total Adjustments To Income From Continuing Operations | 30,086 | 115,603 | 3,346 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549 | |||||
Offshore Projects Group | ||||||
Segment Reporting Information [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 8,826 | 142,615 | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 16,644 | 18,723 | ||||
Inventory Write-down | 2,771 | |||||
Goodwill, Impairment Loss | 66,285 | 66,285 | 0 | |||
Other Adjustments to Income, Discontinued Operations | 149 | 8,590 | 3,526 | |||
Total Adjustments To Income From Continuing Operations | 149 | 100,345 | 167,635 | |||
Integrity Management & Digital Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 545 | 16,738 | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 170 | 14,108 | ||||
Inventory Write-down | 719 | |||||
Goodwill, Impairment Loss | 123,214 | 123,214 | 14,713 | |||
Other Adjustments to Income, Discontinued Operations | 217 | 4,272 | 3,082 | |||
Total Adjustments To Income From Continuing Operations | 217 | 128,201 | 49,360 | |||
Subsea Robotics | ||||||
Segment Reporting Information [Line Items] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 7,328 | 11,340 | ||||
Inventory Write-down | 7,038 | 15,433 | ||||
Goodwill, Impairment Loss | $ 102,118 | 102,118 | 0 | |||
Other Adjustments to Income, Discontinued Operations | 395 | 5,055 | 4,228 | |||
Total Adjustments To Income From Continuing Operations | 395 | 121,539 | 31,001 | |||
Aerospace and Defense Technologies | ||||||
Segment Reporting Information [Line Items] | ||||||
Inventory Write-down | 255 | |||||
Other Adjustments to Income, Discontinued Operations | 10 | 572 | 102 | |||
Total Adjustments To Income From Continuing Operations | 10 | 572 | 357 | |||
Unallocated Expenses Member | ||||||
Segment Reporting Information [Line Items] | ||||||
Other Adjustments to Income, Discontinued Operations | 0 | 455 | 56 | |||
Total Adjustments To Income From Continuing Operations | 1,415 | $ 455 | $ 56 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,415 |
Operations by Business Segmen_2
Operations by Business Segment and Geographic Area - Financial Data By Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | $ 303,005 | $ 0 | $ 343,880 | $ 14,713 | |
Other Adjustments to Income, Discontinued Operations | 1,308 | 21,210 | 11,751 | ||
Revenue | 1,869,275 | 1,827,889 | 2,048,124 | ||
Income from Operations | 39,799 | (446,079) | (290,713) | ||
Depreciation, Depletion and Amortization, Nonproduction | 139,723 | 528,895 | 263,427 | ||
Depreciation | 136,000 | 170,000 | 212,000 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 24,142 | 44,653 | |||
Write-off Equipment and Intangibles | 14,000 | 45,000 | |||
Inventory Write-down | $ 0 | $ 7,038 | $ 21,285 | ||
Customer Concentration Risk [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | 1000.00% | 10.00% | ||
Advanced Technologies [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | 11,388 | ||||
Subsea Robotics | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | 102,118 | $ 102,118 | $ 0 | ||
Other Adjustments to Income, Discontinued Operations | $ 395 | 5,055 | 4,228 | ||
Revenue | 538,515 | 493,332 | 583,652 | ||
Income from Operations | 76,874 | (65,817) | 11,627 | ||
Depreciation, Depletion and Amortization | 87,900 | 212,621 | 140,087 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 7,328 | 11,340 | |||
Inventory Write-down | 7,038 | 15,433 | |||
Manufactured Products | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | $ 41,000 | 11,388 | 52,263 | 0 | |
Other Adjustments to Income, Discontinued Operations | 537 | 2,266 | 757 | ||
Revenue | 344,251 | 477,419 | 498,350 | ||
Income from Operations | (15,876) | (88,253) | 5,730 | ||
Depreciation, Depletion and Amortization | 12,788 | 66,772 | 20,732 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 482 | ||||
Inventory Write-down | 2,107 | ||||
Offshore Projects Group | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | 66,285 | 66,285 | 0 | ||
Other Adjustments to Income, Discontinued Operations | 149 | 8,590 | 3,526 | ||
Revenue | 378,121 | 289,127 | 380,966 | ||
Income from Operations | 31,197 | (105,680) | (170,013) | ||
Depreciation, Depletion and Amortization | 28,173 | 115,288 | 58,044 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 16,644 | 18,723 | |||
Inventory Write-down | 2,771 | ||||
Integrity Management & Digital Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | $ 123,214 | 123,214 | 14,713 | ||
Other Adjustments to Income, Discontinued Operations | 217 | 4,272 | 3,082 | ||
Revenue | 241,393 | 226,938 | 266,086 | ||
