Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | SEACOR HOLDINGS INC /NEW/ | |
Entity Central Index Key | 859,598 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,905,613 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 433,827 | $ 434,183 |
Restricted cash | 0 | 16,435 |
Marketable securities | 29,411 | 58,004 |
Receivables: | ||
Trade, net of allowance for doubtful accounts | 181,733 | 225,242 |
Other Receivables | 48,627 | 67,745 |
Inventories | 19,736 | 22,783 |
Prepaid expenses and other | 11,411 | 9,011 |
Total current assets | 724,745 | 833,403 |
Property and Equipment: | ||
Property, Plant and Equipment, Gross | 2,100,309 | 2,086,957 |
Accumulated depreciation | 954,931 | 902,284 |
Property, Plant and Equipment, Other, Net in Service | 1,145,378 | 1,184,673 |
Construction in progress | 399,033 | 318,000 |
Net property and equipment | 1,544,411 | 1,502,673 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 482,302 | 484,157 |
Construction Reserve Funds & Title XI Reserve Funds | 275,131 | 278,022 |
Goodwill | 62,686 | 62,759 |
Intangible Assets, Net | 30,742 | 32,727 |
Other Assets | 57,463 | 51,292 |
Total assets | 3,177,480 | 3,245,033 |
Current Liabilities: | ||
Current portion of long-term debt | 35,270 | 48,499 |
Accounts payable and accrued expenses | 68,832 | 103,760 |
Other current liabilities | 118,330 | 119,694 |
Total current liabilities | 222,432 | 271,953 |
Long-Term Debt | 889,323 | 834,383 |
Deferred Income Taxes | 420,531 | 432,546 |
Other Liabilities, Noncurrent | 172,018 | 188,664 |
Total liabilities | 1,704,304 | 1,727,546 |
SEACOR Holdings Inc. stockholders’ equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued nor outstanding | 0 | 0 |
Common stock, $.01 par value, 60,000,000 shares authorized; 37,660,827 and 37,505,843 shares issued in 2015 and 2014, respectively | 377 | 375 |
Additional paid-in capital | 1,499,904 | 1,490,698 |
Retained earnings | 1,176,520 | 1,195,402 |
Shares held in Treasury of 19,419,459 and 19,365,716 in 2015 and 2014, respectively, at cost | 1,305,104 | 1,283,476 |
Accumulated Other Comprehensive Loss, Net of Tax | (3,172) | (3,505) |
Stockholders' equity attributable to parent, total | 1,368,525 | 1,399,494 |
Noncontrolling interests in subsidiaries | 104,651 | 117,993 |
Total equity | 1,473,176 | 1,517,487 |
Liabilities and stockholders' equity, total | $ 3,177,480 | $ 3,245,033 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 2,674 | $ 3,162 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 37,682,746 | 37,505,843 |
Treasury stock, shares held in treasury | 19,670,332 | 19,365,716 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Operating Revenues | $ 281,609 | $ 328,224 | $ 542,253 | $ 638,241 |
Costs and Expenses [Abstract] | ||||
Operating | 207,743 | 231,906 | 406,891 | 450,882 |
Administrative and general | 38,674 | 34,686 | 77,561 | 72,763 |
Depreciation and amortization | 32,079 | 33,220 | 63,509 | 66,612 |
Total costs and expenses | 278,496 | 299,812 | 547,961 | 590,257 |
Gains (Losses) on Assets Dispositions and Impairments, Net | 4,386 | 4,295 | (460) | 8,973 |
Operating Income (Loss) | 7,499 | 32,707 | (6,168) | 56,957 |
Other Income (Expense): | ||||
Interest income | 4,474 | 6,030 | 9,053 | 10,073 |
Interest expense | 10,391 | 10,458 | 20,903 | 21,861 |
Debt extinguishment losses | (29,536) | 0 | (29,536) | 0 |
Marketable security gains, net | 10,249 | 731 | 1,128 | 5,801 |
Derivative gains (losses), net | 1,426 | 94 | (1,570) | (143) |
Foreign currency gains, net | 2,436 | 1,720 | 443 | 1,521 |
Other, net | 4,433 | 10,213 | 4,389 | 6,558 |
Total Other Nonoperating Income (Expense) | (16,909) | 8,330 | (36,996) | 1,949 |
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | (9,410) | 41,037 | (43,164) | 58,906 |
Income Tax Expense (Benefit) | 155 | 13,000 | (11,799) | 19,375 |
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (9,565) | 28,037 | (31,365) | 39,531 |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,064 | (512) | 4,963 | 1,709 |
Net Income (Loss) | (8,501) | 27,525 | (26,402) | 41,240 |
Net Loss Attributable to Noncontrolling Interest | (9,188) | 6,458 | (7,520) | 8,664 |
Net Income (Loss) attributable to SEACOR Holdings Inc. | $ 687 | $ 21,067 | $ (18,882) | $ 32,576 |
Earnings Per Share, Basic | $ 0.04 | $ 1.05 | $ (1.06) | $ 1.62 |
Earnings Per Share, Diluted | $ 0.04 | $ 0.98 | $ (1.06) | $ 1.58 |
Weighted Average Common Shares Outstanding: | ||||
Basic | 17,780,759 | 19,989,402 | 17,779,250 | 20,049,056 |
Weighted Average Number of Shares Outstanding, Diluted | 18,082,464 | 24,584,494 | 17,779,250 | 24,665,869 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ (8,501) | $ 27,525 | $ (26,402) | $ 41,240 |
Foreign Currency translation gain (losses) | 4,289 | 1,826 | 555 | 2,238 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | (11) | 0 | (11) |
Derivative losses on cash flow hedges | (288) | 50 | (685) | (23) |
Reclassification of derivative losses on cash flow hedges to equity in earnings of 50% or less owned companies | 563 | 102 | 711 | 215 |
Other Comprehensive Income (Loss), before Tax | 4,564 | 1,967 | 581 | 2,419 |
Income tax (expense) benefit | (1,434) | (621) | (179) | (763) |
Other Comprehensive Income (Loss), Net of Tax | 3,130 | 1,346 | 402 | 1,656 |
Comprehensive Income (Loss) | (5,371) | 28,871 | (26,000) | 42,896 |
Comprehensive Income attributable to Noncontrolling Interests in subsidiaries | (8,723) | 6,650 | (7,451) | 8,903 |
Comprehensive Income (Loss) attributable to SEACOR Holdings Inc. | $ 3,352 | $ 22,221 | $ (18,549) | $ 33,993 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Shares Held In Treasury [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interests In Subsidiaries [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total equity | $ 1,517,487 | $ 375 | $ 1,490,698 | $ 1,195,402 | $ (1,283,476) | $ (3,505) | $ 117,993 |
Employee Stock Purchase Plan | 1,261 | 0 | 0 | 0 | 1,261 | 0 | 0 |
Exercise of stock options | 1,992 | 1 | 1,991 | 0 | 0 | 0 | 0 |
Director stock awards | 118 | 0 | 118 | 0 | 0 | 0 | 0 |
Restricted stock | (102) | 1 | (103) | 0 | 0 | 0 | 0 |
Purchases of treasury shares | (22,889) | 0 | 0 | 0 | (22,889) | 0 | 0 |
Amortization of share awards | 7,200 | 0 | 7,200 | 0 | 0 | 0 | 0 |
Disposition of subsidiary with noncontrolling interests | (1,578) | 0 | 0 | 0 | 0 | 0 | (1,578) |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 400 | 0 | 0 | 0 | 0 | 0 | 400 |
Dividends paid to noncontrolling interests | (4,713) | 0 | 0 | 0 | 0 | 0 | (4,713) |
Comprehensive income: | |||||||
Net loss attributable to SEACOR Holdings Inc. | (18,882) | 0 | 0 | (18,882) | 0 | 0 | |
Net Loss Attributable to Noncontrolling Interest | (7,520) | (7,520) | |||||
Net Loss | (26,402) | ||||||
Other comprehensive loss | 402 | 0 | 0 | 0 | 0 | 333 | 69 |
Total equity | $ 1,473,176 | $ 377 | $ 1,499,904 | $ 1,176,520 | $ (1,305,104) | $ (3,172) | $ 104,651 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net Cash Provided by Operating Activities | $ 98,539 | $ 107,866 |
Cash Flows from Investing Activities | ||
Purchases of property and equipment | 132,128 | 273,669 |
Proceeds from disposition of property and equipment | 22,686 | 78,039 |
Investments in and advances to 50% or less owned companies | 28,605 | 21,464 |
Return of investments and advances from 50% or less owned companies | 40,529 | 10,013 |
Issuances of third party leases and notes receivable, net | (2,451) | (6,377) |
Net (increase) decrease in restricted cash | (16,435) | 2,171 |
Net (increase) decrease in construction reserve funds and title XI reserve funds | (2,891) | 63,117 |
Net cash used in investing activities | (80,643) | (278,746) |
Cash Flows from Financing Activities | ||
Payments on long-term debt and capital lease obligations | 128,001 | 7,226 |
Net repayments on inventory financing arrangements | (2,661) | (6,294) |
Proceeds from issuance of long term debt, net of issue costs | 136,585 | 6 |
Common stock acquired for treasury | 22,889 | 39,221 |
Proceeds and tax benefits from share award plans | 3,149 | 6,288 |
Issuance of noncontrolling interests, net of issue costs | 400 | 145,116 |
Purchase of subsidiary shares from noncontrolling interests | 0 | 2,090 |
Dividends paid to noncontrolling interests | (4,713) | (792) |
Net cash provided by (used in) financing activities | (18,130) | 95,787 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (122) | 1,073 |
Net Decrease in Cash and Cash Equivalents | (356) | (74,020) |
Cash and Cash Equivalents, Beginning of Period | 434,183 | 527,435 |
Cash and Cash Equivalents, End of Period | $ 433,827 | $ 453,415 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policy | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policy | BASIS OF PRESENTATION AND ACCOUNTING POLICIES The condensed consolidated financial information for the three and six months ended June 30 , 2015 and 2014 has been prepared by the Company and has not been audited by its independent registered public accounting firm. The condensed consolidated financial statements include the accounts of SEACOR Holdings Inc. and its consolidated subsidiaries. In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the Company’s financial position as of June 30, 2015 , its results of operations for the three and six months ended June 30 , 2015 and 2014 , its comprehensive income (loss) for the three and six months ended June 30 , 2015 and 2014 , its changes in equity for the six months ended June 30 , 2015 , and its cash flows for the six months ended June 30 , 2015 and 2014 . Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the "Company" refers to SEACOR Holdings Inc. and its consolidated subsidiaries and any reference in this Quarterly Report on Form 10-Q to "SEACOR" refers to SEACOR Holdings Inc. Capitalized terms used and not specifically defined herein have the same meaning given those terms in the Company's Annual report on Form 10-K for the year ended December 31, 2014 . Revenue Recognition. The Company recognizes revenue when it is realized or realizable and earned. Revenue is realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Revenue that does not meet these criteria is deferred until the criteria are met. As of June 30, 2015 , deferred revenues of $6.8 million , included in other current liabilities, related to the time charter of several offshore support vessels scheduled to be paid through the conveyance of an overriding royalty interest (the "Conveyance") in developmental oil and gas producing properties operated by a customer in the U.S. Gulf of Mexico. Payments under the Conveyance, and the timing of such payments, were contingent upon production and energy sale prices. On August 17, 2012, the customer filed a voluntary petition for chapter 11 bankruptcy, which was converted to chapter 7 in June 2014. The Company is vigorously defending its interest in connection with the bankruptcy filing; however, payments received under the Conveyance subsequent to August 17, 2012 and during the 90 days prior to the filing are subject to bankruptcy court approval. The Company will recognize revenues when legally permissible as provided under the bankruptcy court rules. All costs and expenses related to these charters were recognized as incurred. Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date. As of June 30, 2015 , the estimated useful life (in years) of each of the Company’s major categories of new equipment was as follows: Offshore support vessels (excluding wind farm utility) 20 Wind farm utility vessels 10 Inland river dry-cargo barges 20 Inland river liquid tank barges 25 Inland river towboats 25 Product tankers - U.S.-flag 25 Short-sea Container/RORO (1) vessels 20 Harbor and offshore tugs 25 Ocean liquid tank barges 25 Terminal and manufacturing facilities 20 ______________________ (1) Roll on/Roll off ("RORO"). Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. During the six months ended June 30 , 2015 , capitalized interest totaled $9.6 million . Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. If the carrying value of the assets is not recoverable, as determined by the estimated undiscounted cash flows, the carrying value of the assets is reduced to fair value. Generally, fair value is determined using valuation techniques, such as expected discounted cash flows or appraisals, as appropriate. During the six months ended June 30 , 2015 and 2014 , the Company recognized impairment charges of $6.6 million and $3.9 million , respectively, related to long-lived assets held for use. Income Taxes. During the three and six months ended June 30 , 2015 , the Company's effective tax rates of negative 1.6% and 27.3% , respectively, were primarily due to tax benefits not recognized on losses attributable to noncontrolling interests (see Note 9). Deferred Gains. The Company has sold certain equipment to its 50% or less owned companies, entered into vessel sale-leaseback transactions with finance companies, and provided seller financing on sales of its equipment to third parties and its 50% or less owned companies. A portion of the gains realized from these transactions were deferred and recorded in deferred gains and other liabilities in the accompanying condensed consolidated balance sheets. Deferred gain activity related to these transactions for the six months ended June 30 was as follows (in thousands): 2015 2014 Balance at beginning of period $ 159,911 $ 124,763 Adjustments to deferred gains arising from asset sales 2,035 40,445 Amortization of deferred gains included in operating expenses as a reduction to rental expense (11,273 ) (7,155 ) Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net (4,597 ) (2,656 ) Balance at end of period $ 146,076 $ 155,397 Accumulated Other Comprehensive Loss. The components of accumulated other comprehensive loss were as follows: SEACOR Holdings Inc. Stockholders' Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Losses on Cash Flow Hedges, net Other Total Foreign Currency Translation Adjustments Other Other Comprehensive Income December 31, 2014 $ (3,494 ) $ (16 ) $ 5 $ (3,505 ) $ (86 ) $ 3 Other comprehensive income 486 26 — 512 69 — $ 581 Income tax expense (170 ) (9 ) — (179 ) — — (179 ) Six months ended June 30, 2015 $ (3,178 ) $ 1 $ 5 $ (3,172 ) $ (17 ) $ 3 $ 402 Earnings (Loss) Per Share. Basic earnings (loss) per common share of SEACOR are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings (loss) per common share of SEACOR are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the treasury stock and if-converted methods. Dilutive securities for this purpose assumes restricted stock grants have vested, common shares have been issued pursuant to the exercise of outstanding stock options and common shares have been issued pursuant to the conversion of all outstanding convertible notes. Computations of basic and diluted earnings (loss) per common share of SEACOR were as follows (in thousands, except share data): Three Months Ended June 30, Six Months Ended June 30, Net Income attributable to SEACOR Average O/S Shares Per Share Net Income (Loss) Attributable to SEACOR Average O/S Shares Per Share 2015 Basic Weighted Average Common Shares Outstanding $ 687 17,780,759 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) Effect of Dilutive Share Awards: Options and Restricted Stock (1) — 301,705 — — Convertible Notes (2)(3) — — — — Diluted Weighted Average Common Shares Outstanding $ 687 18,082,464 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) 2014 Basic Weighted Average Common Shares Outstanding $ 21,067 19,989,402 $ 1.05 $ 32,576 20,049,056 $ 1.62 Effect of Dilutive Share Awards: Options and Restricted Stock (1) — 394,567 — 416,288 Convertible Notes (2) 3,148 4,200,525 6,287 4,200,525 Diluted Weighted Average Common Shares Outstanding $ 24,215 24,584,494 $ 0.98 $ 38,863 24,665,869 $ 1.58 ______________________ (1) For the three months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 685,645 and 365,398 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. For the six months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 2,017,788 and 288,510 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. (2) For the three and six months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 1,825,326 common shares issuable pursuant to the Company's 3.0% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. (3) For the three and six months ended June 30 , 2015 , diluted earnings per common share of SEACOR excluded 4,200,525 common shares issuable pursuant to the Company's 2.5% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. New Accounting Pronouncements. On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of the new standard is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. The Company has not yet selected the method of adoption or determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows. On February 18, 2015, the FASB issued an accounting standard update that amends the guidance for evaluating whether to consolidate certain legal entities. Specifically, the accounting standard update modifies the method for determining whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities. Further, it eliminates the presumption that a general partner should consolidate a limited partnership and impacts the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The accounting standard update is effective for annual and interim periods beginning after December 15, 2015 and early adoption permitted. The Company has not yet determined what impact, if any, the adoption of the accounting standard update will have on its consolidated financial position, results of operations or cash flows. On April 7, 2015, the FASB issued final guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The recognition and measurement guidance for debt issuance costs have not changed. The new standard requires retrospective application and represents a change in accounting principle. The final guidance is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. As of June 30, 2015 , the Company had $12.6 million of debt issuance costs included in other assets in the accompanying condensed consolidated balance sheets. |
Business Acquisitions
Business Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Acquisitions | BUSINESS ACQUISITIONS Witt O'Brien's. On July 11, 2014, the Company acquired a controlling interest in Witt O'Brien's, a global leader in preparedness, crisis management, and disaster response and recovery, through the acquisition of its partner's 45.8% equity interest for $35.4 million . The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in $45.0 million of goodwill being recorded. The preliminary fair value analysis is pending completion of a final valuation for the acquired assets and liabilities. |
Equipment Acquisitions, Disposi
Equipment Acquisitions, Dispositions and Depreciation and Impairment Policies | 6 Months Ended |
