Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 28, 2016 | |
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, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,320,784 | |
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, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 552,840 | $ 530,009 |
Restricted cash | 1,742 | 0 |
Marketable securities | 87,701 | 138,200 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $2,728 and $2,483 in 2016 and 2015, respectively | 125,987 | 159,076 |
Other Receivables | 34,319 | 27,217 |
Inventories | 16,798 | 24,768 |
Prepaid expenses and other | 10,157 | 8,627 |
Total current assets | 829,544 | 887,897 |
Property and Equipment: | ||
Property, Plant and Equipment, Gross | 2,158,826 | 2,123,201 |
Accumulated depreciation | 997,214 | 994,181 |
Property, Plant and Equipment, Other, Net in Service | 1,161,612 | 1,129,020 |
Construction in progress | 402,090 | 454,605 |
Net property and equipment | 1,563,702 | 1,583,625 |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 325,386 | 331,103 |
Construction Reserve Funds | 166,888 | 255,408 |
Goodwill | 52,394 | 52,340 |
Intangible Assets, Net | 24,116 | 26,392 |
Other Assets | 39,287 | 48,654 |
Total assets | 3,001,317 | 3,185,419 |
Current Liabilities: | ||
Current portion of long-term debt | 24,409 | 35,531 |
Accounts payable and accrued expenses | 55,971 | 71,952 |
Other current liabilities | 98,706 | 92,677 |
Total current liabilities | 179,086 | 200,160 |
Long-Term Debt | 1,014,632 | 1,034,859 |
Exchange Option Liability on Subsidiary Convertible Senior Notes | 8,171 | 5,611 |
Deferred Income Taxes | 330,375 | 389,988 |
Deferred Gains and Other Liabilities | 155,859 | 163,862 |
Total liabilities | 1,688,123 | 1,794,480 |
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; 37,873,330 and 37,684,829 shares issued in 2016 and 2015, respectively | 379 | 377 |
Additional paid-in capital | 1,510,623 | 1,505,942 |
Retained earnings | 1,044,275 | 1,126,620 |
Shares held in Treasury of 20,551,856 and 20,529,929 in 2016 and 2015, respectively, at cost | 1,357,876 | 1,356,499 |
Accumulated Other Comprehensive Loss, Net of Tax | (10,810) | (5,620) |
Stockholders' equity attributable to parent, total | 1,186,591 | 1,270,820 |
Noncontrolling interests in subsidiaries | 126,603 | 120,119 |
Total equity | 1,313,194 | 1,390,939 |
Liabilities and stockholders' equity, total | $ 3,001,317 | $ 3,185,419 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 2,728 | $ 2,483 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 37,873,330 | 37,684,829 |
Treasury stock, shares held in treasury | 20,551,856 | 20,529,929 |
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 ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Operating Revenues | $ 197,038,000 | $ 281,609,000 | $ 410,966,000 | $ 542,253,000 |
Costs and Expenses [Abstract] | ||||
Operating | 143,882,000 | 207,743,000 | 301,350,000 | 406,891,000 |
Administrative and general | 34,175,000 | 38,674,000 | 69,879,000 | 77,561,000 |
Depreciation and amortization | 31,361,000 | 32,079,000 | 62,350,000 | 63,509,000 |
Total costs and expenses | 209,418,000 | 278,496,000 | 433,579,000 | 547,961,000 |
Gains (Losses) on Asset Dispositions and Impairments, Net | (17,771,000) | 4,386,000 | (17,554,000) | (460,000) |
Operating Income (Loss) | (30,151,000) | 7,499,000 | (40,167,000) | (6,168,000) |
Other Income (Expense): | ||||
Interest income | 5,020,000 | 4,474,000 | 10,613,000 | 9,053,000 |
Interest expense | 12,834,000 | 10,391,000 | 24,769,000 | 20,903,000 |
Debt extinguishment gains (losses), net | 1,615,000 | (29,536,000) | 4,838,000 | (29,536,000) |
Marketable security gains (losses), net | (23,951,000) | 10,249,000 | (49,047,000) | 1,128,000 |
Derivative gains (losses), net | (1,555,000) | 1,426,000 | 1,065,000 | (1,570,000) |
Foreign currency gains (losses), net | (22,000) | 2,436,000 | 15,000 | 443,000 |
Other, net | (7,652,000) | 4,433,000 | (7,384,000) | 4,389,000 |
Total Other Nonoperating Income (Expense) | (39,379,000) | (16,909,000) | (64,669,000) | (36,996,000) |
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | (69,530,000) | (9,410,000) | (104,836,000) | (43,164,000) |
Income Tax Expense (Benefit) | (25,759,000) | 155,000 | (40,590,000) | (11,799,000) |
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (43,771,000) | (9,565,000) | (64,246,000) | (31,365,000) |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (7,162,000) | 1,064,000 | (7,211,000) | 4,963,000 |
Net Loss | (50,933,000) | (8,501,000) | (71,457,000) | (26,402,000) |