Income from Operations | 18,572 | (121,675) | (52,527) | ||
Depreciation, Depletion and Amortization | 4,420 | 127,221 | 37,160 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 170 | 14,108 | |||
Inventory Write-down | 719 | ||||
Aerospace and Defense Technologies | |||||
Segment Reporting Information [Line Items] | |||||
Other Adjustments to Income, Discontinued Operations | 10 | 572 | 102 | ||
Revenue | 366,995 | 341,073 | 319,070 | ||
Income from Operations | 60,992 | 56,023 | 42,574 | ||
Depreciation, Depletion and Amortization | 4,783 | 2,666 | 2,644 | ||
Inventory Write-down | 255 | ||||
Unallocated Expenses Member | |||||
Segment Reporting Information [Line Items] | |||||
Other Adjustments to Income, Discontinued Operations | 0 | 455 | 56 | ||
Income from Operations | (131,960) | (120,677) | (128,104) | ||
Depreciation, Depletion and Amortization | 1,659 | 4,327 | 4,760 | ||
energy service and product | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1,502,280 | 1,486,816 | 1,729,054 | ||
Income from Operations | 110,767 | (381,425) | (205,183) | ||
Depreciation, Depletion and Amortization, Nonproduction | $ 133,281 | $ 521,902 | $ 256,023 |
Operations by Business Segmen_3
Operations by Business Segment and Geographic Area Operations by Business Segment and Geographic Areas - Schedule of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | $ 635,693 | $ 732,313 |
Assets | 1,962,859 | 2,045,842 |
Property, Plant and Equipment, Net | 489,596 | 591,107 |
Goodwill | 34,908 | 35,016 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 647,708 | 569,241 |
Property, Plant and Equipment, Net | 8,661 | 11,386 |
Subsea Robotics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 447,130 | 487,505 |
Property, Plant and Equipment, Net | 190,992 | 252,221 |
Goodwill | 24,454 | 24,562 |
Manufactured Products | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 342,978 | 436,835 |
Property, Plant and Equipment, Net | 85,190 | 94,600 |
Offshore Projects Group | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 333,248 | 359,844 |
Property, Plant and Equipment, Net | 186,187 | 212,990 |
Integrity Management & Digital Solutions | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 83,796 | 80,123 |
Property, Plant and Equipment, Net | 10,934 | 12,018 |
Aerospace and Defense Technologies | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 107,999 | 112,294 |
Property, Plant and Equipment, Net | 7,632 | 7,892 |
Goodwill | 10,454 | 10,454 |
energy service and product | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,207,152 | 1,364,307 |
Property, Plant and Equipment, Net | 473,303 | 571,829 |
Goodwill | 24,454 | 24,562 |
NORWAY | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 69,880 | 85,844 |
Africa [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 49,874 | 58,976 |
UNITED KINGDOM | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 65,665 | 68,874 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 29,371 | 40,746 |
BRAZIL | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 59,318 | 68,314 |
Segment, Geographical, Groups of Countries, Group Three [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 18,456 | 23,900 |
Segment, Geographical, Groups of Countries, Foreign [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 292,564 | 346,654 |
UNITED STATES | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | $ 343,129 | $ 385,659 |
Operations by Business Segmen_4
Operations by Business Segment and Geographic Area Operations by Business Segment and Geographic Area - Other Significant Reconciling Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Inventory Write-down | $ 0 | $ 7,038 | $ 21,285 | |||
Impairment of Long-Lived Assets Held-for-use | $ 68,763 | 0 | 70,445 | 159,353 | ||
Goodwill, Impairment Loss | $ 303,005 | 0 | 343,880 | 14,713 | ||
Other Adjustments to Income, Discontinued Operations | 1,308 | 21,210 | 11,751 | |||
Depreciation | 136,000 | 170,000 | 212,000 | |||
Operating Lease, Right-of-Use Asset | 146,097 | 141,206 | ||||
Amortization of Intangible Assets | 3,800 | 15,000 | 36,000 | |||
Property, Plant and Equipment, Additions | 50,199 | 60,687 | 147,684 | |||
Write-off Equipment and Intangibles | 14,000 | 45,000 | ||||
Advanced Technologies [Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Goodwill, Impairment Loss | 11,388 | |||||
Corporate and Other [Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Property, Plant and Equipment, Additions | 6,288 | 6,246 | 4,327 | |||
Asset Integrity [Member] | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Goodwill, Impairment Loss | 110,753 | 15,000 | ||||