Jun. 30, 2015 | |
Equipment Acquisitions, Dispositions And Depreciation And Impairment Policies [Abstract] | |
Equipment Acquisitions, Dispositions and Depreciation and Impairment Policies | Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date. As of June 30, 2015 , the estimated useful life (in years) of each of the Company’s major categories of new equipment was as follows: Offshore support vessels (excluding wind farm utility) 20 Wind farm utility vessels 10 Inland river dry-cargo barges 20 Inland river liquid tank barges 25 Inland river towboats 25 Product tankers - U.S.-flag 25 Short-sea Container/RORO (1) vessels 20 Harbor and offshore tugs 25 Ocean liquid tank barges 25 Terminal and manufacturing facilities 20 ______________________ (1) Roll on/Roll off ("RORO"). Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. During the six months ended June 30 , 2015 , capitalized interest totaled $9.6 million . EQUIPMENT ACQUISITIONS, DISPOSITIONS AND IMPAIRMENTS During the six months ended June 30 , 2015 , capital expenditures were $132.1 million . Equipment deliveries during the six months ended June 30 , 2015 included one fast support vessel, one supply vessel, one wind farm utility vessel and two inland river towboats. During the six months ended June 30 , 2015 , the Company sold two offshore support vessels, one 10,000 barrel inland river tank barge, twelve inland river deck barges and other property and equipment for net proceeds of $24.7 million , ( $22.7 million in cash and $2.0 million in seller financing) and gains of $3.6 million , of which $1.6 million were recognized currently and $2.0 million were deferred. In addition, the Company recognized previously deferred gains of $4.6 million . During the six months ended June 30 , 2015 , the Company recognized impairment charges of $6.6 million related to the suspended construction of two offshore support vessels. |
Investments, At Equity, And Adv
Investments, At Equity, And Advances To 50% Or Less Owned Companies | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Investments, At Equity, And Advances To 50% Or Less Owned Companies | INVESTMENTS, AT EQUITY, AND ADVANCES TO 50% OR LESS OWNED COMPANIES MexMar. MexMar operates offshore support vessels in Mexico. During the six months ended June 30 , 2015 , the Company and its partner each contributed additional capital of $7.9 million in cash to MexMar. In addition, during the six months ended June 30 , 2015 , MexMar repaid $15.0 million of seller financing provided by the Company. OSV Partners. OSV Partners owns and operates five offshore support vessels. During the six months ended June 30 , 2015 , the Company contributed additional capital of $1.4 million in cash to OSV Partners. During the six months ended June 30 , 2015 , the Company sold one offshore support vessel for $14.3 million to OSV Partners. Falcon Global. On August 1, 2014, the Company and Montco Global, LLC formed Falcon Global LLC ("Falcon Global") to construct and operate foreign-flag liftboats. The Company has a 50% ownership interest in Falcon Global. During the six months ended June 30 , 2015 , the Company and its partner each contributed additional capital of $9.9 million in cash to Falcon Global. SCFCo. SCFCo was established to operate towboats and dry-cargo barges on the Parana-Paraguay Rivers in South America and a terminal facility at Port Ibicuy, Argentina. During the six months ended June 30 , 2015 , the Company and its partner each contributed additional capital of $3.0 million in cash to SCFCo. As of June 30, 2015 , the Company had outstanding loans and working capital advances to SCFCo Holdings of $31.7 million . Bunge-SCF Grain. Bunge-SCF Grain operates a terminal grain elevator in Fairmont City, Illinois. During the six months ended June 30 , 2015 , Bunge-SCF Grain repaid $2.0 million of working capital advances to the Company. As of June 30, 2015 , the total balance of working capital advances outstanding was $7.0 million . SCF Bunge Marine. SCF Bunge Marine provides towing services on the U.S. Inland River Waterways, primarily the Mississippi River, Illinois River and Ohio River. During the six months ended June 30 , 2015 , the Company received dividends of $2.5 million from SCF Bunge Marine. Dorian. Dorian owns and operates foreign-flag VLGC's servicing the international Liquefied Petroleum Trade. During the six months ended June 30 , 2015 , the Company sold 150,000 shares of Dorian for $2.3 million in cash reducing the Company's ownership to 15.88% . As of June 30, 2015 , the Company's carrying value of its investment in Dorian was $140.7 million and its fair value was $153.1 million based on the quoted market price. Trailer Bridge. Trailer Bridge is an operator of U.S.-flag deck and RORO barges offering transportation services between Jacksonville, Florida, San Juan, Puerto Rico and Puerto Plata, Dominican Republic. During the six months ended June 30 , 2015 , Trailer Bridge repaid $15.5 million of bridge financing provided by the Company. SEA-Access. SEA-Access owns and operates a U.S.-flag crude tanker. During the six months ended June 30 , 2015 , the Company received dividends of $3.9 million and capital distributions of $2.9 million from SEA-Access. SeaJon. SeaJon owns an articulated tug-barge operating in the Great Lakes trade. During the six months ended June 30 , 2015 , the Company received dividends of $0.6 million from SeaJon. SeaJon II. SeaJon II owns a U.S.-flag offshore tug on time charter to Trailer Bridge. During the six months ended June 30 , 2015 , the Company and its partner each contributed additional capital of $1.0 million in cash to SeaJon II. Avion. Avion is a distributor of aircraft and aircraft related parts. During the six months ended June 30 , 2015 , Avion repaid $3.0 million of loans provided by the Company. As of June 30, 2015 , the Company had no outstanding loans to Avion. VA&E. On June 1, 2015, the Company contributed its 81.1% interest in the assets and liabilities of a previously controlled and consolidated subsidiary that operated its agricultural commodity trading and logistics business (including $3.5 million of cash on hand) in exchange for a 41.3% ownership interest in each of VA&E Trading USA LLC and VA&E Trading LLP (collectively "VA&E"), two newly formed 50% or less owned companies with certain subsidiaries of Ecom Agroindustrial Corp. Ltd. and certain managers of VA&E. VA&E primarily focuses on the global origination, trading and merchandising of sugar, pairing producers and buyers and arranging for the transportation and logistics of the product. As a consequence of the change in control, the Company recognized equity in earnings of 50% or less owned companies of $0.1 million , net of tax, related to marking its investments in VA&E to fair value. In addition, the Company provides an unsecured revolving credit facility to VA&E for up to $6.0 million . During the six months ended June 30 , 2015 , VA&E borrowed $1.8 million and repaid $2.0 million on the revolving credit facility. As of June 30, 2015 , the outstanding balance on the revolving credit facility was $1.2 million . Guarantees. The Company has guaranteed the payment of amounts owed under a vessel charter by one of its 50% or less owned companies, a construction contract for one of its 50% or less owned companies and amounts owed under banking facilities by certain of its 50% or less owned companies. As of June 30, 2015 , the total amount guaranteed by the Company under these arrangements was $91.3 million . In addition, as of June 30, 2015 , the Company had uncalled capital commitments to two of its 50% or less owned companies totaling $1.4 million . |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES As of June 30, 2015 , the Company's unfunded capital commitments were $432.8 million and included: $142.3 million for 17 offshore support vessels; $1.7 million for two 30,000 barrel inland river liquid tank barges; $6.9 million for eight 10,000 barrel inland river liquid tank barges; $6.8 million for three inland river towboats; $190.3 million for three U.S.-flag product tankers; $41.9 million for one U.S.-flag articulated tug-barge; $20.5 million for two U.S.-flag harbor tugs; and $22.4 million for other equipment and improvements. These commitments are payable as follows: $135.9 million is payable during the remainder of 2015 (including $64.8 million for the construction of SEA-Vista's three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $233.2 million is payable during 2016 (including $146.9 million for the construction of SEA-Vista's three U.S.-flag product tankers and one U.S.-flag articulated tug-barge); $38.8 million is payable during 2017 (including $20.5 million for the construction of SEA-Vista's three U.S.-flag product tankers); $19.0 million is payable during 2018 ; and $5.9 million is payable during 2019 . Of these commitments, approximately $6.8 million may be terminated without further liability other than the payment of liquidated damages of $0.7 million . On July 20, 2010, two individuals purporting to represent a class commenced a civil action in the Civil District Court for the Parish of Orleans in the State of Louisiana, John Wunstell, Jr. and Kelly Blanchard v. BP, et al. , No. 2010-7437 (Division K) (the “ Wunstell Action”), in which they assert, among other theories, that Mr. Wunstell suffered injuries as a result of his exposure to certain noxious fumes and chemicals in connection with the provision of remediation, containment and response services by ORM during the Deepwater Horizon oil spill response and clean-up in the U.S. Gulf of Mexico. The action now is part of the overall multi-district litigation, In re Oil Spill by the Oil Rig " Deepwater Horizon ", MDL No. 2179 filed in the U.S. District Court for the Eastern District of Louisiana ("MDL"). The complaint also seeks to establish a “class-wide court-supervised medical monitoring program” for all individuals “participating in BP's Deepwater Horizon Vessels of Opportunity Program and/or Horizon Response Program” who allegedly experienced injuries similar to those of Mr. Wunstell. The Company believes this lawsuit has no merit and will continue to vigorously defend the action and pursuant to contractual agreements with the responsible party, the responsible party has agreed, subject to certain potential limitations, to indemnify and defend ORM in connection with the Wunstell Action and claims asserted in the MDL, discussed further below. Although the Company is unable to estimate the potential exposure, if any, resulting from this matter, the Company does not expect it will have a material effect on the Company's consolidated financial position, results of operations or cash flows. On December 15, 2010, NRC, a subsidiary of the Company prior to the SES Business Transaction, and ORM were named as defendants in one of the several consolidated “master complaints” that have been filed in the overall MDL. The “B3” master complaint naming ORM and NRC asserts various claims on behalf of a putative class against multiple defendants concerning the clean-up activities generally, and the use of dispersants specifically. By court order, the Wunstell Action has been stayed as a result of the filing of the referenced master complaint. The Company believes that the claims asserted against ORM and NRC in the master complaint have no merit and on February 28, 2011, ORM and NRC moved to dismiss all claims against them in the master complaint on legal grounds. On September 30, 2011, the Court granted in part and denied in part the motion to dismiss that ORM and NRC had filed (an amended decision was issued on October 4, 2011 that corrected several grammatical errors and non-substantive oversights in the original order). Although the Court refused to dismiss the referenced master complaint in its entirety at that time, the Court did recognize the validity of the “derivative immunity” and “implied preemption” arguments that ORM and NRC advanced and directed ORM and NRC to (i) conduct limited discovery to develop evidence to support those arguments and (ii) then re-assert the arguments. The Court did, however, dismiss all state-law claims and certain other claims that had been asserted in the referenced master complaint, and dismissed the claims of all plaintiffs that have failed to allege a legally-sufficient injury. A schedule for limited discovery and motion practice was established by the Court and, in accordance with that schedule, ORM and NRC filed for summary judgment re-asserting their derivative immunity and implied preemption arguments on May 18, 2012. Those motions were argued on July 13, 2012 and are still pending decision. On July 17, 2014, the Court issued a pretrial order that established a protocol for disclosures clarifying the basis for the “B3” claims asserted against the Clean-Up Responder Defendants, including ORM and NRC, in the MDL. Under this protocol, Plaintiffs who satisfy certain criteria and believe they have specific evidence in support of their claims, including that any Clean-Up Responder Defendant(s) failed to act pursuant to the authority and direction of the federal government in conducting Deepwater Horizon oil spill remediation and clean-up operations, had to submit a sworn statement or face dismissal. Plaintiffs’ deadline to serve such sworn statements in support of their claims was September 22, 2014, with the exception of several Plaintiffs who were granted an extension until October 10, 2014. On November 14, 2014, the Clean-Up Responder Defendants and the Plaintiffs’ Steering Committee in the MDL submitted a joint report to the Court regarding claimants’ compliance with the pretrial order. In this joint report, the parties (i) explained how they complied with the notice requirements of Court’s July 17, 2014 pretrial order, (ii) noted that they had received 102 sworn statements in connection with this pretrial order, and (iii) provided the Court with an assessment of the sworn statements received. An additional sworn statement was received after the joint report was submitted. Procedures and next steps in connection with the “B3” claims will now be addressed by the Court. In addition to the indemnity provided to ORM, pursuant to contractual agreements with the responsible party, the responsible party has agreed, subject to certain potential limitations, to indemnify and defend ORM and NRC in connection with these claims in the MDL. Although the Company is unable to estimate the potential exposure, if any, resulting from this matter, the Company does not expect it will have a material effect on the Company's consolidated financial position, results of operations or cash flows. Subsequent to the filing of the referenced master complaint, ten additional individual civil actions have been filed in or removed to the U.S. District Court for the Eastern District of Louisiana concerning the clean-up activities generally, which name the Company, ORM and/or NRC as defendants or third-party defendants and are part of the overall MDL. By court order, all of these additional individuals' cases have been stayed until further notice. On April 8, 2011, ORM was named as a defendant in Johnson Bros. Corporation of Louisiana v. BP, PLC, et al. , No. 2:11-CV-00781 (E.D. La.), which is a suit by an individual business seeking damages allegedly caused by a delay on a construction project alleged to have resulted from the clean-up operations. On April 13, 2011, the Company was named as a defendant in Mason v. Seacor Marine, LLC , No. 2:11-CV-00826 (E.D. La.), an action in which plaintiff, a former employee, alleges sustaining personal injuries in connection with responding to the explosion and fire, but also in the months thereafter in connection with the clean-up of oil and dispersants while a member of the crew of the M/V Seacor Vanguard . Although the case was subject to the MDL Court’s stay of individual proceedings, the employee moved to sever his case from the MDL on July 16, 2012, which the Court denied on March 5, 2013. The employee filed a motion asking the Court to reconsider, which was denied on May 3, 2013, and the employee filed a Notice of Appeal to the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) on May 22, 2013. On July 24, 2013, the Company filed a motion to dismiss for lack of appellate jurisdiction, which was granted on August 16, 2013. The same Company employee has also brought a claim in the M/V Seacor Vanguard vessel’s limitation action in the MDL which relates to any actions that may have been taken by vessels owned by the Company to extinguish the fire. On October 20, 2014, the Company moved for summary judgment, seeking dismissal with prejudice of all of the Company employee’s claims in the MDL in light of the Court’s prior rulings. On May 22, 2015, the employee filed an opposition to the Company's motion as well as a motion to be recognized as an opt-out plaintiff or extend the opt-out deadline in connection with the below-referenced Medical Settlement, and on May 29, 2015, the Company filed a reply brief in further support of its motion. On June 10, 2015, the Court granted the Company's motion for summary judgment, dismissing all of the employee's claims against the Company and/or the M/V Seacor Vanguard with prejudice, and denied the employee's May 22, 2015 motion regarding his opt-out position in connection with the Medical Settlement. Final judgments for all of the employee's claims were issued by the Court on June 17, 2015, and the employee filed his Notice of Appeal on July 7, 2015. On April 15, 2011, ORM and NRC were named as defendants in James and Krista Pearson v. BP Exploration & Production, Inc. ("BP Exploration"), et al. , No. 2:11-CV-00863 (E.D. La.), which is a suit by a husband and wife who allegedly participated in the clean-up effort and are seeking damages for personal injury, property damage to their boat, and amounts allegedly due under contract. On April 15, 2011, ORM and NRC were named as defendants in Thomas Edward Black v. BP Exploration, et al. , No. 2:11-CV-00867 (E.D. La.), which is a suit by an individual who is seeking damages for lost income because he allegedly could not find work in the fishing industry after the oil spill. On April 20, 2011, a complaint was filed in Darnell Alexander, et al. v. BP, PLC, et al. , No. 2:11-CV-00951 (E.D. La.) on behalf of 117 individual plaintiffs that sought to adopt the allegations made in the referenced master complaint against ORM and NRC (and the other defendants). Plaintiffs in this matter have since been granted leave to amend their complaint to include 410 additional individual plaintiffs. On October 3, 2012, ORM and NRC were served with a Rule 14(c) Third-Party Complaint by Jambon Supplier II, L.L.C. and Jambon Marine Holdings L.L.C. in their Limitation of Liability action, In the Matter of Jambon Supplier II, L.L.C., et al. , No. 2:12-CV-00426 (E.D. La.). This Third-Party Complaint alleges that if claimant David Dinwiddie, who served as a clean-up crewmember aboard the M/V JAMBON SUPPLIER II vessel during the clean-up efforts, was injured as a result of his exposure to dispersants and chemicals during the course and scope of his employment, then said injuries were caused by the third-party defendants. On November 25, 2012, ORM was named as a defendant in Victoria Sanchez v. American Pollution Control Corp. et al. , No. 2:12-CV-00164 (E.D. La.), a maritime suit filed by an individual who allegedly participated in the clean-up effort and sustained personal injuries during the course of such employment. On December 17, 2012, the Court unsealed a False Claims Act lawsuit naming ORM as a defendant, Dillon v. BP, PLC et al. , No. 2:12-CV-00987 (E.D. La.), which is a suit by an individual seeking damages and penalties arising from alleged false reports and claims made to the federal government with respect to the amount of oil burned and dispersed during the clean-up. The federal government has declined to intervene in this suit. On April 8, 2013, the Company, ORM, and NRC were named as defendants in William and Dianna Fitzgerald v. BP Exploration et al. , No. 2:13-CV-00650 (E.D. La.), which is a suit by a husband and wife whose son allegedly participated in the clean-up effort and became ill as a result of his exposure to oil and dispersants. Finally, on April 17, 2013, ORM was named as a defendant in Danos et al. v. BP America Production Co. et al. , No. 2:13-CV-03747 (removed to E.D. La.), which is a suit by eight individuals seeking damages for dispersant exposure either as a result of their work during clean-up operations or as a result of their residence in the Gulf. The Company is unable to estimate the potential exposure, if any, resulting from these matters but believes they are without merit and does not expect that they will have a material effect on its consolidated financial position, results of operations or cash flows. On February 18, 2011, Triton Asset Leasing GmbH, Transocean Holdings LLC, Transocean Offshore Deepwater Drilling Inc., and Transocean Deepwater Inc. (collectively “Transocean”) named ORM and NRC as third-party defendants in a Rule 14(c) Third-Party Complaint in Transocean's own Limitation of Liability Act action, which is part of the overall MDL, tendering to ORM and NRC the claims in the referenced master complaint that have already been asserted against ORM and NRC. Transocean, Cameron International Corporation (“Cameron”), Halliburton Energy Services, Inc., and M-I L.L.C. (“M-I”) also filed cross-claims against ORM and NRC for contribution and tort indemnity should they be found liable for any damages in Transocean's Limitation of Liability Act action and ORM and NRC asserted counterclaims against those same parties for identical relief. Weatherford U.S., L.P. and Weatherford International, Inc. (collectively “Weatherford”) had also filed cross-claims against ORM and NRC, but moved to voluntarily dismiss these cross-claims without prejudice on February 8, 2013. The Court granted Weatherford's motion that same day. Transocean's limitation action, and thus the remainder of the aforementioned cross-claims, remains pending, although the Court has found Cameron and M-I to be not liable in connection with the Deepwater Horizon incident and resultant oil spill and dismissed these parties from the MDL. As indicated above, the Company is unable to estimate the potential exposure, if any, resulting from these actions but believes they are without merit and does not expect that these matters will have a material effect on its consolidated financial position, results of operations or cash flows. On November 16, 2012, 668 individuals who served as beach clean-up workers in Escambia County, Florida during the Deepwater Horizon oil spill response commenced a civil action in the Circuit Court for the First Judicial Circuit of Florida, in and for Escambia County, Abney et al. v. Plant Performance Services, LLC et al. , No. 2012-CA-002947, in which they allege, among other things, that ORM and other defendants engaged in the contamination of Florida waters and beaches in violation of Florida Statutes Chapter 376 and injured the plaintiffs by exposing them to dispersants during the course and scope of their employment. The case was removed to the U.S. District Court for the Northern District of Florida on January 13, 2013, Abney et al. v. Plant Performance Services, LLC et al. , No. 3:13-CV-00024 (N.D. Fla.), and on January 16, 2013, the United States Judicial Panel on Multidistrict Litigation (“JPML”) issued a Conditional Transfer Order (“CTO”) transferring the case to the MDL, subject to any timely-filed notice of objection from the plaintiffs. Upon receipt of a notice of objection from the plaintiffs, a briefing schedule was set by the JPML, and so a stay of proceedings and suspension of deadlines was sought and obtained by the Court in the U.S. District Court for the Northern District of Florida. Following briefing before the JPML, the case was transferred to the U.S. District Court for the Eastern District of Louisiana and consolidated with the MDL on April 2, 2013. On April 22, 2013, a companion case to this matter was filed in the U.S. District Court for the Northern District of Florida, Abood et al. v. Plant Performance Services, LLC et al. , No. 3:13-CV-00284 (N.D. Fla.), which alleges identical allegations against the same parties but names an additional 174 plaintiffs, all of whom served as clean-up workers in various Florida counties during the Deepwater Horizon oil spill response. A CTO was issued by the JPML on May 2, 2013, no objection was filed by the plaintiffs, and the case was transferred to the U.S. District Court for the Eastern District of Louisiana and consolidated with the MDL on May 10, 2013. By court order, both of these matters have been stayed until further notice. The Company is unable to estimate the potential exposure, if any, resulting from these matters but believes they are without merit and does not expect that these matters will have a material effect on its consolidated financial position, results of operations or cash flows. Separately, on March 2, 2012, the Court announced that BP Exploration and BP America Production Company (“BP America”) (collectively “BP”) and the plaintiffs had reached an agreement on the terms of two proposed class action settlements that will resolve, among other things, plaintiffs' economic loss claims and clean-up related claims against BP. The parties filed their proposed settlement agreements on April 18, 2012 along with motions seeking preliminary approval of the settlements. The Court held a hearing on April 25, 2012 to consider those motions and preliminarily approved both settlements on May 2, 2012. A final fairness hearing took place on November 8, 2012. The Court granted final approval to the Economic and Property Damages Class Action Settlement ("E&P Settlement") on December 21, 2012, and granted final approval to the Medical Benefits Class Action Settlement ("Medical Settlement") on January 11, 2013. Both class action settlements were appealed to the Fifth Circuit. The Fifth Circuit affirmed the MDL Court’s decision concerning the E&P Settlement on January 10, 2014, and also affirmed the MDL Court’s decision concerning the interpretation of the E&P Settlement with respect to business economic loss claims on March 3, 2014. The appeal of the Medical Settlement, on the other hand, was voluntarily dismissed and the Medical Settlement became effective on February 12, 2014. The deadline for submitting claims in both settlements have passed. Although neither the Company, ORM, nor NRC are parties to the settlement agreements, the Company, ORM, and NRC are listed as released parties on the releases accompanying both settlement agreements. Consequently, class members who did not file timely requests for exclusion will be barred from pursuing economic loss, property damage, personal injury, medical monitoring, and/or other released claims against the Company, ORM, and NRC. The Company believes these settlements have reduced the Company's and ORM's potential exposure, if any, from some of the pending actions described above, and continues to evaluate the settlements' impacts on these cases. The Company is unable to estimate the potential exposure, if any, resulting from these matters but believes they are without merit and does not expect that these matters will have a material effect on its consolidated financial position, results of operations or cash flows. ORM recently settled three collective action lawsuits that asserted failure to pay overtime with respect to individuals who provided service on the Deepwater Horizon oil spill response under the Fair Labor Standards Act (“FLSA”). These cases: Himmerite et al. v. O'Brien's Response Management Inc. et al. (E.D. La., Case No.: 2:12-cv-01533) (the “ Himmerite Action”); Dennis Prejean v. O'Brien's Response Management Inc. (E.D. La., Case No.: 2:12-cv-01045) (the “ Prejean Action”); and Baylor Singleton et. al. v. O'Brien's Response Management Inc. et. al. (E.D. La., Case No.: 2:12-cv-01716) (the “ Singleton Action”) were brought in the United States District Court for the Eastern District of Louisiana on behalf of certain individuals who worked on the Deepwater Horizon oil spill response. In the Singleton action, on February 13, 2014, the parties reached a full and final settlement agreement with respect to all of the Plaintiffs' individual claims for an undisclosed immaterial amount. On April 11, 2014, the Court approved the parties’ settlement and dismissed the Singleton Action with prejudice in its entirety, which extinguished the tolling of claims that had been in place for absent putative plaintiffs. In the Prejean action, the parties reached a full and final settlement agreement on November 6, 2014 with respect to all of the Plaintiffs’ individual and collective action claims for an undisclosed immaterial amount. The Court approved the settlement and dismissed the Prejean Action with prejudice in its entirety on November 19, 2014. In the Himmerite action, the parties reached a full and final settlement agreement on February 19, 2015 with respect to all of the Plaintiffs' claims for an undisclosed immaterial amount. The Court approved the settlement and dismissed the Himmerite Action with prejudice in its entirety on March 25, 2015, which also extinguished the tolling of claims which had been in place for absent putative plaintiffs. In the course of the Company's business, it may agree to indemnify the counterparty to an agreement. If the indemnified party makes a successful claim for indemnification, the Company would be required to reimburse that party in accordance with the terms of the indemnification agreement. Indemnification agreements generally are subject to threshold amounts, specified claim periods and other restrictions and limitations. In connection with the SES Business Transaction, the Company remains contingently liable for certain obligations, including potential liabilities relating to work performed in connection with the Deepwater Horizon oil spill response. Pursuant to the agreement governing the sale, the Company's potential liability to the purchaser may not exceed the consideration received by the Company for the SES Business Transaction. The Company is currently indemnified under contractual agreements with BP for the potential liabilities relating to work performed in connection with the Deepwater Horizon oil spill response. In the normal course of its business, the Company becomes involved in various other litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company's potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company's estimates of that exposure could occur, but the Company does not expect such changes in estimated costs would have a material effect on the Company's consolidated financial position, results of operations or cash flows. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Long-Term Debt | LONG-TERM DEBT 7.375% Senior Notes. SEACOR’s Board of Directors has previously authorized the Company to purchase any or all of its 7.375% Senior Notes due 2019, which may be acquired through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. During the six months ended June 30 , 2015 , the Company purchased $14.0 million in principal amount of its 7.375% Senior Notes for $14.4 million , resulting in a loss on debt extinguishment of $0.5 million . As of June 30, 2015 , the aggregate outstanding principal amount of the Company's 7.375% Senior Notes due 2019 was $ 219.5 million . Title XI Bonds. On June 1, 2014, SEA-Vista redeemed its Title XI bonds for $99.9 million and recorded a $29.0 million loss on extinguishment of debt for the then unamortized debt discount, the make whole premium paid and certain other redemption costs. As a consequence of redeeming the bonds prior to their scheduled maturity, SEA-Vista was required to pay a make whole premium in the amount of $20.5 million . The redemption of the bonds released the liens on vessels supporting the Title XI financing and facilitated the issuance of the SEA-Vista Credit Facility (see note below). The redemption of the Title XI bonds was funded with advances from the SEA-Vista Credit Facility, its restricted cash and its Title XI reserve funds. SEA-Vista Credit Facility. On April 15, 2015, SEA-Vista entered into a $300.0 million credit agreement with a syndicate of lenders that matures in 2020 (the " SEA-Vista Credit Facility") and is secured by substantially all of SEA-Vista's tangible and intangible assets with no recourse to SEACOR or its other subsidiaries. The SEA-Vista Credit Facility is comprised of three tranches: (i) a $100.0 million revolving credit facility (the "Revolving Loan"); (ii) an $80.0 million term loan (the "Term A-1 Loan"); and (iii) a $120.0 million delayed draw term loan (the "Term A-2 Loan"). The proceeds from the SEA-Vista Credit Facility were and will be used to fund SEA-Vista's working capital, general corporate purposes, capital commitments and the redemption of its Title XI Bonds (see note above). All three loans bear interest at a variable rate determined by reference to the London Interbank Offered Rate ("LIBOR") plus a margin of between 2.00% and 2.75% as determined in accordance with the SEA-Vista Credit Facility or, at the election of SEA-Vista, a Base Rate plus a margin of between 1.25% and 1.75% as determined in accordance with the SEA-Vista Credit Facility. A quarterly fee is payable on the unused commitments of all three tranches. SEA-Vista incurred $3.1 million of issuance costs related to the SEA-Vista Credit Facility. During the six months ended June 30 , 2015 , SEA-Vista drew $30.0 million under the Revolving Loan, $80.0 million under the Term A-1 Loan and $25.0 million under the Term A-2 Loan. Each of the loans under the SEA-Vista Credit Facility will mature on April 15, 2020 (the "Maturity Date"), which may be accelerated in certain circumstances. The principal of the Term A-1 Loan is repayable commencing in June 2015 in quarterly installments of 1.25% of the aggregate principal amount of the Term A-1 Loan through June 30, 2017. Commencing on September 30, 2017, the principal of each of the Term A-1 Loan and the Term A-2 Loan is repayable in quarterly installments of 2.50% of the aggregate principal amount of such loans, with the outstanding principal balance, interest and all other amounts outstanding for all loans, including the Revolving Loan, due and payable on the Maturity Date. During the six months ended June 30 , 2015 , SEA-Vista made a scheduled repayment of $1.0 million on the Term A-1 Loan. Commencing with the calendar year ending December 31, 2016, SEA-Vista is required to make annual prepayments on the Term A-1 Loan and the Term A-2 Loan in an amount equal to 50% of annual excess cash flow (as defined), with prepayments continuing on an annual basis until an amount equal to $75.0 million of the aggregate principal amount of the term loans has been repaid. Each such payment is to be made on or before May 15 of the subsequent calendar year (i.e., commencing May 15, 2017). In addition, SEA-Vista has the right to make optional prepayments on each of the loans without penalty in minimum amounts of $1.0 million . The SEA-Vista Credit Facility contains various financial maintenance and restrictive covenants including: funded debt to adjusted EBITDA; adjusted EBITDA to interest expense plus amortization; aggregate collateral vessel value to the sum of funded debt and unused and unexpired commitments; and minimum liquidity. In addition, the SEA-Vista Credit Facility restricts the payment of dividends and distributions as defined in the SEA-Vista Credit Facility. ICP Revolving Credit Facility. On April 9, 2015, ICP obtained a $30.0 million revolving credit facility with JP Morgan Chase Bank, N.A. serving as Administrative Agent and Lender (the “ICP Revolving Credit Facility”), which includes an accordion feature whereby loan commitments available under the facility could be increased in the future by an additional $20.0 million , subject to lender approval. The ICP Revolving Credit Facility will primarily be used to finance working capital requirements and for general corporate purposes. The ICP Revolving Credit Facility matures on April 9, 2018 and is secured by all assets of ICP, except real estate, with no recourse to SEACOR or its other subsidiaries. ICP has agreed not to pledge its real estate as collateral to any other party. The amount available for borrowing at any given time under the ICP Revolving Credit Facility is determined by a formula based on the current outstanding loan balance, the amount of ICP’s eligible outstanding accounts receivable balances, and the carrying value of its eligible inventories, subject to additional reserves. Interest on outstanding loans would equate to the one-month LIBOR interest rate plus an applicable margin of 2.00% . A monthly commitment fee is payable based on the unused amounts of the ICP Revolving Credit Facility. The ICP Revolving Credit Facility places restrictions on ICP including limitations on its ability to incur indebtedness, liens, restricted payments, and asset sales. Other restricted payments, including dividends, are subject to certain conditions, including undrawn availability under the ICP Revolving Credit Facility and ICP’s pro forma fixed charge coverage ratio, as defined. In addition, ICP is subject to various covenants under this agreement, as defined. ICP incurred $0.3 million in issuance costs related to the ICP Revolving Credit Facility. As of June 30, 2015 , ICP had no borrowings on the ICP Revolving Credit Facility. Other. During the six months ended June 30 , 2015 , the Company made other scheduled payments on long-term debt of $3.9 million and made net payments of $2.7 million under inventory financing arrangements. In addition, the Company received advances of $4.9 million and made repayments of $8.9 million on another subsidiary's revolving credit facility. As of June 30, 2015 , the Company had outstanding letters of credit totaling $31.6 million with various expiration dates through 2018 . Subsequent to June 30, 2015 the Company issued an additional letter of credit for $6.5 million . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The Company’s financial assets and liabilities as of June 30, 2015 that are measured at fair value on a recurring basis were as follows (in thousands): Level 1 Level 2 Level 3 ASSETS Marketable securities (1) $ 29,411 $ — $ — Derivative instruments (included in other receivables) 472 259 — Construction reserve funds 275,131 — — LIABILITIES Short sale of marketable securities (1) (included in other current liabilities) 9,155 — — Derivative instruments (included in other current liabilities) 2,048 423 — ______________________ (1) Marketable security gains, net include unrealized gains of $6.0 million and $2.1 million for the three months ended June 30 , 2015 and 2014 , respectively, related to marketable security positions held by the Company as of June 30, 2015 . Marketable security gains, net include unrealized gains of $2.6 million and $4.4 million for the six months ended June 30 , 2015 and 2014 , respectively, related to marketable security positions held by the Company as of June 30, 2015 . The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2015 were as follows (in thousands): Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 ASSETS Cash and cash equivalents $ 433,827 $ 433,827 $ — $ — Investments, at cost, in 50% or less owned companies (included in other assets) 10,442 see below Notes receivable from third parties (included in other receivables and other assets) 25,512 see below LIABILITIES Long-term debt, including current portion (1) 924,593 — 985,610 — ______________________ (1) The estimated fair value includes the conversion options on the Company's 2.5% and 3.0% Convertible Senior Notes. The carrying value of cash and cash equivalents approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analyses based on estimated current rates for similar types of arrangements. It was not practicable to estimate the fair value of the Company’s investments, at cost, in 50% or less owned companies because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. It was not practicable to estimate the fair value of the Company’s notes receivable from third parties as the overall returns are uncertain due to certain provisions for additional payments contingent upon future events. Considerable judgment was required in developing certain of the estimates of fair value and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company’s non-financial assets and liabilities that were measured at fair value during the six months ended June 30 , 2015 were as follows (in thousands): Level 1 Level 2 Level 3 ASSETS Construction in progress (1) $ — $ 200 $ — Investment in VA&E (2) — 6,938 — ______________________ (1) During the six months ended June 30 , 2015 , the Company recognized impairment charges of $6.6 million related to the suspended construction of two offshore support vessels. The fair value of the construction in progress was determined based on the scrap value of the hulls. (2) During the six months ended June 30, 2015, the Company marked its equity investment in VA&E to fair value upon the deconsolidation of a previously controlled subsidiary following its contribution to VA&E. The fair value was determined based on the value of the equity investment the Company received. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Strategies | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments And Hedging Strategies | DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES Derivative instruments are classified as either assets or liabilities based on their individual fair values. Derivative assets and liabilities are included in other receivables and other current liabilities, respectively, in the accompanying condensed consolidated balance sheets. The fair values of the Company’s derivative instruments as of June 30, 2015 were as follows (in thousands): Derivative Asset Derivative Liability Options on equities and equity indices $ — $ 1,175 Forward currency exchange, option and future contracts — 82 Interest rate swap agreements — 341 Commodity swap, option and future contracts: Exchange traded 472 873 Non-exchange traded 259 — $ 731 $ 2,471 Cash Flow Hedges. Certain of the Company's 50% or less owned companies have interest rate swap agreements designated as cash flow hedges. By entering into these interest rate swap agreements, the Company's 50% or less owned companies have converted the variable LIBOR component of certain of their outstanding borrowings to a fixed interest rate. As of June 30, 2015 , the interest rate swaps held by the Company's 50% or less owned companies were as follows: • MexMar had four interest rate swap agreements with maturities in 2023 that call for MexMar to pay a fixed rate of interest ranging from 1.71% to 2.05% on the aggregate amortized notional value of $124.5 million and receive a variable interest rate based on LIBOR on the aggregate amortized notional value. • Sea-Cat Crewzer II had an interest rate swap agreement maturing in 2019 that calls for Sea-Cat Crewzer II to pay a fixed rate of interest of 1.52% on the amortized notional value of $26.8 million and receive a variable interest rate based on LIBOR on the amortized notional value. • Sea-Cat Crewzer had an interest rate swap agreement maturing in 2019 that calls for Sea-Cat Crewzer to pay a fixed rate of interest of 1.52% on the amortized notional value of $23.8 million and receive a variable interest rate based on LIBOR on the amortized notional value. • SCFCo had two interest rate swap agreements with maturities in 2015 that call for SCFCo to pay a fixed rate of interest ranging from 1.53% to 1.62% on the aggregate amortized notional value of $13.2 million and receive a variable interest rate based on LIBOR on the aggregate amortized notional value. • SeaJon had an interest rate swap agreement maturing in 2017 that calls for SeaJon to pay a fixed interest rate of 2.79% on the amortized notional value of $33.9 million and receive a variable interest rate based on LIBOR on the amortized notional value. Other Derivative Instruments. The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the six months ended June 30 as follows (in thousands): 2015 2014 Options on equities and equity indices $ (442 ) $ 22 Forward currency exchange, option and future contracts (302 ) 187 Interest rate swap agreements (5 ) (135 ) Commodity swap, option and future contracts: Exchange traded (2,271 ) 950 Non-exchange traded 1,450 (1,167 ) $ (1,570 ) $ (143 ) The Company holds positions in publicly traded equity options that convey the right or obligation to engage in a future transaction on the underlying equity security or index. The Company’s investment in equity options primarily includes positions in energy, marine, transportation and other related businesses. These contracts are typically entered into to mitigate the risk of changes in the market value of marketable security positions that the Company is either about to acquire, has acquired or is about to dispose. The Company enters and settles forward currency exchange, option and future contracts with respect to various foreign currencies. As of June 30, 2015 , the outstanding forward currency exchange contracts translated into a net purchase of foreign currencies with an aggregate U.S. dollar equivalent of $2.5 million . These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company’s business conducted outside of the United States. The Company generally does not enter into contracts with forward settlement dates beyond twelve to eighteen months. The Company and certain of its 50% or less owned companies have entered into interest rate swap agreements for the general purpose of providing protection against increases in interest rates, which might lead to higher interest costs. As of June 30, 2015 , the interest rate swaps held by the Company or its 50% or less owned companies were as follows: • The Company had an interest rate swap agreement maturing in 2018 that calls for the Company to pay a fixed interest rate of 3.00% on the amortized notional value of $8.1 million and receive a variable interest rate based on Euribor on the amortized notional value. • OSV Partners had two interest rate swap agreements with maturities in 2020 that call for OSV Partners to pay a fixed rate of interest ranging from 1.89% to 2.27% on the aggregate amortized notional value of $45.6 million and receive a variable interest rate based on LIBOR on the aggregate amortized notional value. • Dynamic Offshore had an interest rate swap agreement maturing in 2018 that calls for Dynamic Offshore to pay a fixed interest rate of 1.30% on the amortized notional value of $88.5 million and receive a variable interest rate based on LIBOR on the amortized notional value. • Dorian had six interest rate swap agreements with maturities ranging from 2018 to 2020 that call for Dorian to a pay fixed rate of interest ranging from 2.96% to 5.40% on the aggregate amortized notional value of $116.5 million and receive a variable interest rate based on LIBOR on the aggregate amortized notional value. The Company enters and settles positions in various exchange and non-exchange traded commodity swap, option and future contracts. ICP enters into exchange traded positions (primarily corn, ethanol and natural gas) to protect its raw material and finished goods inventory balance from market changes. VA&E enters into exchange traded positions to protect its fixed price future purchase and sale contracts for sugar as well as its inventory balances from market changes. As of June 30, 2015 , the net market exposure to these commodities under these contracts was not material. |
Stock Repurchases
Stock Repurchases | 6 Months Ended |
Jun. 30, 2015 | |
Stock Repurchases [Abstract] | |
Stock Repurchases | STOCK REPURCHASES SEACOR’s Board of Directors previously approved a securities repurchase plan that authorizes the Company to acquire shares of SEACOR common stock, par value $0.01 per share (“Common Stock”), which may be acquired through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. During the six months ended June 30 , 2015 , the Company acquired 284,227 shares of Common Stock for treasury for an aggregate purchase price of $19.9 million . As of June 30, 2015 , the remaining authority under the repurchase plan was $130.1 million . Subsequent to June 30, 2015 and through July 24, 2015, the Company acquired 107,018 shares of Common Stock for treasury for an aggregate purchase price of $6.9 million . During the six months ended June 30 , 2015 , the Company also purchased 40,859 shares of Common Stock for treasury for an aggregate purchase price of $3.0 million from its employees to cover their tax withholding obligations upon the lapsing of restrictions on share awards. These shares were purchased in accordance with the terms of the Company's Share Incentive Plans and not pursuant to the repurchase authorizations granted by SEACOR's Board of Directors. |
Noncontrolling Interests in Sub
Noncontrolling Interests in Subsidiaries (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries Disclosure [Text Block] | NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in the Company's consolidated subsidiaries were as follows (in thousands): Noncontrolling Interests June 30, 2015 December 31, 2014 Offshore Marine Services: Windcat Workboats 25% $ 8,502 $ 7,527 Other 1.8 % – 33.3% 839 1,323 Inland River Services: Other 3.0 % – 51.8% 1,094 1,088 Shipping Services: Sea-Vista 49% 73,043 89,680 Illinois Corn Processing 30% 20,764 16,397 Other 5.0 % – 14.6% 409 1,978 $ 104,651 $ 117,993 Windcat Workboats. Windcat Workboats owns and operates the Company’s wind farm utility vessels that are primarily used to move personnel and supplies in the major offshore wind markets of Europe. As of June 30, 2015 , the net assets of Windcat Workboats were $34.0 million . During the six months ended June 30 , 2015 , the net income of Windcat Workboats was $3.6 million , of which $0.9 million was attributable to noncontrolling interests. During the six months ended June 30 , 2014 , the net loss of Windcat Workboats was $0.1 million , of which the amount attributable to noncontrolling interests was not material. SEA-Vista. SEA-Vista owns and operates the Company's fleet of U.S.-flag product tankers used in the U.S. coastwise trade of crude oil, petroleum and specialty chemical products and holds contracts for the construction of three 50,000 DWT (deadweight tonnage) product tankers. As of June 30, 2015 , the net assets of SEA-Vista were $149.1 million . During the six months ended June 30 , 2015 , the net loss of SEA-Vista was $25.9 million , of which $12.7 million was attributable to noncontrolling interests. During the six months ended June 30 , 2014 , the net income of SEA-Vista was $4.1 million , of which $2.0 million was attributable to noncontrolling interests. Illinois Corn Processing. Illinois Corn Processing LLC (“ICP”) owns and operates an alcohol manufacturing, storage and distribution facility located in Pekin, IL. As of June 30, 2015 , the net assets of ICP were $69.2 million . During the six months ended June 30 , 2015 , the net income of ICP was $14.6 million , of which $4.4 million was attributable to noncontrolling interests. During the six months ended June 30 , 2014 , the net income of ICP was $23.8 million , of which $6.0 million was attributable to noncontrolling interests. |
Multiemployer Pension Plans
Multiemployer Pension Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Multiemployer Pension Plans | MULTI-EMPLOYER PENSION PLANS MNRPF. The cumulative funding deficits of the MNRPF are currently being recovered by additional annual contributions from current employers that are subject to adjustment following the results of future tri-annual actuarial valuations. Prior to 2012, the Company was invoiced and expensed $0.4 million for its allocated share of the then cumulative funding deficits. On February 25, 2015, the High Court approved a new deficit contribution scheme whereby any funding deficit of the MNRPF is to be remedied through funding contributions from all participating current and former employers. Based on an actuarial valuation in 2014, the potential cumulative funding deficit of the MNRPF was $510.6 million ( £325.0 million ). The MNRPF’s trustee estimates the Company’s allocated share of the cumulative funding deficit to be $6.6 million ( £4.2 million ), including portions deemed uncollectible due to the non-existence or liquidation of certain former employers. The Company will recognize payroll related operating expenses in the periods invoices are received. AMOPP. During the six months ended June 30 , 2015 , the Company received notification from the AMOPP that the Company's withdrawal liability as of September 30, 2014 was $39.9 million based on an actuarial valuation performed as of that date. That liability may change in future years based on various factors, primarily employee census. As of June 30, 2015 , the Company has no intention to withdraw from the AMOPP and no deficit amounts have been invoiced. Depending upon the results of the future actuarial valuations and the ten-year rehabilitation plan, it is possible that the AMOPP will experience further funding deficits, requiring the Company to recognize additional payroll related operating expenses in the periods invoices are received or contribution levels are increased. |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | SHARE BASED COMPENSATION Transactions in connection with the Company’s share based compensation plans during the six months ended June 30 , 2015 were as follows: Director stock awards granted 1,625 Employee Stock Purchase Plan (“ESPP”) shares issued 20,470 Restricted stock awards granted 135,150 Restricted stock awards canceled — Shares released from Deferred Compensation Plan — Stock Option Activities: Outstanding as of December 31, 2014 1,546,508 Granted 107,175 Exercised (40,128 ) Expired (1,315 ) Outstanding as of June 30, 2015 1,612,240 Shares available for future grants and ESPP purchases as of June 30, 2015 862,908 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The following tables summarize the operating results, capital expenditures and assets of the Company's reportable segments. Offshore Marine Services $’000 Inland River Services $’000 Shipping Services $’000 ICP $’000 Other $’000 Corporate and Eliminations $’000 Total $’000 For the three months ended June 30, 2015 Operating Revenues: External customers 96,689 60,543 55,674 48,371 20,332 — 281,609 Intersegment 26 607 — — 5 (638 ) — 96,715 61,150 55,674 48,371 20,337 (638 ) 281,609 Costs and Expenses: Operating 72,173 48,556 36,124 40,588 11,103 (801 ) 207,743 Administrative and general 12,655 3,765 6,676 509 6,617 8,452 38,674 Depreciation and amortization 15,692 7,362 6,611 979 489 946 32,079 100,520 59,683 49,411 42,076 18,209 8,597 278,496 Gains (Losses) on Asset Dispositions 3,455 1,166 — — (235 ) — 4,386 Operating Income (Loss) (350 ) 2,633 6,263 6,295 1,893 (9,235 ) 7,499 Other Income (Expense): Derivative gains, net 4 177 — 50 304 891 1,426 Foreign currency gains, net 1,907 208 9 — 36 276 2,436 Other, net 43 — 187 4,112 40 51 4,433 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 2,826 (3,717 ) 2,363 — (408 ) — 1,064 Segment Profit (Loss) 4,430 (699 ) 8,822 10,457 1,865 Other Income (Expense) not included in Segment Profit (25,204 ) Less Equity Earnings included in Segment Profit (1,064 ) Loss Before Taxes and Equity Earnings (9,410 ) Offshore Marine Services $’000 Inland River Services $’000 Shipping Services $’000 ICP (1)(2) $’000 Other $’000 Corporate and Eliminations $’000 Total $’000 For the six months ended June 30, 2015 Operating Revenues: External customers 190,110 116,379 107,081 87,969 40,714 — 542,253 Intersegment 61 1,378 — — 75 (1,514 ) — 190,171 117,757 107,081 87,969 40,789 (1,514 ) 542,253 Costs and Expenses: Operating 146,528 90,069 73,255 73,706 24,933 (1,600 ) 406,891 Administrative and general 26,214 7,649 12,965 1,071 13,753 15,909 77,561 Depreciation and amortization 31,058 14,251 13,346 1,959 989 1,906 63,509 203,800 111,969 99,566 76,736 39,675 16,215 547,961 Gains (Losses) on Asset Dispositions and Impairments, Net (3,194 ) 2,969 — — (235 ) — (460 ) Operating Income (Loss) (16,823 ) 8,757 7,515 11,233 879 (17,729 ) (6,168 ) Other Income (Expense): Derivative gains (losses), net (5 ) 259 — (778 ) (472 ) (574 ) (1,570 ) Foreign currency gains (losses), net 1,890 (913 ) (3 ) — (4 ) (527 ) 443 Other, net (103 ) — 216 4,112 48 116 4,389 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 5,801 (3,991 ) 3,504 — (351 ) — 4,963 Segment Profit (Loss) (9,240 ) 4,112 11,232 14,567 100 Other Income (Expense) not included in Segment Profit (Loss) (40,258 ) Less Equity Earnings included in Segment Profit (Loss) (4,963 ) Loss Before Taxes and Equity Earnings (43,164 ) Capital Expenditures 53,118 12,702 63,421 2,519 26 342 132,128 As of June 30, 2015 Property and Equipment: Historical cost 1,072,937 492,508 454,076 47,256 3,146 30,386 2,100,309 Accumulated depreciation (525,937 ) (169,677 ) (226,127 ) (17,447 ) (2,901 ) (12,842 ) (954,931 ) 547,000 322,831 227,949 29,809 245 17,544 1,145,378 Construction in progress 103,992 27,352 264,191 3,237 — 261 399,033 650,992 350,183 492,140 33,046 245 17,805 1,544,411 Investments, at Equity, and Advances to 50% or Less Owned Companies 126,601 100,700 206,889 — 48,112 — 482,302 Inventories 5,583 2,085 878 11,190 — — 19,736 Goodwill 13,367 2,500 1,852 — 44,967 — 62,686 Intangible Assets 1,113 6,461 — — 23,168 — 30,742 Other current and long-term assets, excluding cash and near cash assets (3) 103,444 70,975 32,208 10,345 61,592 20,670 299,234 Segment Assets 901,100 532,904 733,967 54,581 178,084 Cash and near cash assets (3) 738,369 Total Assets 3,177,480 ______________________ (1) Operating revenues includes $82.3 million of tangible product sales and operating expenses includes $68.0 million of costs of goods sold. (2) Inventories includes raw materials of $1.7 million and work in process of $1.6 million . (3) Cash and near cash assets includes cash, cash equivalents, marketable securities, and construction reserve funds. Offshore Marine Services $’000 Inland River Services $’000 Shipping Services $’000 ICP $’000 Other $’000 Corporate and Eliminations $’000 Total $’000 For the three months ended June 30, 2014 Operating Revenues: External customers 138,214 55,200 53,575 72,798 8,437 — 328,224 Intersegment 33 807 — — — (840 ) — 138,247 56,007 53,575 72,798 8,437 (840 ) 328,224 Costs and Expenses: Operating 93,755 45,047 28,018 56,429 9,464 (807 ) 231,906 Administrative and general 13,426 3,835 5,421 594 3,449 7,961 34,686 Depreciation and amortization 16,448 7,564 7,115 1,010 82 1,001 33,220 123,629 56,446 40,554 58,033 12,995 8,155 299,812 Gains (Losses) on Asset Dispositions and Impairments, Net 3,526 810 (41 ) — — — 4,295 Operating Income (Loss) 18,144 371 12,980 14,765 (4,558 ) (8,995 ) 32,707 Other Income (Expense): Derivative gains (losses), net (70 ) — — (1,519 ) 1,500 183 94 Foreign currency gains (losses), net 1,322 474 1 — 53 (130 ) 1,720 Other, net 14,739 — 158 300 (5,013 ) 29 10,213 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 2,244 (3,335 ) 1,564 — (985 ) — (512 ) Segment Profit (Loss) 36,379 (2,490 ) 14,703 13,546 (9,003 ) Other Income (Expense) not included in Segment Profit (Loss) (3,697 ) Less Equity Earnings included in Segment Profit (Loss) 512 Income Before Taxes and Equity Earnings 41,037 Offshore Marine Services $’000 Inland River Services $’000 Shipping Services $’000 ICP (1)(2) $’000 Other $’000 Corporate and Eliminations $’000 Total $’000 For the six months ended June 30, 2014 Operating Revenues: External customers 267,171 112,211 105,976 131,454 21,429 — 638,241 Intersegment 77 1,755 — — — (1,832 ) — 267,248 113,966 105,976 131,454 21,429 (1,832 ) 638,241 Costs and Expenses: Operating 187,798 84,721 55,015 103,703 21,400 (1,755 ) 450,882 Administrative and general 28,586 8,172 11,317 1,105 6,560 17,023 72,763 Depreciation and amortization 32,752 14,934 14,869 2,000 167 1,890 66,612 249,136 107,827 81,201 106,808 28,127 17,158 590,257 Gains (Losses) on Asset Dispositions and Impairments, Net 11,264 1,663 (41 ) — (409 ) (3,504 ) 8,973 Operating Income (Loss) 29,376 7,802 24,734 24,646 (7,107 ) (22,494 ) 56,957 Other Income (Expense): Derivative gains (losses), net (131 ) — — (801 ) 767 22 (143 ) Foreign currency gains (losses), net 1,429 147 (9 ) — 62 (108 ) 1,521 Other, net 14,739 (38 ) (3,775 ) 493 (4,838 ) (23 ) 6,558 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 4,885 (3,747 ) 2,317 — (1,746 ) — 1,709 Segment Profit (Loss) 50,298 4,164 23,267 24,338 (12,862 ) Other Income (Expense) not included in Segment Profit (Loss) (5,987 ) Less Equity Earnings included in Segment Profit (Loss) (1,709 ) Income Before Taxes and Equity Earnings 58,906 Capital Expenditures 46,621 44,086 165,160 2,098 123 15,581 273,669 As of June 30, 2014 Property and Equipment: Historical cost 1,154,174 519,586 451,123 44,808 3,760 43,176 2,216,627 Accumulated depreciation (499,092 ) (161,091 ) (200,908 ) (13,369 ) (769 ) (13,213 ) (888,442 ) 655,082 358,495 250,215 31,439 2,991 29,963 1,328,185 Construction in progress 91,824 32,175 171,204 2,156 224 (60 ) 297,523 746,906 390,670 421,419 33,595 3,215 29,903 1,625,708 Investments, at Equity, and Advances to 50% or Less Owned Companies 129,775 61,653 205,110 — 87,626 — 484,164 Inventories 5,571 2,309 1,438 9,926 963 — 20,207 Goodwill 13,367 2,793 1,852 — — — 18,012 Intangible Assets 2,784 7,085 575 — 310 — 10,754 Other current and long-term assets, excluding cash and near cash assets (3) 154,188 55,819 19,816 13,559 49,232 18,642 311,256 Segment Assets 1,052,591 520,329 650,210 57,080 141,346 Cash and near cash assets (3) 825,892 Total Assets 3,295,993 ______________________ (1) Operating revenues includes $126.1 million of tangible product sales and operating expenses includes $98.2 million of costs of goods sold. (2) Inventories includes raw materials of $2.2 million and work in process of $1.3 million . (3) Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds. |
Basis of Presentation and Acc21
Basis of Presentation and Accounting Policy (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Consolidation | The condensed consolidated financial information for the three and six months ended June 30 , 2015 and 2014 has been prepared by the Company and has not been audited by its independent registered public accounting firm. The condensed consolidated financial statements include the accounts of SEACOR Holdings Inc. and its consolidated subsidiaries. In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the Company’s financial position as of June 30, 2015 , its results of operations for the three and six months ended June 30 , 2015 and 2014 , its comprehensive income (loss) for the three and six months ended June 30 , 2015 and 2014 , its changes in equity for the six months ended June 30 , 2015 , and its cash flows for the six months ended June 30 , 2015 and 2014 . Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the "Company" refers to SEACOR Holdings Inc. and its consolidated subsidiaries and any reference in this Quarterly Report on Form 10-Q to "SEACOR" refers to SEACOR Holdings Inc. Capitalized terms used and not specifically defined herein have the same meaning given those terms in the Company's Annual report on Form 10-K for the year ended December 31, 2014 . |
Revenue Recognition | Revenue Recognition. The Company recognizes revenue when it is realized or realizable and earned. Revenue is realized or realizable and earned when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable, and collectability is reasonably assured. Revenue that does not meet these criteria is deferred until the criteria are met. As of June 30, 2015 , deferred revenues of $6.8 million , included in other current liabilities, related to the time charter of several offshore support vessels scheduled to be paid through the conveyance of an overriding royalty interest (the "Conveyance") in developmental oil and gas producing properties operated by a customer in the U.S. Gulf of Mexico. Payments under the Conveyance, and the timing of such payments, were contingent upon production and energy sale prices. On August 17, 2012, the customer filed a voluntary petition for chapter 11 bankruptcy, which was converted to chapter 7 in June 2014. The Company is vigorously defending its interest in connection with the bankruptcy filing; however, payments received under the Conveyance subsequent to August 17, 2012 and during the 90 days prior to the filing are subject to bankruptcy court approval. The Company will recognize revenues when legally permissible as provided under the bankruptcy court rules. All costs and expenses related to these charters were recognized as incurred. |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date. As of June 30, 2015 , the estimated useful life (in years) of each of the Company’s major categories of new equipment was as follows: Offshore support vessels (excluding wind farm utility) 20 Wind farm utility vessels 10 Inland river dry-cargo barges 20 Inland river liquid tank barges 25 Inland river towboats 25 Product tankers - U.S.-flag 25 Short-sea Container/RORO (1) vessels 20 Harbor and offshore tugs 25 Ocean liquid tank barges 25 Terminal and manufacturing facilities 20 ______________________ (1) Roll on/Roll off ("RORO"). Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. During the six months ended June 30 , 2015 , capitalized interest totaled $9.6 million . EQUIPMENT ACQUISITIONS, DISPOSITIONS AND IMPAIRMENTS During the six months ended June 30 , 2015 , capital expenditures were $132.1 million . Equipment deliveries during the six months ended June 30 , 2015 included one fast support vessel, one supply vessel, one wind farm utility vessel and two inland river towboats. During the six months ended June 30 , 2015 , the Company sold two offshore support vessels, one 10,000 barrel inland river tank barge, twelve inland river deck barges and other property and equipment for net proceeds of $24.7 million , ( $22.7 million in cash and $2.0 million in seller financing) and gains of $3.6 million , of which $1.6 million were recognized currently and $2.0 million were deferred. In addition, the Company recognized previously deferred gains of $4.6 million . During the six months ended June 30 , 2015 , the Company recognized impairment charges of $6.6 million related to the suspended construction of two offshore support vessels. |
Schedule of Estimated Useful Life of Newly Acquired Equipment [Table Text Block] | As of June 30, 2015 , the estimated useful life (in years) of each of the Company’s major categories of new equipment was as follows: Offshore support vessels (excluding wind farm utility) 20 Wind farm utility vessels 10 Inland river dry-cargo barges 20 Inland river liquid tank barges 25 Inland river towboats 25 Product tankers - U.S.-flag 25 Short-sea Container/RORO (1) vessels 20 Harbor and offshore tugs 25 Ocean liquid tank barges 25 Terminal and manufacturing facilities 20 ______________________ (1) Roll on/Roll off ("RORO"). Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. During the six months ended June 30 , 2015 , capitalized interest totaled $9.6 million . |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. If the carrying value of the assets is not recoverable, as determined by the estimated undiscounted cash flows, the carrying value of the assets is reduced to fair value. Generally, fair value is determined using valuation techniques, such as expected discounted cash flows or appraisals, as appropriate. During the six months ended June 30 , 2015 and 2014 , the Company recognized impairment charges of $6.6 million and $3.9 million , respectively, related to long-lived assets held for use. |
Income Tax Disclosure [Text Block] | Income Taxes. During the three and six months ended June 30 , 2015 , the Company's effective tax rates of negative 1.6% and 27.3% , respectively, were primarily due to tax benefits not recognized on losses attributable to noncontrolling interests (see Note 9). |
Deferred Gains [Policy Text Block] | Deferred Gains. The Company has sold certain equipment to its 50% or less owned companies, entered into vessel sale-leaseback transactions with finance companies, and provided seller financing on sales of its equipment to third parties and its 50% or less owned companies. A portion of the gains realized from these transactions were deferred and recorded in deferred gains and other liabilities in the accompanying condensed consolidated balance sheets. Deferred gain activity related to these transactions for the six months ended June 30 was as follows (in thousands): 2015 2014 Balance at beginning of period $ 159,911 $ 124,763 Adjustments to deferred gains arising from asset sales 2,035 40,445 Amortization of deferred gains included in operating expenses as a reduction to rental expense (11,273 ) (7,155 ) Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net (4,597 ) (2,656 ) Balance at end of period $ 146,076 $ 155,397 |
Schedule Of Deferred Gain Activity [Table Text Block] | Deferred gain activity related to these transactions for the six months ended June 30 was as follows (in thousands): 2015 2014 Balance at beginning of period $ 159,911 $ 124,763 Adjustments to deferred gains arising from asset sales 2,035 40,445 Amortization of deferred gains included in operating expenses as a reduction to rental expense (11,273 ) (7,155 ) Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net (4,597 ) (2,656 ) Balance at end of period $ 146,076 $ 155,397 |
Comprehensive Income (Loss) Note | Accumulated Other Comprehensive Loss. The components of accumulated other comprehensive loss were as follows: SEACOR Holdings Inc. Stockholders' Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Losses on Cash Flow Hedges, net Other Total Foreign Currency Translation Adjustments Other Other Comprehensive Income December 31, 2014 $ (3,494 ) $ (16 ) $ 5 $ (3,505 ) $ (86 ) $ 3 Other comprehensive income 486 26 — 512 69 — $ 581 Income tax expense (170 ) (9 ) — (179 ) — — (179 ) Six months ended June 30, 2015 $ (3,178 ) $ 1 $ 5 $ (3,172 ) $ (17 ) $ 3 $ 402 |
Earnings Per Common Share of SEACOR | Earnings (Loss) Per Share. Basic earnings (loss) per common share of SEACOR are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings (loss) per common share of SEACOR are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the treasury stock and if-converted methods. Dilutive securities for this purpose assumes restricted stock grants have vested, common shares have been issued pursuant to the exercise of outstanding stock options and common shares have been issued pursuant to the conversion of all outstanding convertible notes. Computations of basic and diluted earnings (loss) per common share of SEACOR were as follows (in thousands, except share data): Three Months Ended June 30, Six Months Ended June 30, Net Income attributable to SEACOR Average O/S Shares Per Share Net Income (Loss) Attributable to SEACOR Average O/S Shares Per Share 2015 Basic Weighted Average Common Shares Outstanding $ 687 17,780,759 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) Effect of Dilutive Share Awards: Options and Restricted Stock (1) — 301,705 — — Convertible Notes (2)(3) — — — — Diluted Weighted Average Common Shares Outstanding $ 687 18,082,464 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) 2014 Basic Weighted Average Common Shares Outstanding $ 21,067 19,989,402 $ 1.05 $ 32,576 20,049,056 $ 1.62 Effect of Dilutive Share Awards: Options and Restricted Stock (1) — 394,567 — 416,288 Convertible Notes (2) 3,148 4,200,525 6,287 4,200,525 Diluted Weighted Average Common Shares Outstanding $ 24,215 24,584,494 $ 0.98 $ 38,863 24,665,869 $ 1.58 ______________________ (1) For the three months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 685,645 and 365,398 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. For the six months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 2,017,788 and 288,510 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. (2) For the three and six months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 1,825,326 common shares issuable pursuant to the Company's 3.0% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. (3) For the three and six months ended June 30 , 2015 , diluted earnings per common share of SEACOR excluded 4,200,525 common shares issuable pursuant to the Company's 2.5% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. |
New Accounting Pronouncements | New Accounting Pronouncements. On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of the new standard is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. The Company has not yet selected the method of adoption or determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows. On February 18, 2015, the FASB issued an accounting standard update that amends the guidance for evaluating whether to consolidate certain legal entities. Specifically, the accounting standard update modifies the method for determining whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities. Further, it eliminates the presumption that a general partner should consolidate a limited partnership and impacts the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The accounting standard update is effective for annual and interim periods beginning after December 15, 2015 and early adoption permitted. The Company has not yet determined what impact, if any, the adoption of the accounting standard update will have on its consolidated financial position, results of operations or cash flows. On April 7, 2015, the FASB issued final guidance to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. The recognition and measurement guidance for debt issuance costs have not changed. The new standard requires retrospective application and represents a change in accounting principle. The final guidance is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted. As of June 30, 2015 , the Company had $12.6 million of debt issuance costs included in other assets in the accompanying condensed consolidated balance sheets. |
Basis of Presentation and Acc22