Net Income Attributable to Noncontrolling Interests in Subsidiaries | 4,226,000 | (9,188,000) | 10,888,000 | (7,520,000) |
Net Income (Loss) attributable to SEACOR Holdings Inc. | $ (55,159,000) | $ 687,000 | $ (82,345,000) | $ (18,882,000) |
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ (3.26) | $ 0.04 | $ (4.88) | $ (1.06) |
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ (3.26) | $ 0.04 | $ (4.88) | $ (1.06) |
Weighted Average Common Shares Outstanding: | ||||
Basic | 16,928,722 | 17,780,759 | 16,873,045 | 17,779,250 |
Diluted | 16,928,722 | 18,082,464 | 16,873,045 | 17,779,250 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Loss | $ (50,933) | $ (8,501) | $ (71,457) | $ (26,402) |
Foreign currency translation gains (losses) | (4,468) | 4,289 | (6,336) | 555 |
Derivative losses on cash flow hedges | (1,838) | (288) | (3,668) | (685) |
Reclassification of derivative losses on cash flow hedges to equity in earnings (losses) of 50% or less owned companies | 1,102 | 563 | 1,326 | 711 |
Other | (4) | 0 | (9) | 0 |
Other Comprehensive Loss, before Tax | (5,208) | 4,564 | (8,687) | 581 |
Income tax benefit (expense) | 1,640 | (1,434) | 2,794 | (179) |
Other Comprehensive Loss, Net of Tax | (3,568) | 3,130 | (5,893) | 402 |
Comprehensive Loss | (54,501) | (5,371) | (77,350) | (26,000) |
Comprehensive Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 3,704 | (8,723) | 10,185 | (7,451) |
Comprehensive Income (Loss) attributable to SEACOR Holdings Inc. | $ (58,205) | $ 3,352 | $ (87,535) | $ (18,549) |
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 | $ 1,390,939 | $ 377 | $ 1,505,942 | $ 1,126,620 | $ (1,356,499) | $ (5,620) | $ 120,119 |
Employee Stock Purchase Plan | 1,133 | 0 | 0 | 0 | 1,133 | 0 | 0 |
Exercise of stock options | 1,301 | 0 | 1,301 | 0 | 0 | 0 | 0 |
Director stock awards | 98 | 0 | 98 | 0 | 0 | 0 | 0 |
Restricted stock | (1,179) | (2) | (1,181) | 0 | 0 | 0 | 0 |
Purchase of conversion option in convertible debt, net of tax | (3,243) | 0 | (3,243) | 0 | 0 | 0 | 0 |
Purchases of treasury shares | (2,396) | 0 | 0 | 0 | (2,396) | 0 | 0 |
Amortization of share awards | 7,592 | 0 | 7,592 | 0 | 0 | 0 | 0 |
Cancellation of restricted stock | 0 | 0 | 114 | 0 | 114 | 0 | 0 |
Dividends paid to noncontrolling interests | (3,701) | 0 | 0 | 0 | 0 | 0 | (3,701) |
Comprehensive income: | |||||||
Net loss attributable to SEACOR Holdings Inc. | (82,345) | 0 | 0 | (82,345) | 0 | 0 | |
Net Income Attributable to Noncontrolling Interests in Subsidiaries | 10,888 | 10,888 | |||||
Net Loss | (71,457) | ||||||
Other comprehensive loss | (5,893) | 0 | 0 | 0 | 0 | (5,190) | (703) |
Total equity | $ 1,313,194 | $ 379 | $ 1,510,623 | $ 1,044,275 | $ (1,357,876) | $ (10,810) | $ 126,603 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net Cash Provided by Operating Activities | $ 46,801 | $ 98,539 |
Cash Flows from Investing Activities | ||
Purchases of property and equipment | 204,074 | 132,128 |
Proceeds from disposition of property and equipment | 145,159 | 22,686 |
Investments in and advances to 50% or less owned companies | 10,458 | 26,845 |
Return of investments and advances from 50% or less owned companies | 7,559 | 38,527 |
Net borrowings on revolving credit line to 50% or less owned companies | (1,099) | 242 |
(Issuances of) payments received on third party leases and notes receivable, net | 2,088 | (2,451) |
Net (increase) decrease in restricted cash | 1,742 | (16,435) |
Net decrease in construction reserve funds | (88,520) | (2,891) |
Net cash provided by (used in) investing activities | 25,953 | (80,643) |
Cash Flows from Financing Activities | ||
Payments on long-term debt and capital lease obligations | 115,839 | 128,001 |
Net repayments on inventory financing arrangements | 0 | (2,661) |
Proceeds from issuance of long term debt, net of issue costs | 76,842 | 136,585 |
Purchase of conversion option in convertible debt | 4,990 | 0 |
Common stock acquired for treasury | 2,396 | 22,889 |
Proceeds and tax benefits from share award plans | 1,249 | 3,149 |
Issuance of noncontrolling interests, net of issue costs | 0 | 400 |
Distributions to noncontrolling interests | (3,701) | (4,713) |
Net cash used in financing activities | (48,835) | (18,130) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,088) | (122) |
Net Increase (Decrease) in Cash and Cash Equivalents | 22,831 | (356) |
Cash and Cash Equivalents, Beginning of Period | 530,009 | 434,183 |