Subsea Robotics | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Inventory Write-down | 7,038 | 15,433 | ||||
Goodwill, Impairment Loss | 102,118 | 102,118 | 0 | |||
Other Adjustments to Income, Discontinued Operations | 395 | 5,055 | 4,228 | |||
Property, Plant and Equipment, Additions | 27,591 | 14,624 | 72,663 | |||
Manufactured Products | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Inventory Write-down | 2,107 | |||||
Impairment of Long-Lived Assets Held-for-use | 61,074 | |||||
Goodwill, Impairment Loss | $ 41,000 | 11,388 | 52,263 | 0 | ||
Other Adjustments to Income, Discontinued Operations | 537 | 2,266 | 757 | |||
Property, Plant and Equipment, Additions | 2,510 | 1,220 | 17,522 | |||
Offshore Projects Group | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Inventory Write-down | 2,771 | |||||
Impairment of Long-Lived Assets Held-for-use | 8,826 | 142,615 | ||||
Goodwill, Impairment Loss | 66,285 | 66,285 | 0 | |||
Other Adjustments to Income, Discontinued Operations | 149 | 8,590 | 3,526 | |||
Property, Plant and Equipment, Additions | 7,980 | 33,647 | 42,400 | |||
Integrity Management & Digital Solutions | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Inventory Write-down | 719 | |||||
Impairment of Long-Lived Assets Held-for-use | 545 | 16,738 | ||||
Goodwill, Impairment Loss | $ 123,214 | 123,214 | 14,713 | |||
Other Adjustments to Income, Discontinued Operations | 217 | 4,272 | 3,082 | |||
Property, Plant and Equipment, Additions | 3,305 | 3,488 | 8,529 | |||
Aerospace and Defense Technologies | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Inventory Write-down | 255 | |||||
Other Adjustments to Income, Discontinued Operations | 10 | 572 | 102 | |||
Property, Plant and Equipment, Additions | 2,525 | 1,462 | 2,243 | |||
energy service and product | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Property, Plant and Equipment, Additions | $ 41,386 | $ 52,979 | $ 141,114 |
Operations by Business Segmen_5
Operations by Business Segment and Geographic Area - Revenues and Long-Lived Assets by Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,869,275 | $ 1,827,889 | $ 2,048,124 |
Long-Lived Assets | 635,693 | 732,313 | |
Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 292,564 | 346,654 | |
Norway [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 214,306 | 202,379 | 217,762 |
Long-Lived Assets | 69,880 | 85,844 | |
Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 273,095 | 198,505 | 292,818 |
Long-Lived Assets | 49,874 | 58,976 | |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 181,453 | 241,168 | 256,348 |
Long-Lived Assets | 65,665 | 68,874 | |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 184,659 | 149,798 | 174,769 |
Long-Lived Assets | 29,371 | 40,746 | |
Brazil [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 111,198 | 84,636 | 93,511 |
Long-Lived Assets | 59,318 | 68,314 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 18,456 | 23,900 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 811,543 | 860,862 | $ 921,325 |
Long-Lived Assets | $ 343,129 | $ 385,659 |
Commitments and Contingencies -
Commitments and Contingencies - Future Lease Payments (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Leased Assets [Line Items] | |
Operating Leases, Operating Lease Term | 15 years |
Commitments And Contingencies_2
Commitments And Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||||
Notes Payable, Fair Value Disclosure | $ 697,000,000 | ||||
Letters of Credit Outstanding, Amount | 46,000,000 | $ 51,000,000 | |||
Cash and Cash Equivalents, at Carrying Value | 538,114,000 | 452,016,000 | $ 373,655,000 | $ 354,259,000 | |
Derivative, Amount of Hedged Item | $ 200,000,000 | ||||
Proceeds from Sale of Debt Securities, Available-for-sale | 4,486,000 | 0 | 0 | ||
Available-for-sale Securities, Debt Securities | 6,400,000 | 10,000,000 | |||
Foreign Currency Transaction Gain (Loss), before Tax | (8,400,000) | (14,000,000) | (6,300,000) | ||
Debt Securities, Available-for-sale, Realized Gain | 500,000 | ||||
Debt Securities, Available-for-sale, Unrealized Gain | 200,000 | ||||
Debt Securities, Available-for-sale, Current | 6,229,000 | 10,179,000 | |||
Contract Assets, Allowance for Credit Losses, Write Off | (38,032,000) | ||||
Loss Contingency Accrual | (11,000,000) | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549,000 | ||||
Manufactured Products | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | 33,000,000 | ||||
Contract Assets, Allowance for Credit Losses, Write Off | (38,000,000) | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549,000 | ||||