Basis of Presentation and Accounting Policy Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Computations of basic and diluted earnings (loss) per common share of SEACOR were as follows (in thousands, except share data): Three Months Ended June 30, Six Months Ended June 30, Net Income attributable to SEACOR Average O/S Shares Per Share Net Income (Loss) Attributable to SEACOR Average O/S Shares Per Share 2015 Basic Weighted Average Common Shares Outstanding $ 687 17,780,759 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) Effect of Dilutive Share Awards: Options and Restricted Stock (1) — 301,705 — — Convertible Notes (2)(3) — — — — Diluted Weighted Average Common Shares Outstanding $ 687 18,082,464 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) 2014 Basic Weighted Average Common Shares Outstanding $ 21,067 19,989,402 $ 1.05 $ 32,576 20,049,056 $ 1.62 Effect of Dilutive Share Awards: Options and Restricted Stock (1) — 394,567 — 416,288 Convertible Notes (2) 3,148 4,200,525 6,287 4,200,525 Diluted Weighted Average Common Shares Outstanding $ 24,215 24,584,494 $ 0.98 $ 38,863 24,665,869 $ 1.58 ______________________ (1) For the three months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 685,645 and 365,398 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. For the six months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 2,017,788 and 288,510 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. (2) For the three and six months ended June 30 , 2015 and 2014 , diluted earnings per common share of SEACOR excluded 1,825,326 common shares issuable pursuant to the Company's 3.0% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. (3) For the three and six months ended June 30 , 2015 , diluted earnings per common share of SEACOR excluded 4,200,525 common shares issuable pursuant to the Company's 2.5% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s financial assets and liabilities as of June 30, 2015 that are measured at fair value on a recurring basis were as follows (in thousands): Level 1 Level 2 Level 3 ASSETS Marketable securities (1) $ 29,411 $ — $ — Derivative instruments (included in other receivables) 472 259 — Construction reserve funds 275,131 — — LIABILITIES Short sale of marketable securities (1) (included in other current liabilities) 9,155 — — Derivative instruments (included in other current liabilities) 2,048 423 — ______________________ (1) Marketable security gains, net include unrealized gains of $6.0 million and $2.1 million for the three months ended June 30 , 2015 and 2014 , respectively, related to marketable security positions held by the Company as of June 30, 2015 . |
Estimated Fair Value Of Other Financial Assets And Liabilities | The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2015 were as follows (in thousands): Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 ASSETS Cash and cash equivalents $ 433,827 $ 433,827 $ — $ — Investments, at cost, in 50% or less owned companies (included in other assets) 10,442 see below Notes receivable from third parties (included in other receivables and other assets) 25,512 see below LIABILITIES Long-term debt, including current portion (1) 924,593 — 985,610 — ______________________ (1) The estimated fair value includes the conversion options on the Company's 2.5% and 3.0% Convertible Senior Notes. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The Company’s non-financial assets and liabilities that were measured at fair value during the six months ended June 30 , 2015 were as follows (in thousands): Level 1 Level 2 Level 3 ASSETS Construction in progress (1) $ — $ 200 $ — Investment in VA&E (2) — 6,938 — ______________________ (1) During the six months ended June 30 , 2015 , the Company recognized impairment charges of $6.6 million related to the suspended construction of two offshore support vessels. The fair value of the construction in progress was determined based on the scrap value of the hulls. (2) During the six months ended June 30, 2015, the Company marked its equity investment in VA&E to fair value upon the deconsolidation of a previously controlled subsidiary following its contribution to VA&E. The fair value was determined based on the value of the equity investment the Company received. |
Derivative Instruments And He24
Derivative Instruments And Hedging Strategies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative [Line Items] | |
Fair Values Of Derivative Instruments | The fair values of the Company’s derivative instruments as of June 30, 2015 were as follows (in thousands): Derivative Asset Derivative Liability Options on equities and equity indices $ — $ 1,175 Forward currency exchange, option and future contracts — 82 Interest rate swap agreements — 341 Commodity swap, option and future contracts: Exchange traded 472 873 Non-exchange traded 259 — $ 731 $ 2,471 |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Recognized Gains (Losses) On Derivative Instruments Not Designated As Hedging Instruments | Other Derivative Instruments. The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the six months ended June 30 as follows (in thousands): 2015 2014 Options on equities and equity indices $ (442 ) $ 22 Forward currency exchange, option and future contracts (302 ) 187 Interest rate swap agreements (5 ) (135 ) Commodity swap, option and future contracts: Exchange traded (2,271 ) 950 Non-exchange traded 1,450 (1,167 ) $ (1,570 ) $ (143 ) |
Noncontrolling Interests in S25
Noncontrolling Interests in Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries [Table Text Block] | oncontrolling interests in the Company's consolidated subsidiaries were as follows (in thousands): Noncontrolling Interests June 30, 2015 December 31, 2014 Offshore Marine Services: Windcat Workboats 25% $ 8,502 $ 7,527 Other 1.8 % – 33.3% 839 1,323 Inland River Services: Other 3.0 % – 51.8% 1,094 1,088 Shipping Services: Sea-Vista 49% 73,043 89,680 Illinois Corn Processing 30% 20,764 16,397 Other 5.0 % – 14.6% 409 1,978 $ 104,651 $ 117,993 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation Plans | Transactions in connection with the Company’s share based compensation plans during the six months ended June 30 , 2015 were as follows: Director stock awards granted 1,625 Employee Stock Purchase Plan (“ESPP”) shares issued 20,470 Restricted stock awards granted 135,150 Restricted stock awards canceled — Shares released from Deferred Compensation Plan — Stock Option Activities: Outstanding as of December 31, 2014 1,546,508 Granted 107,175 Exercised (40,128 ) Expired (1,315 ) Outstanding as of June 30, 2015 1,612,240 Shares available for future grants and ESPP purchases as of June 30, 2015 862,908 |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Operating Results, Capital Expenditures And Assets By Reporting Segment | The following tables summarize the operating results, capital expenditures and assets of the Company's reportable segments. Offshore Marine Services $’000 Inland River Services $’000 Shipping Services $’000 ICP $’000 Other $’000 Corporate and Eliminations $’000 Total $’000 For the three months ended June 30, 2015 Operating Revenues: External customers 96,689 60,543 55,674 48,371 20,332 — 281,609 Intersegment 26 607 — — 5 (638 ) — 96,715 61,150 55,674 48,371 20,337 (638 ) 281,609 Costs and Expenses: Operating 72,173 48,556 36,124 40,588 11,103 (801 ) 207,743 Administrative and general 12,655 3,765 6,676 509 6,617 8,452 38,674 Depreciation and amortization 15,692 7,362 6,611 979 489 946 32,079 100,520 59,683 49,411 42,076 18,209 8,597 278,496 Gains (Losses) on Asset Dispositions 3,455 1,166 — — (235 ) — 4,386 Operating Income (Loss) (350 ) 2,633 6,263 6,295 1,893 (9,235 ) 7,499 Other Income (Expense): Derivative gains, net 4 177 — 50 304 891 1,426 Foreign currency gains, net 1,907 208 9 — 36 276 2,436 Other, net 43 — 187 4,112 40 51 4,433 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 2,826 (3,717 ) 2,363 — (408 ) — 1,064 Segment Profit (Loss) 4,430 (699 ) 8,822 10,457 1,865 Other Income (Expense) not included in Segment Profit (25,204 ) Less Equity Earnings included in Segment Profit (1,064 ) Loss Before Taxes and Equity Earnings (9,410 ) Offshore Marine Services $’000 Inland River Services $’000 Shipping Services $’000 ICP (1)(2) $’000 Other $’000 Corporate and Eliminations $’000 Total $’000 For the six months ended June 30, 2015 Operating Revenues: External customers 190,110 116,379 107,081 87,969 40,714 — 542,253 Intersegment 61 1,378 — — 75 (1,514 ) — 190,171 117,757 107,081 87,969 40,789 (1,514 ) 542,253 Costs and Expenses: Operating 146,528 90,069 73,255 73,706 24,933 (1,600 ) 406,891 Administrative and general 26,214 7,649 12,965 1,071 13,753 15,909 77,561 Depreciation and amortization 31,058 14,251 13,346 1,959 989 1,906 63,509 203,800 111,969 99,566 76,736 39,675 16,215 547,961 Gains (Losses) on Asset Dispositions and Impairments, Net (3,194 ) 2,969 — — (235 ) — (460 ) Operating Income (Loss) (16,823 ) 8,757 7,515 11,233 879 (17,729 ) (6,168 ) Other Income (Expense): Derivative gains (losses), net (5 ) 259 — (778 ) (472 ) (574 ) (1,570 ) Foreign currency gains (losses), net 1,890 (913 ) (3 ) — (4 ) (527 ) 443 Other, net (103 ) — 216 4,112 48 116 4,389 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 5,801 (3,991 ) 3,504 — (351 ) — 4,963 Segment Profit (Loss) (9,240 ) 4,112 11,232 14,567 100 Other Income (Expense) not included in Segment Profit (Loss) (40,258 ) Less Equity Earnings included in Segment Profit (Loss) (4,963 ) Loss Before Taxes and Equity Earnings (43,164 ) Capital Expenditures 53,118 12,702 63,421 2,519 26 342 132,128 As of June 30, 2015 Property and Equipment: Historical cost 1,072,937 492,508 454,076 47,256 3,146 30,386 2,100,309 Accumulated depreciation (525,937 ) (169,677 ) (226,127 ) (17,447 ) (2,901 ) (12,842 ) (954,931 ) 547,000 322,831 227,949 29,809 245 17,544 1,145,378 Construction in progress 103,992 27,352 264,191 3,237 — 261 399,033 650,992 350,183 492,140 33,046 245 17,805 1,544,411 Investments, at Equity, and Advances to 50% or Less Owned Companies 126,601 100,700 206,889 — 48,112 — 482,302 Inventories 5,583 2,085 878 11,190 — — 19,736 Goodwill 13,367 2,500 1,852 — 44,967 — 62,686 Intangible Assets 1,113 6,461 — — 23,168 — 30,742 Other current and long-term assets, excluding cash and near cash assets (3) 103,444 70,975 32,208 10,345 61,592 20,670 299,234 Segment Assets 901,100 532,904 733,967 54,581 178,084 Cash and near cash assets (3) 738,369 Total Assets 3,177,480 ______________________ (1) Operating revenues includes $82.3 million of tangible product sales and operating expenses includes $68.0 million of costs of goods sold. (2) Inventories includes raw materials of $1.7 million and work in process of $1.6 million . (3) Cash and near cash assets includes cash, cash equivalents, marketable securities, and construction reserve funds. Offshore Marine Services $’000 Inland River Services $’000 Shipping Services $’000 ICP $’000 Other $’000 Corporate and Eliminations $’000 Total $’000 For the three months ended June 30, 2014 Operating Revenues: External customers 138,214 55,200 53,575 72,798 8,437 — 328,224 Intersegment 33 807 — — — (840 ) — 138,247 56,007 53,575 72,798 8,437 (840 ) 328,224 Costs and Expenses: Operating 93,755 45,047 28,018 56,429 9,464 (807 ) 231,906 Administrative and general 13,426 3,835 5,421 594 3,449 7,961 34,686 Depreciation and amortization 16,448 7,564 7,115 1,010 82 1,001 33,220 123,629 56,446 40,554 58,033 12,995 8,155 299,812 Gains (Losses) on Asset Dispositions and Impairments, Net 3,526 810 (41 ) — — — 4,295 Operating Income (Loss) 18,144 371 12,980 14,765 (4,558 ) (8,995 ) 32,707 Other Income (Expense): Derivative gains (losses), net (70 ) — — (1,519 ) 1,500 183 94 Foreign currency gains (losses), net 1,322 474 1 — 53 (130 ) 1,720 Other, net 14,739 — 158 300 (5,013 ) 29 10,213 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 2,244 (3,335 ) 1,564 — (985 ) — (512 ) Segment Profit (Loss) 36,379 (2,490 ) 14,703 13,546 (9,003 ) Other Income (Expense) not included in Segment Profit (Loss) (3,697 ) Less Equity Earnings included in Segment Profit (Loss) 512 Income Before Taxes and Equity Earnings 41,037 Offshore Marine Services $’000 Inland River Services $’000 Shipping Services $’000 ICP (1)(2) $’000 Other $’000 Corporate and Eliminations $’000 Total $’000 For the six months ended June 30, 2014 Operating Revenues: External customers 267,171 112,211 105,976 131,454 21,429 — 638,241 Intersegment 77 1,755 — — — (1,832 ) — 267,248 113,966 105,976 131,454 21,429 (1,832 ) 638,241 Costs and Expenses: Operating 187,798 84,721 55,015 103,703 21,400 (1,755 ) 450,882 Administrative and general 28,586 8,172 11,317 1,105 6,560 17,023 72,763 Depreciation and amortization 32,752 14,934 14,869 2,000 167 1,890 66,612 249,136 107,827 81,201 106,808 28,127 17,158 590,257 Gains (Losses) on Asset Dispositions and Impairments, Net 11,264 1,663 (41 ) — (409 ) (3,504 ) 8,973 Operating Income (Loss) 29,376 7,802 24,734 24,646 (7,107 ) (22,494 ) 56,957 Other Income (Expense): Derivative gains (losses), net (131 ) — — (801 ) 767 22 (143 ) Foreign currency gains (losses), net 1,429 147 (9 ) — 62 (108 ) 1,521 Other, net 14,739 (38 ) (3,775 ) 493 (4,838 ) (23 ) 6,558 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 4,885 (3,747 ) 2,317 — (1,746 ) — 1,709 Segment Profit (Loss) 50,298 4,164 23,267 24,338 (12,862 ) Other Income (Expense) not included in Segment Profit (Loss) (5,987 ) Less Equity Earnings included in Segment Profit (Loss) (1,709 ) Income Before Taxes and Equity Earnings 58,906 Capital Expenditures 46,621 44,086 165,160 2,098 123 15,581 273,669 As of June 30, 2014 Property and Equipment: Historical cost 1,154,174 519,586 451,123 44,808 3,760 43,176 2,216,627 Accumulated depreciation (499,092 ) (161,091 ) (200,908 ) (13,369 ) (769 ) (13,213 ) (888,442 ) 655,082 358,495 250,215 31,439 2,991 29,963 1,328,185 Construction in progress 91,824 32,175 171,204 2,156 224 (60 ) 297,523 746,906 390,670 421,419 33,595 3,215 29,903 1,625,708 Investments, at Equity, and Advances to 50% or Less Owned Companies 129,775 61,653 205,110 — 87,626 — 484,164 Inventories 5,571 2,309 1,438 9,926 963 — 20,207 Goodwill 13,367 2,793 1,852 — — — 18,012 Intangible Assets 2,784 7,085 575 — 310 — 10,754 Other current and long-term assets, excluding cash and near cash assets (3) 154,188 55,819 19,816 13,559 49,232 18,642 311,256 Segment Assets 1,052,591 520,329 650,210 57,080 141,346 Cash and near cash assets (3) 825,892 Total Assets 3,295,993 ______________________ (1) Operating revenues includes $126.1 million of tangible product sales and operating expenses includes $98.2 million of costs of goods sold. (2) Inventories includes raw materials of $2.2 million and work in process of $1.3 million . (3) Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds. |
Basis of Presentation and Acc28
Basis of Presentation and Accounting Policy Revenue Recognition (Details) $ in Millions | Jun. 30, 2015USD ($) |
Revenue Recognition [Abstract] | |
Deferred Revenue | $ 6.8 |
Basis of Presentation and Acc29
Basis of Presentation and Accounting Policy Property and Equipment (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $ 9.6 | |
Offshore Support Vessels [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Wind Farm Utility Vessel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Inland River Dry Cargo Barges [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Inland River Liquid Tank Barges [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Inland River Towboats [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
U.S.-flag Product Tankers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
R O R O Vessels [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Harbor and Offshore Tugs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Ocean Liquid Tank Barge [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Terminal And Manufacturing Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years |
Basis of Presentation and Acc30
Basis of Presentation and Accounting Policy Impairments of Long-Lived Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Offshore Support Vessels [Member] | ||
Asset Impairment Charges | $ 6.6 | |
Aircraft [Member] | ||
Asset Impairment Charges | $ 3.9 |
Basis of Presentation and Acc31
Basis of Presentation and Accounting Policy Deferred Gains (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Gains | $ 146,076 | $ 155,397 | $ 159,911 | $ 124,763 |
Sales Leaseback and Financed Equipment Sales [Member] | ||||
Deferred Gains on Asset Sales | 2,035 | 40,445 | ||
Amortization Of Deferred Gains Included in Operating Expenses As A Reduction To Rental Expense | 11,273 | 7,155 | ||
Amortization Of Deferred Gains Included In Gains On Asset Dispositions And Impairments, Net | $ 4,597 | $ 2,656 |
Basis of Presentation and Acc32
Basis of Presentation and Accounting Policy Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (3,178) | $ (3,178) | $ (3,494) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 1 | 1 | (16) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 5 | 5 | 5 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Parent | 486 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Portion Attributable to Parent | 26 | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | 0 | ||||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 512 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 69 | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | ||||
Other Comprehensive Income (Loss), before Tax | 4,564 | $ 1,967 | 581 | $ 2,419 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent | (170) | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Portion Attributable to Parent | (9) | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent | 0 | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (179) | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | 0 | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Noncontrolling Interest | 0 | ||||
Other Comprehensive Income (Loss), Tax | 1,434 | 621 | 179 | 763 | |
Accumulated Other Comprehensive Loss, Net of Tax | (3,172) | (3,172) | (3,505) | ||
Other Comprehensive Income (Loss), Net of Tax | 3,130 | $ 1,346 | 402 | $ 1,656 | |
Non-Controlling Interests In Subsidiaries [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (17) | (17) | (86) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 3 | 3 | $ 3 | ||
Other Comprehensive Income (Loss), Net of Tax | $ 69 |
Basis of Presentation and Acc33
Basis of Presentation and Accounting Policy Earning Per Common Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Net Income (Loss) attributable to SEACOR Holdings Inc. | $ 687,000 | $ 21,067,000 | $ (18,882,000) | $ 32,576,000 | |
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | 0 | 0 | 0 | 0 | |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 0 | 3,148,000 | 0 | 6,287,000 | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 687,000 | $ 24,215,000 | $ (18,882,000) | $ 38,863,000 | |
Weighted Average Number of Shares Outstanding, Basic | 17,780,759 | 19,989,402 | 17,779,250 | 20,049,056 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 301,705 | 394,567 | 0 | 416,288 | |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 4,200,525 | 0 | 4,200,525 | |
Weighted Average Number of Shares Outstanding, Diluted | 18,082,464 | 24,584,494 | 17,779,250 | 24,665,869 | |
Earnings Per Share, Basic | $ 0.04 | $ 1.05 | $ (1.06) | $ 1.62 | |
Earnings Per Share, Diluted | $ 0.04 | $ 0.98 | $ (1.06) | $ 1.58 | |
Stock Compensation Plan [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 685,645 | 365,398 | 288,510 | 2,017,788 | |
Three Point Zero Percentage Convertible Notes [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,825,326 | ||||
Two Point Five Percentage Convertible Notes [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,200,525 |
Basis of Presentation and Acc34
Basis of Presentation and Accounting Policy New Accounting Pronouncements (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accounting Policies [Abstract] | |