Cash and Cash Equivalents, End of Period | $ 552,840 | $ 433,827 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policy | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 and 2015 has been prepared by the Company and has not been audited by its independent registered certified 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, 2016 , its results of operations for the three and six months ended June 30, 2016 and 2015 , its comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015 , its changes in equity for the six months ended June 30, 2016 , and its cash flows for the six months ended June 30, 2016 and 2015 . 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, 2015 . 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, 2015 . 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, 2016 , deferred revenues of $6.8 million , included in other current liabilities in the accompanying condensed consolidated balance sheets, 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. The Company is vigorously defending its interest in connection with the bankruptcy filing; however, payments received under the Conveyance subsequent to May 19, 2012 are subject to creditors’ claims in bankruptcy court. The Company will recognize revenues when reasonably assured of a judgment in its favor. 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, 2016 , 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, 2016 , capitalized interest totaled $9.9 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. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. 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, if lower. 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, 2016 and 2015 , the Company recognized impairment charges of $21.3 million and $6.6 million , respectively, related to long-lived assets held for use. The Company has identified indicators of impairment for certain of its offshore support vessel classes operated by Offshore Marine Services as a result of continued weak market conditions from the decline in oil and gas prices. As a consequence, the Company estimated the undiscounted cash flows and determined that for two vessel classes, its eight owned supply vessels and 13 owned liftboats, there is sufficient uncertainty as to whether or not their carrying value would be recovered through their future operations. During the six months ended June 30, 2016 , the Company obtained independent appraisals for each of those vessel classes resulting in a $19.4 million impairment charge related to its 13 liftboats and associated intangible assets. In addition, the Company recognized a $1.9 million impairment charge related to the anticipated sales of one supply vessel and one mini-supply vessel and certain suspended offshore support vessel upgrades. The preparation of the undiscounted cash flows requires management to make certain estimates and assumptions on expected future rates per day worked and utilization levels of all Offshore Marine Services’ vessel classes based on anticipated future offshore oil and gas exploration and production activity in the geographic regions where the Company operates. If difficult market conditions persist and an anticipated recovery is delayed beyond the Company’s expectation, revisions to management’s forecasts may result in the Company recording additional impairment charges related to its long-lived assets in future periods. Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the fair value of the investment. An annual review is performed to consider, among other things, whether the carrying value of the investment is able to be recovered and whether or not the investee’s ability to sustain an earnings capacity would justify the carrying value of the investment. When the Company determines its investment in the 50% or less owned company is not recoverable or the decline in fair value is other-than-temporary, the investment is written down to fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding the projected financial performance of 50% or less owned companies, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the 50% or less owned company. During the six months ended June 30, 2016 , the Company recognized a $0.3 million impairment charge, net of tax, related to one of its Offshore Marine Services 50% or less owned companies. During the six months ended June 30, 2015 , the Company did not recognize any impairment charges related to its 50% or less owned companies. 