Accounts Receivable [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | 37,000,000 | ||||
Angola, Kwanza | |||||
Loss Contingencies [Line Items] | |||||
Foreign Currency Transaction Gain (Loss), before Tax | (4,500,000) | (2,800,000) | (4,800,000) | ||
Brazil, Brazil Real | |||||
Loss Contingencies [Line Items] | |||||
Foreign Currency Transaction Gain (Loss), before Tax | (200,000) | (7,300,000) | $ (700,000) | ||
Angola, Kwanza | |||||
Loss Contingencies [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 1,000,000 | 4,700,000 | |||
CHINA | Accounts Receivable [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | 11,000,000 | ||||
CHINA | Financing Receivable | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 40,000,000 |
Employee Benefit Plans and Shar
Employee Benefit Plans and Shareholder Rights Plan - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
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 2021, 2020 and 2019: Number Weighted Average Fair Value Aggregate Intrinsic Value Balance as of December 31, 2018 1,443,897 23.27 Granted 957,734 18.12 Issued (495,527) 48.65 $ 8,154,000 Forfeited (164,769) 22.86 Balance as of December 31, 2019 1,741,335 22.62 Granted 1,007,383 10.23 Issued (489,035) 25.55 $ 5,821,000 Forfeited (304,337) 18.13 Balance as of December 31, 2020 1,955,346 16.20 Granted 1,333,689 11.80 Issued (601,830) 24.46 $ 7,613,000 Forfeited (239,946) 18.46 Balance as of December 31, 2021 2,447,259 16.70 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
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] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Plan Cash Award Annual Expense | $ 9,400 | $ 7,600 | $ 9,700 |
Deferred Compensation Plan Cash Award Number of Units | 265,042 | ||
Restricted Stock Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation expense | $ 9,600 | $ 7,500 | $ 10,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards Vesting at end of Vesting Period | 85.00% | 80.00% | 80.00% |
Restricted Stock Units (RSUs) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10,800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | Performance Shares [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 | $ 200 | ||
Minimum [Member] | Performance Shares [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 | ||
US 401K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 13,000 | $ 14,000 | $ 19,000 |
Foreign Employee Savings Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | 11,000 | 11,000 | 12,000 |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | 1,800 | 1,900 | 3,000 |
Board of Directors Chairman [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent | 1,800 | ||
Stock Compensation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | $ (500) | $ (1,000) | $ (1,000) |
Employee Benefit Plans and Sh_2
Employee Benefit Plans and Shareholder Rights Plan - Restricted Stock and Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Balance, beginning of year, Number | 1,443,897 | ||
Balance, beginning of year. Weighted Average Date Fair Value | $ 16.20 | $ 22.62 | $ 23.27 |
Granted, Number | 1,333,689 | 1,007,383 | 957,734 |
Granted, Weighted Average Fair Value | $ 11.80 | $ 10.23 | $ 18.12 |
Vested, Number | (601,830) | (489,035) | (495,527) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 7,613 | $ 5,821 | $ 8,154 |
Vested, Weighted Average Fair Value | $ 24.46 | $ 25.55 | $ 48.65 |
Forfeited, Number | (239,946) | (304,337) | (164,769) |
Forfeited, Weighted Average Fair Value | $ 18.46 | $ 18.13 | $ 22.86 |
Balance, end of year, Number | 2,447,259 | ||
Balance, end of year. Weighted Average Fair Value | $ 16.70 | $ 16.20 | $ 22.62 |
Performance Shares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Minimum [Member] | Performance Shares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Final Value | $ 0 |
Accounting Standards Updates (D
Accounting Standards Updates (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 146,097 | $ 141,206 |
Operating Lease, Liability | $ 177,284 |
Accounting Standards Updates Le
Accounting Standards Updates Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 146,097 | $ 141,206 |
Operating Lease, Liability | $ 177,284 |
Lease (Details)
Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
leases of lessee disclosure table [Line Items] | ||
Assets And Liabilities, Lessee [Table Text Block] | Supplemental information about our operating leases follows: December 31, (in thousands) 2021 2020 Assets: Right-of-use operating lease assets $ 146,097 $ 141,206 Liabilities: Operating Current $ 18,781 $ 18,798 Operating Noncurrent 158,503 156,074 Lease liabilities $ 177,284 $ 174,872 | |