Debt Issuance Cost | $ 12.6 |
Basis of Presentation and Acc35
Basis of Presentation and Accounting Policy Income Taxes (Details) - Jun. 30, 2015 | Total | Total |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | (1.60%) | 27.30% |
Business Acquisitions (Narrativ
Business Acquisitions (Narrative) (Details) - Witt O'Brien's LLC [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Jul. 11, 2014 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 45.80% | |
Payments to Acquire Businesses, Gross | $ 35.4 | |
Goodwill, Gross | $ 45 |
Equipment Acquisitions, Dispo37
Equipment Acquisitions, Dispositions and Depreciation and Impairment Policies (Narrative) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)equipment | Jun. 30, 2014USD ($) | Dec. 31, 2014equipment | |
Property, Plant and Equipment [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | $ 132,128 | $ 273,669 | |
Sales Price Of Equipment | 24,700 | ||
Proceeds from disposition of property and equipment | 22,686 | $ 78,039 | |
Proceeds from Issuance of Secured Debt | 2,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 3,600 | ||
Offshore Support Vessels Fast Support [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Equipments Delivered | equipment | 1 | ||
Offshore Support Vessels Supply [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Equipments Delivered | equipment | 1 | ||
Wind Farm Utility Vessel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Equipments Delivered | equipment | 1 | ||
Inland River Towboat [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Equipments Delivered | equipment | 2 | ||
Offshore Support Vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Equipments Sold | equipment | 2 | ||
Asset Impairment Charges | $ 6,600 | ||
Inland River Liquid Tank Barges - 10,000 Barrel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Equipments Sold | equipment | 1 | ||
Inland River Deck Barges [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Equipments Sold | equipment | 12 | ||
Gains on Asset Dispositions and Impariments, Net [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1,600 | ||
Amortization Of Deferred Gains Included In Gains On Asset Dispositions And Impairments, Net | $ 4,600 |
Investments, At Equity, And A38
Investments, At Equity, And Advances To 50% Or Less Owned Companies (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($)equipmentshares | Dec. 31, 2014USD ($) | May. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 91.3 | |||
Allocable Share of Uncalled Capital | 1.4 | |||
Mexmar [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | 7.9 | |||
Secured Debt, Repayments | $ 15 | |||
OSV Partners [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | $ 1.4 | |||
Falcon Global [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | $ 9.9 | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
SCFCo Holdings [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | $ 3 | |||
Outstanding Working Capital Advances At End Of Period | 31.7 | |||
Bunge Scf Grain [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Outstanding Working Capital Advances At End Of Period | 7 | |||
Proceeds from Collection of Advance to Affiliate | (2) | |||
SCF Bunge Marine [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | $ 2.5 | |||
Dorian LPG [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 15.88% | |||
Sale of Stock, Number of Shares Issued in Transaction | shares | 150,000 | |||
Proceeds from Sale and Maturity of Marketable Securities | $ 2.3 | |||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 140.7 | |||
Equity Method Investment, Quoted Market Value | 153.1 | |||
Trailer Bridge Inc [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Repayment of Notes Receivable from Related Parties | 15.5 | |||
Sea-Access [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 3.9 | |||
Partners' Capital Account, Return of Capital | 2.9 | |||
Seajon [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0.6 | |||
SeaJon II [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | $ 1 | |||
Avion Pacific Limited [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Repayment of Notes Receivable from Related Parties | $ 3 | |||
V&A [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 81.10% | |||
VA&E [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | $ 3.5 | |||
Equity Method Investment, Ownership Percentage | 41.30% | |||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | $ 0.1 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 6 | |||
Proceeds from Unsecured Lines of Credit | 1.8 | |||
Repayments of Long-term Lines of Credit | (2) | |||
Long-term Line of Credit | $ 1.2 | |||
Offshore Support Vessels [Member] | OSV Partners [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Number Of Equipments Delivered | equipment | 1 | |||
Payments to Acquire Machinery and Equipment | $ 14.3 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($)equipment | Jun. 30, 2015USD ($)equipment | Dec. 31, 2013claim | Dec. 31, 2012claim | Dec. 31, 2011claim | Dec. 31, 2010claim | |
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 432.8 | $ 432.8 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 135.9 | 135.9 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Second Years | 233.2 | 233.2 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Third Year | 38.8 | 38.8 | ||||
Unrecorded Unconditional Purchase Obligation Due in Fourth Year | 19 | 19 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Fifth Year | 5.9 | 5.9 | ||||
Unconditional Purchase Obligation, Amount Eligible for Termination | 6.8 | $ 6.8 | ||||
Unconditional Purchase Obligations, Liquidated Damages | 0.7 | |||||
Wunstell Action [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Claims Filed | claim | 2 | |||||
Master Complaints [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Claims Filed | claim | 1 | |||||
Multi-district Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Claims Filed | claim | 10 | |||||
Darnell Alexander [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Claims Filed | claim | 410 | 117 | ||||
Abney Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Claims Filed | claim | 668 | |||||
Abood Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Claims Filed | claim | 174 | |||||
Prejean [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Claims Settled, Number | 3 | |||||
Offshore Support Vessels [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 142.3 | $ 142.3 | ||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 17 | 17 | ||||
Inland River Liquid Tank Barges - 30,000 Barrel [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 1.7 | $ 1.7 | ||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 2 | 2 | ||||
Inland River Liquid Tank Barges - 10,000 Barrel [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 6.9 | $ 6.9 | ||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 8 | 8 | ||||
Inland River Towboats [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 6.8 | $ 6.8 | ||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 3 | 3 | ||||
U.S.-flag Product Tankers [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 190.3 | $ 190.3 | ||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 3 | 3 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 64.8 | $ 64.8 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Second Years | 146.9 | 146.9 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Third Year | 20.5 | 20.5 | ||||
U.S. Flag Articulated Tug-Barge [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 41.9 | $ 41.9 | ||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 1 | 1 | ||||
U.S.-flag Harbor Tugs [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 20.5 | $ 20.5 | ||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 2 | 2 | ||||
Other Machinery and Equipment [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total unfunded capital commitments | $ 22.4 | $ 22.4 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Jul. 24, 2015 | Apr. 15, 2015 | Apr. 09, 2015 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | |||||||||
Debt extinguishment losses | $ (29,536) | $ 0 | $ (29,536) | $ 0 | |||||
Debt Issuance Cost | 12,600 | ||||||||
Repayments of long-term debt | $ 3,900 | ||||||||
Net borrowings (repayments) on inventory financing arrangements | (2,661) | $ (6,294) | |||||||
Proceeds from Lines of Credit | 4,900 | ||||||||
Repayments of Lines of Credit | (8,900) | ||||||||
Letters of Credit Outstanding, Amount | $ 31,600 | $ 31,600 | |||||||
Seven Point Three Seven Five Percentage Senior Notes Due Two Thousand Nineteen Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% | |||||||
Debt Instrument, Repurchased Face Amount | $ 14,000 | $ 14,000 | |||||||
Debt Instrument, Repurchase Amount | 14,400 | 14,400 | |||||||
Long-term Debt | $ 219,500 | ||||||||
Title Eleven Bonds [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchase Amount | 99,900 | 99,900 | |||||||
Debt extinguishment losses | 29,000 | ||||||||
Redemption Premium | 20,500 | ||||||||
Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of Credit Outstanding, Amount | $ 6,500 | ||||||||
Sea-Vista [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | ||||||||
Debt Issuance Cost | 3,100 | ||||||||
Sea-Vista [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 30,000 | 30,000 | |||||||
Sea-Vista [Member] | Term A-1 Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | 80,000 | $ 80,000 | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 80,000 | ||||||||
Debt Instrument, Periodic Payment, Principal | 1.25% | ||||||||
Repayments of long-term debt | $ 1,000 | ||||||||
Sea-Vista [Member] | Term A-2 Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | $ 25,000 | $ 25,000 | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 120,000 | ||||||||
Debt Instrument, Periodic Payment, Principal | 2.50% | ||||||||
Sea-Vista [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Prepayment Increments | $ 1,000 | ||||||||
Sea-Vista [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Mandatory Prepayment Balance | 75,000 | ||||||||
Illinois Corn Processing LLC [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||||||||
Debt Issuance Cost | $ 300 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 30,000 | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Sea-Vista [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Sea-Vista [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Illinois Corn Processing LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
Base Rate [Member] | Sea-Vista [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
Base Rate [Member] | Sea-Vista [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Construction Reserve Funds & Title XI Reserve Funds | $ 275,131 | $ 278,022 | |
Marketable security gains (losses), net | 6,000 | $ 2,100 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 29,411 | ||
Derivative instruments (included in other receivables) | 472 | ||
Construction Reserve Funds & Title XI Reserve Funds | 275,131 | ||
Short sales of marketable securities | 9,155 | ||
Derivative instruments (included in other current liabilities) | 2,048 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | ||
Derivative instruments (included in other receivables) | 259 | ||
Construction Reserve Funds & Title XI Reserve Funds | 0 | ||
Short sales of marketable securities | 0 | ||
Derivative instruments (included in other current liabilities) | 423 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | ||
Derivative instruments (included in other receivables) | 0 | ||
Construction Reserve Funds & Title XI Reserve Funds | 0 | ||
Short sales of marketable securities | 0 | ||
Derivative instruments (included in other current liabilities) | $ 0 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Other Financial Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 433,827 | $ 434,183 | $ 453,415 | $ 527,435 |
Investments, at cost, in 50% or less owned companies (included in other assets), Carrying Amount | 10,442 | |||
Notes receivable from other business ventures (included in other receivables and other assets), Carrying Amount | 25,512 | |||
Long-term debt, including current portion, Carrying Amount | 924,593 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Fair Value Disclosure | 433,827 | |||
Debt Instrument, Fair Value Disclosure | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Fair Value Disclosure | 0 | |||
Debt Instrument, Fair Value Disclosure | 985,610 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Fair Value Disclosure | 0 | |||
Debt Instrument, Fair Value Disclosure | $ 0 | |||
Two Point Five Percentage Convertible Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||
Three Point Zero Percentage Convertible Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Fair Value Measurements (Non-Fi
Fair Value Measurements (Non-Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Construction in progress | $ 399,033 | $ 318,000 |
Offshore Support Vessels [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Impairment Charges | 6,600 | |
Offshore Support Vessels [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Construction in progress | 0 | |
Offshore Support Vessels [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Construction in progress | 200 | |
Offshore Support Vessels [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Construction in progress | 0 | |
VA&E [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments | 0 | |
VA&E [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments | 6,938 | |
VA&E [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments | $ 0 |
Derivative Instruments And He44
Derivative Instruments And Hedging Strategies (Fair Values Of Derivative Instruments) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | $ 731 |
Derivative Liability | 2,471 |
Options on equities and equity indices | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 0 |
Derivative Liability | 1,175 |
Foreign currency exchange, option and future contracts | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 0 |
Derivative Liability | 82 |
Interest rate swap agreements | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 0 |
Derivative Liability | 341 |
Commodity swap, option and future contracts, exchange traded | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 472 |
Derivative Liability | 873 |
Commodity swap, option and future contracts, non-exchange traded | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 259 |
Derivative Liability | $ 0 |
Derivative Instruments And He45
Derivative Instruments And Hedging Strategies (Narrative) (Details) - Jun. 30, 2015 - Cash Flow Hedging [Member] - USD ($) $ in Millions | Total |
Mexmar [Member] | |
Derivative [Line Items] | |
Fixed interest rate range, minimum | 1.71% |
Fixed interest rate range, maximum | 2.05% |
Derivative, Notional Amount | $ 124.5 |
Sea-Cat Crewzer II [Member] | |
Derivative [Line Items] | |
Fixed interest rate | 1.52% |
Derivative, Notional Amount | $ 26.8 |
Sea Cat Crewzer [Member] | |
Derivative [Line Items] | |
Fixed interest rate | 1.52% |
Derivative, Notional Amount | $ 23.8 |
SCFCo Holdings [Member] | |
Derivative [Line Items] | |
Fixed interest rate range, minimum | 1.53% |
Fixed interest rate range, maximum | 1.62% |
Derivative, Notional Amount | $ 13.2 |
Seajon [Member] | |
Derivative [Line Items] | |
Fixed interest rate | 2.79% |
Derivative, Notional Amount | $ 33.9 |
Derivative Instruments And He46
Derivative Instruments And Hedging Strategies (Recognized Gains (Losses) On Derivative Instruments Not Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||
Derivative gains (losses), net | $ (1,570) | $ (143) |
Options on equities and equity indices | ||
Derivative [Line Items] | ||
Derivative gains (losses), net | (442) | 22 |
Forward Currency Exchange, Option And Future Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative gains (losses), net | (302) | 187 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative gains (losses), net | (5) | (135) |
Commodity swap, option and future contracts, exchange traded | ||
Derivative [Line Items] | ||
Derivative gains (losses), net | (2,271) | 950 |
Commodity swap, option and future contracts, non-exchange traded | ||
Derivative [Line Items] | ||
Derivative gains (losses), net | 1,450 | $ (1,167) |
Not Designated as Hedging Instrument [Member] | Forward Currency Exchange, Option And Future Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,500 | |
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Notional Amount | $ 8,100 | |
Not Designated as Hedging Instrument [Member] | OSV Partners [Member] | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative, Lower Fixed Interest Rate Range | 1.89% | |
Derivative, Higher Fixed Interest Rate Range | 2.27% | |
Derivative, Notional Amount | $ 45,600 | |
Not Designated as Hedging Instrument [Member] | Dynamic Offshore Drilling Ltd [Member] | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 1.30% | |
Derivative, Notional Amount | $ 88,500 | |
Not Designated as Hedging Instrument [Member] | Dorian LPG [Member] | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative, Lower Fixed Interest Rate Range | 2.96% | |
Derivative, Higher Fixed Interest Rate Range | 5.40% | |
Derivative, Notional Amount | $ 116,500 |
Stock Repurchases (Details)
Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Common Stock, par value | $ 0.01 | $ 0.01 | |
Treasury Stock, Shares, Acquired | 284,227 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 19.9 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 130.1 | ||
Restricted Stock [Member] | |||
Treasury Stock, Shares, Acquired | 40,859 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 3 | ||
Subsequent Event [Member] | |||
Treasury Stock, Shares, Acquired | 107,018 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 6.9 |
Noncontrolling Interests in S48
Noncontrolling Interests in Subsidiaries (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)equipment | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)equipment | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | $ 104,651 | $ 104,651 | $ 117,993 | ||
Net Income (Loss) | (8,501) | $ 27,525 | (26,402) | $ 41,240 | |
Net Income (Loss) Attributable to Noncontrolling Interest | (9,188) | $ 6,458 | (7,520) | 8,664 | |
Illinois Corn Processing LLC [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | 16,397 | ||||
Offshore Marine Services [Member] | Windcat Workboats Ltd. [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | 8,502 | 8,502 | 7,527 | ||
Assets, Net | $ 34,000 | 34,000 | |||
Net Income (Loss) | 3,600 | (100) | |||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 900 | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | |||
Offshore Marine Services [Member] | Other Offshore Marine Services Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | $ 839 | $ 839 | 1,323 | ||
Inland River Services [Member] | Other Inland River Services Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | 1,094 | 1,094 | 1,088 | ||
Shipping Services [Member] | Sea-Vista [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | 73,043 | 73,043 | 89,680 | ||
Assets, Net | $ 149,100 | 149,100 | |||
Net Income (Loss) | $ (25,900) | 4,100 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 2,000 | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | 49.00% | |||
Illinois Corn Processing LLC [Member] | Illinois Corn Processing LLC [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | $ 20,764 | $ 20,764 | |||
Assets, Net | $ 69,200 | 69,200 | |||
Net Income (Loss) | 14,600 | 23,800 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 4,400 | $ 6,000 | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | |||
Other Segments [Member] | Other Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | $ 409 | $ 409 | $ 1,978 | ||
Minimum [Member] | Offshore Marine Services [Member] | Other Offshore Marine Services Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.80% | 1.80% | |||
Minimum [Member] | Inland River Services [Member] | Other Inland River Services Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 3.00% | 3.00% | |||
Minimum [Member] | Other Segments [Member] | Other Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | 5.00% | |||
Maximum [Member] | Offshore Marine Services [Member] | Other Offshore Marine Services Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 33.30% | 33.30% | |||
Maximum [Member] | Inland River Services [Member] | Other Inland River Services Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.80% | 51.80% | |||
Maximum [Member] | Other Segments [Member] | Other Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 14.60% | 14.60% | |||
U.S.-flag Product Tankers [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 3 | 3 | |||
U.S.-flag Product Tankers [Member] | Shipping Services [Member] | Sea-Vista [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 3 | 3 |
Multiemployer Pension Plans (De
Multiemployer Pension Plans (Details) ÂŁ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2011USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015GBP (ÂŁ) | Sep. 30, 2014USD ($) | |
American Maritime Officers Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and other postretirement benefit plans, withdrawal liability | $ 39.9 | |||
United Kingdom Merchant Navy Ratings Pension Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and Other Postretirement Benefit Expense | $ 0.4 | |||
Pension And Other Postretirement Benefit Plans, Total Funding Deficit | $ 510.6 | ÂŁ 325 | ||
Pension and Other Postretirement Benefit Plans, Allocated Share of Funding Deficit | $ 6.6 | ÂŁ 4.2 |
Share Based Compensation (Share
Share Based Compensation (Share Based Compensation Plans) (Details) - Jun. 30, 2015 - shares shares in Thousands | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Director stock awards granted | 1,625 |
Employee Stock Purchase Plan shares issued | 20,470 |
Restricted stock awards granted | 135,150 |
Restricted stock awards forfeited | 0 |
Shares released from Deferred Compensation Plan | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Stock Options, Outstanding as of December 31, 2014 | 1,546,508 |
Stock Option, Granted | 107,175 |
Stock Option, Exercised | (40,128) |
Stock Option, Expired | (1,315) |
Stock Options, Outstanding as of June 30, 2015 | 1,612,240 |
Shares available for future grants and ESPP purchases as of June 30, 2015 | 862,908 |
Segment Information (Operating
Segment Information (Operating Results, Capital Expenditures And Assets By Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 281,609 | $ 328,224 | $ 542,253 | $ 638,241 | |
Costs and Expenses [Abstract] | |||||
Administrative and general | 38,674 | 34,686 | 77,561 | 72,763 | |
Depreciation and amortization | 32,079 | 33,220 | 63,509 | 66,612 | |
Total costs and expenses | 278,496 | 299,812 | 547,961 | 590,257 | |
Gains (Losses) on Assets Dispositions and Impairments, Net | 4,386 | 4,295 | (460) | 8,973 | |
Operating Income (Loss) | 7,499 | 32,707 | (6,168) | 56,957 | |
Other Income and Expenses [Abstract] | |||||
Derivative gains (losses), net | 1,426 | 94 | (1,570) | (143) | |
Foreign currency gains (losses), net | 2,436 | 1,720 | 443 | 1,521 | |
Other Nonoperating Income (Expense) | 4,433 | 10,213 | 4,389 | 6,558 | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,064 | (512) | 4,963 | 1,709 | |
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | (9,410) | 41,037 | (43,164) | 58,906 | |
Capital Expenditures | 132,128 | 273,669 | |||
Property, Plant and Equipment, Gross | 2,100,309 | 2,100,309 | $ 2,086,957 | ||
Accumulated depreciation | (954,931) | (954,931) | (902,284) | ||
Construction in progress | 399,033 | 399,033 | 318,000 | ||
Net property and equipment | 1,544,411 | 1,544,411 | 1,502,673 | ||
Inventories | 19,736 | 19,736 | 22,783 | ||
Goodwill | 62,686 | 62,686 | 62,759 | ||
Intangible Assets, Net | 30,742 | 30,742 | 32,727 | ||
Total assets | 3,177,480 | 3,295,993 | 3,177,480 | 3,295,993 | $ 3,245,033 |
Offshore Marine Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 96,689 | 138,214 | 190,110 | 267,171 | |
Inland River Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 60,543 | 55,200 | 116,379 | 112,211 | |
Shipping Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 55,674 | 53,575 | 107,081 | 105,976 | |
Illinois Corn Processing LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 48,371 | 72,798 | 87,969 | 131,454 | |
Other Income and Expenses [Abstract] | |||||
Sales Revenue, Goods, Net | 82,300 | 126,100 | |||
Cost of Goods Sold | 68,000 | 98,200 | |||
Inventory, Raw Materials | 1,700 | 2,200 | 1,700 | 2,200 | |
Inventory, Work in Process | 1,600 | 1,300 | 1,600 | 1,300 | |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 20,332 | 8,437 | 40,714 | 21,429 | |
Corporate And Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 281,609 | 328,224 | 542,253 | 638,241 | |
Costs and Expenses [Abstract] | |||||
Operating Expenses | 207,743 | 231,906 | 406,891 | 450,882 | |
Administrative and general | 38,674 | 34,686 | 77,561 | 72,763 | |
Depreciation and amortization | 32,079 | 33,220 | 63,509 | 66,612 | |
Total costs and expenses | 278,496 | 299,812 | 547,961 | 590,257 | |
Gains (Losses) on Assets Dispositions and Impairments, Net | 4,386 | 4,295 | (460) | 8,973 | |
Operating Income (Loss) | 7,499 | 32,707 | (6,168) | 56,957 | |
Other Income and Expenses [Abstract] | |||||
Derivative gains (losses), net | 1,426 | 94 | (1,570) | (143) | |
Foreign currency gains (losses), net | 2,436 | 1,720 | 443 | 1,521 | |
Other Nonoperating Income (Expense) | 4,433 | 10,213 | 4,389 | 6,558 | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,064 | (512) | 4,963 | 1,709 | |
Capital Expenditures | 132,128 | 273,669 | |||
Property, Plant and Equipment, Gross | 2,100,309 | 2,216,627 | 2,100,309 | 2,216,627 | |
Accumulated depreciation | (954,931) | (888,442) | (954,931) | (888,442) | |
Property, Plant and Equipment, Net In Service | 1,145,378 | 1,328,185 | 1,145,378 | 1,328,185 | |
Construction in progress | 399,033 | 297,523 | 399,033 | 297,523 | |
Net property and equipment | 1,544,411 | 1,625,708 | 1,544,411 | 1,625,708 | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 482,302 | 484,164 | 482,302 | 484,164 | |
Inventories | 19,736 | 20,207 | 19,736 | 20,207 | |
Goodwill | 62,686 | 18,012 | 62,686 | 18,012 | |
Intangible Assets, Net | 30,742 | 10,754 | 30,742 | 10,754 | |
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 299,234 | 311,256 | 299,234 | 311,256 | |
Operating Segments [Member] | Offshore Marine Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 96,715 | 138,247 | 190,171 | 267,248 | |
Costs and Expenses [Abstract] | |||||
Operating Expenses | 72,173 | 93,755 | 146,528 | 187,798 | |
Administrative and general | 12,655 | 13,426 | 26,214 | 28,586 | |
Depreciation and amortization | 15,692 | 16,448 | 31,058 | 32,752 | |
Total costs and expenses | 100,520 | 123,629 | 203,800 | 249,136 | |
Gains (Losses) on Assets Dispositions and Impairments, Net | 3,455 | 3,526 | (3,194) | 11,264 | |
Operating Income (Loss) | (350) | 18,144 | (16,823) | 29,376 | |
Other Income and Expenses [Abstract] | |||||
Derivative gains (losses), net | 4 | (70) | (5) | (131) | |
Foreign currency gains (losses), net | 1,907 | 1,322 | 1,890 | 1,429 | |
Other Nonoperating Income (Expense) | 43 | 14,739 | (103) | 14,739 | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 2,826 | 2,244 | 5,801 | 4,885 | |
Segment Profit (Loss) | 4,430 | 36,379 | (9,240) | 50,298 | |
Capital Expenditures | 53,118 | 46,621 | |||
Property, Plant and Equipment, Gross | 1,072,937 | 1,154,174 | 1,072,937 | 1,154,174 | |
Accumulated depreciation | (525,937) | (499,092) | (525,937) | (499,092) | |
Property, Plant and Equipment, Net In Service | 547,000 | 655,082 | 547,000 | 655,082 | |
Construction in progress | 103,992 | 91,824 | 103,992 | 91,824 | |
Net property and equipment | 650,992 | 746,906 | 650,992 | 746,906 | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 126,601 | 129,775 | 126,601 | 129,775 | |
Inventories | 5,583 | 5,571 | 5,583 | 5,571 | |
Goodwill | 13,367 | 13,367 | 13,367 | 13,367 | |
Intangible Assets, Net | 1,113 | 2,784 | 1,113 | 2,784 | |
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 103,444 | 154,188 | 103,444 | 154,188 | |
Total assets | 901,100 | 1,052,591 | 901,100 | 1,052,591 | |
Operating Segments [Member] | Inland River Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 61,150 | 56,007 | 117,757 | 113,966 | |
Costs and Expenses [Abstract] | |||||
Operating Expenses | 48,556 | 45,047 | 90,069 | 84,721 | |
Administrative and general | 3,765 | 3,835 | 7,649 | 8,172 | |
Depreciation and amortization | 7,362 | 7,564 | 14,251 | 14,934 | |
Total costs and expenses | 59,683 | 56,446 | 111,969 | 107,827 | |
Gains (Losses) on Assets Dispositions and Impairments, Net | 1,166 | 810 | 2,969 | 1,663 | |
Operating Income (Loss) | 2,633 | 371 | 8,757 | 7,802 | |
Other Income and Expenses [Abstract] | |||||
Derivative gains (losses), net | 177 | 0 | 259 | 0 | |
Foreign currency gains (losses), net | 208 | 474 | (913) | 147 | |
Other Nonoperating Income (Expense) | 0 | 0 | 0 | (38) | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (3,717) | (3,335) | (3,991) | (3,747) | |
Segment Profit (Loss) | (699) | (2,490) | 4,112 | 4,164 | |
Capital Expenditures | 12,702 | 44,086 | |||
Property, Plant and Equipment, Gross | 492,508 | 519,586 | 492,508 | 519,586 | |
Accumulated depreciation | (169,677) | (161,091) | (169,677) | (161,091) | |
Property, Plant and Equipment, Net In Service | 322,831 | 358,495 | 322,831 | 358,495 | |
Construction in progress | 27,352 | 32,175 | 27,352 | 32,175 | |
Net property and equipment | 350,183 | 390,670 | 350,183 | 390,670 | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 100,700 | 61,653 | 100,700 | 61,653 | |
Inventories | 2,085 | 2,309 | 2,085 | 2,309 | |
Goodwill | 2,500 | 2,793 | 2,500 | 2,793 | |
Intangible Assets, Net | 6,461 | 7,085 | 6,461 | 7,085 | |
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 70,975 | 55,819 | 70,975 | 55,819 | |
Total assets | 532,904 | 520,329 | 532,904 | 520,329 | |
Operating Segments [Member] | Shipping Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 55,674 | 53,575 | 107,081 | 105,976 | |
Costs and Expenses [Abstract] | |||||
Operating Expenses | 36,124 | 28,018 | 73,255 | 55,015 | |
Administrative and general | 6,676 | 5,421 | 12,965 | 11,317 | |
Depreciation and amortization | 6,611 | 7,115 | 13,346 | 14,869 | |
Total costs and expenses | 49,411 | 40,554 | 99,566 | 81,201 | |
Gains (Losses) on Assets Dispositions and Impairments, Net | 0 | (41) | 0 | (41) | |
Operating Income (Loss) | 6,263 | 12,980 | 7,515 | 24,734 | |
Other Income and Expenses [Abstract] | |||||
Derivative gains (losses), net | 0 | 0 | 0 | 0 | |
Foreign currency gains (losses), net | 9 | 1 | (3) | (9) | |
Other Nonoperating Income (Expense) | 187 | 158 | 216 | (3,775) | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 2,363 | 1,564 | 3,504 | 2,317 | |
Segment Profit (Loss) | 8,822 | 14,703 | 11,232 | 23,267 | |
Capital Expenditures | 63,421 | 165,160 | |||
Property, Plant and Equipment, Gross | 454,076 | 451,123 | 454,076 | 451,123 | |
Accumulated depreciation | (226,127) | (200,908) | (226,127) | (200,908) | |
Property, Plant and Equipment, Net In Service | 227,949 | 250,215 | 227,949 | 250,215 | |
Construction in progress | 264,191 | 171,204 | 264,191 | 171,204 | |
Net property and equipment | 492,140 | 421,419 | 492,140 | 421,419 | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 206,889 | 205,110 | 206,889 | 205,110 | |
Inventories | 878 | 1,438 | 878 | 1,438 | |
Goodwill | 1,852 | 1,852 | 1,852 | 1,852 | |
Intangible Assets, Net | 0 | 575 | 0 | 575 | |
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 32,208 | 19,816 | 32,208 | 19,816 | |
Total assets | 733,967 | 650,210 | 733,967 | 650,210 | |
Operating Segments [Member] | Illinois Corn Processing LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 48,371 | 72,798 | 87,969 | 131,454 | |
Costs and Expenses [Abstract] | |||||
Operating Expenses | 40,588 | 56,429 | 73,706 | 103,703 | |
Administrative and general | 509 | 594 | 1,071 | 1,105 | |
Depreciation and amortization | 979 | 1,010 | 1,959 | 2,000 | |
Total costs and expenses | 42,076 | 58,033 | 76,736 | 106,808 | |
Gains (Losses) on Assets Dispositions and Impairments, Net | 0 | 0 | 0 | 0 | |
Operating Income (Loss) | 6,295 | 14,765 | 11,233 | 24,646 | |
Other Income and Expenses [Abstract] | |||||
Derivative gains (losses), net | 50 | (1,519) | (778) | (801) | |
Foreign currency gains (losses), net | 0 | 0 | 0 | 0 | |
Other Nonoperating Income (Expense) | 4,112 | 300 | 4,112 | 493 | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 0 | 0 | 0 | 0 | |
Segment Profit (Loss) | 10,457 | 13,546 | 14,567 | 24,338 | |
Capital Expenditures | 2,519 | 2,098 | |||
Property, Plant and Equipment, Gross | 47,256 | 44,808 | 47,256 | 44,808 | |
Accumulated depreciation | (17,447) | (13,369) | (17,447) | (13,369) | |
Property, Plant and Equipment, Net In Service | 29,809 | 31,439 | 29,809 | 31,439 | |
Construction in progress | 3,237 | 2,156 | 3,237 | 2,156 | |
Net property and equipment | 33,046 | 33,595 | 33,046 | 33,595 | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 0 | 0 | 0 | 0 | |
Inventories | 11,190 | 9,926 | 11,190 | 9,926 | |
Goodwill | 0 | 0 | 0 | 0 | |
Intangible Assets, Net | 0 | 0 | 0 | 0 | |
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 10,345 | 13,559 | 10,345 | 13,559 | |
Total assets | 54,581 | 57,080 | 54,581 | 57,080 | |
Operating Segments [Member] | Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 20,337 | 8,437 | 40,789 | 21,429 | |
Costs and Expenses [Abstract] | |||||
Operating Expenses | 11,103 | 9,464 | 24,933 | 21,400 | |
Administrative and general | 6,617 | 3,449 | 13,753 | 6,560 | |
Depreciation and amortization | 489 | 82 | 989 | 167 | |
Total costs and expenses | 18,209 | 12,995 | 39,675 | 28,127 | |
Gains (Losses) on Assets Dispositions and Impairments, Net | (235) | 0 | (235) | (409) | |
Operating Income (Loss) | 1,893 | (4,558) | 879 | (7,107) | |
Other Income and Expenses [Abstract] | |||||
Derivative gains (losses), net | 304 | 1,500 | (472) | 767 | |
Foreign currency gains (losses), net | 36 | 53 | (4) | 62 | |
Other Nonoperating Income (Expense) | 40 | (5,013) | 48 | (4,838) | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (408) | (985) | (351) | (1,746) | |
Segment Profit (Loss) | 1,865 | (9,003) | 100 | (12,862) | |
Capital Expenditures | 26 | 123 | |||
Property, Plant and Equipment, Gross | 3,146 | 3,760 | 3,146 | 3,760 | |
Accumulated depreciation | (2,901) | (769) | (2,901) | (769) | |
Property, Plant and Equipment, Net In Service | 245 | 2,991 | 245 | 2,991 | |
Construction in progress | 0 | 224 | 0 | 224 | |
Net property and equipment | 245 | 3,215 | 245 | 3,215 | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 48,112 | 87,626 | 48,112 | 87,626 | |
Inventories | 0 | 963 | 0 | 963 | |
Goodwill | 44,967 | 0 | 44,967 | 0 | |
Intangible Assets, Net | 23,168 | 310 | 23,168 | 310 | |
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 61,592 | 49,232 | 61,592 | 49,232 | |
Total assets | 178,084 | 141,346 | 178,084 | 141,346 | |
Operating Segments [Member] | Corporate And Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (638) | (840) | (1,514) | (1,832) | |
Costs and Expenses [Abstract] | |||||
Operating Expenses | (801) | (807) | (1,600) | (1,755) | |
Administrative and general | 8,452 | 7,961 | 15,909 | 17,023 | |
Depreciation and amortization | 946 | 1,001 | 1,906 | 1,890 | |
Total costs and expenses | 8,597 | 8,155 | 16,215 | 17,158 | |
Gains (Losses) on Assets Dispositions and Impairments, Net | 0 | 0 | 0 | (3,504) | |
Operating Income (Loss) | (9,235) | (8,995) | (17,729) | (22,494) | |
Other Income and Expenses [Abstract] | |||||
Derivative gains (losses), net | 891 | 183 | (574) | 22 | |
Foreign currency gains (losses), net | 276 | (130) | (527) | (108) | |
Other Nonoperating Income (Expense) | 51 | 29 | 116 | (23) | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 0 | 0 | 0 | 0 | |
Capital Expenditures | 342 | 15,581 | |||
Property, Plant and Equipment, Gross | 30,386 | 43,176 | 30,386 | 43,176 | |
Accumulated depreciation | (12,842) | (13,213) | (12,842) | (13,213) | |
Property, Plant and Equipment, Net In Service | 17,544 | 29,963 | 17,544 | 29,963 | |
Construction in progress | 261 | (60) | 261 | (60) | |
Net property and equipment | 17,805 | 29,903 | 17,805 | 29,903 | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 0 | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | 0 | |
Intangible Assets, Net | 0 | 0 | 0 | 0 | |
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 20,670 | 18,642 | 20,670 | 18,642 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Offshore Marine Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (26) | 33 | (61) | 77 | |
Intersegment Eliminations [Member] | Inland River Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (607) | 807 | (1,378) | 1,755 | |
Intersegment Eliminations [Member] | Shipping Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Illinois Corn Processing LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (5) | 0 | (75) | 0 | |
Intersegment Eliminations [Member] | Corporate And Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 638 | (840) | 1,514 | (1,832) | |
Segment Reconciling Items [Member] | |||||
Other Income and Expenses [Abstract] | |||||
Other Income (Expense) not included in Segment Profit (Loss) | 25,204 | 3,697 | 40,258 | 5,987 | |
Less Equity Earnings (Loss) included in Segment Profit (Loss) | (1,064) | 512 | (4,963) | (1,709) | |
Cash And Near Cash Assets | $ 738,369 | $ 825,892 | $ 738,369 | $ 825,892 |