Operating lease Lease Term and Discount Rate [Table Text Block] | December 31, 2021 2020 Lease Term and Discount Rate: Weighted-average remaining lease term (years) 10 10 Weighted-average discount rate 5.9 % 6.1 % | |
Operating Lease, Cost | $ 34,406 | $ 34,030 |
Short-term Lease, Cost | 78,835 | 52,886 |
Lease, Cost | $ 113,241 | $ 86,916 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Lessee Operating Lease Costs [Abstract] | |
Lessee Operating Lease Costs [Table Text Block] | The components of lease cost are as follows: Year ended December 31, (in thousands) 2021 2020 Lease Cost: Operating lease cost Operating lease cost $ 34,406 $ 34,030 Short-term lease cost Short-term lease cost 78,835 52,886 Total Lease Cost $ 113,241 $ 86,916 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($)units | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)units | Dec. 31, 2019USD ($) | |
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | $ 303,005 | $ 0 | $ 343,880 | $ 14,713 | |||
Goodwill Impairment Loss Allocation Table [Table] | The following table reflects goodwill impairments as recorded in the three-month period ended March 31, 2020, and allocated, based on historical cost, to our new reporting segments: Three Months Ended March 31, 2020 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Goodwill Impairment Subsea Robotics Manufactured Products OPG IMDS Total Subsea Products/ST&R $ 51,302 $ 17,457 $ — $ 33,845 $ — $ 51,302 Subsea Projects/Subsea Projects 129,562 84,661 — 32,440 12,461 129,562 Asset Integrity/Asset Integrity 110,753 — — — 110,753 110,753 Advanced Technologies/Commercial 11,388 — 11,388 — — 11,388 Total goodwill impairment $ 303,005 $ 102,118 $ 11,388 $ 66,285 $ 123,214 $ 303,005 | ||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 68,763 | $ 0 | 70,445 | 159,353 | |||
Asset Impairment Charges | $ 45,000 | $ 24,000 | |||||
Measurement Input, Long-term Revenue Growth Rate [Member] | |||||||
Goodwill [Line Items] | |||||||
Alternative Investment, Measurement Input | units | 2 | 0.02 | |||||
Maximum [Member] | |||||||
Goodwill [Line Items] | |||||||
Alternative Investment, Measurement Input | units | 15 | 0.15 | |||||
Minimum [Member] | |||||||
Goodwill [Line Items] | |||||||
Alternative Investment, Measurement Input | units | 12 | 0.11 | |||||
Subsea Products [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | $ 51,302 | ||||||
Subsea Projects [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 129,562 | ||||||
Asset Integrity [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 110,753 | 15,000 | |||||
Advanced Technologies [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 11,388 | ||||||
Subsea Robotics | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 102,118 | $ 102,118 | 0 | ||||
Manufactured Products | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | $ 41,000 | 11,388 | 52,263 | 0 | |||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 61,074 | ||||||
Offshore Projects Group | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 66,285 | 66,285 | 0 | ||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 8,826 | 142,615 | |||||
Integrity Management & Digital Solutions | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 123,214 | 123,214 | 14,713 | ||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 545 | 16,738 | |||||
SDS Rosyth | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 6,543 | ||||||
SDS Brazil | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 9,834 | ||||||
Subsea Products Angola Member [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 38,482 | ||||||
Shallow Water Member | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 3,894 | ||||||
Ecosse [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 3,628 | 10,721 | |||||
Global Data Solution Member | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 167 | ||||||
Oceaneering Entertainment System | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 5,065 | ||||||
Oceaneering AGV System Member | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 1,150 | ||||||
Manufactured Products | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 61,074 | ||||||
Offshore Projects Group | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 7,522 | 142,615 | |||||
Integrity Management & Digital Solutions | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 167 | 16,738 | |||||
Deepwater and Shallow Water [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 131,894 | ||||||
Asset Integrity [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 16,738 |