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): 2016 2015 Balance at beginning of period $ 135,909 $ 159,911 Adjustments to deferred gains arising from asset sales 9,003 2,035 Amortization of deferred gains included in operating expenses as a reduction to rental expense (11,467 ) (11,273 ) Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net (1,246 ) (4,597 ) Other (2,850 ) — Balance at end of period $ 129,349 $ 146,076 Accumulated Other Comprehensive Loss. The components of accumulated other comprehensive loss were as follows (in thousands): SEACOR Holdings Inc. Stockholders’ Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Losses on Cash Flow Hedges, net Other Total Foreign Currency Translation Adjustments Derivative Losses on Cash Flow Hedges, net Other Other Comprehensive Loss December 31, 2015 $ (5,528 ) $ (116 ) $ 24 $ (5,620 ) $ (528 ) $ — $ 16 Other comprehensive loss (5,686 ) (2,292 ) (6 ) (7,984 ) (650 ) (50 ) (3 ) $ (8,687 ) Income tax benefit 1,990 802 2 2,794 — — — 2,794 Six Months Ended June 30, 2016 $ (9,224 ) $ (1,606 ) $ 20 $ (10,810 ) $ (1,178 ) $ (50 ) $ 13 $ (5,893 ) Earnings (Loss) Per Share. Basic earnings (loss) per common share of SEACOR is 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 is 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 (Loss) attributable to SEACOR Average O/S Shares Per Share Net Loss Attributable to SEACOR Average O/S Shares Per Share 2016 Basic Weighted Average Common Shares Outstanding $ (55,159 ) 16,928,722 $ (3.26 ) $ (82,345 ) 16,873,045 $ (4.88 ) Effect of Dilutive Share Awards: Options and Restricted Stock (1) — — — — Convertible Notes (2) — — — — Diluted Weighted Average Common Shares Outstanding $ (55,159 ) 16,928,722 $ (3.26 ) $ (82,345 ) 16,873,045 $ (4.88 ) 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 (3) — — — — Diluted Weighted Average Common Shares Outstanding $ 687 18,082,464 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) ______________________ (1) For the three months ended June 30, 2016 and 2015 , diluted earnings per common share of SEACOR excluded 2,024,421 and 685,645 , 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, 2016 and 2015 , diluted earnings per common share of SEACOR excluded 2,024,421 and 2,017,788 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. (2) For the three months ended June 30, 2016 , diluted earnings per common share of SEACOR excluded 2,975,847 common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes, 1,825,326 common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes and 2,243,500 common shares issuable pursuant to the Company’s 3.75% Subsidiary Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. For the six months ended June 30, 2016 , diluted earnings per common share of SEACOR excluded 3,177,620 common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes, 1,825,326 common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes and 2,243,500 common shares issuable pursuant to the Company’s 3.75% Subsidiary 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 and 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. 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 25, 2016, the FASB issued a comprehensive new leasing standard, which improves transparency and comparability among companies by requiring lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The new standard is effective for interim and annual periods beginning after December 15, 2018 and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company has not yet 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 March 30, 2016, the FASB issued an amendment to the accounting standards, which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The amendment is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years and early adoption is permitted. The Company has not yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows. Reclassifications. Certain reclassifications of prior period information have been made to conform with the presentation of the current period information. These reclassifications had no effect on net income (loss) or cash flows as previously reported. |
Equipment Acquisitions, Disposi
Equipment Acquisitions, Dispositions and Depreciation and Impairment Policies Equipment Acquisitions, Dispositions and Depreciation and Impairment Policies (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | EQUIPMENT ACQUISITIONS AND DISPOSITIONS During the six months ended June 30, 2016 , capital expenditures were $204.1 million . Equipment deliveries during the six months ended June 30, 2016 included one fast support vessel, one supply vessel, one wind farm utility vessel, one inland river towboat and two U.S.-flag product tankers. In addition, the Company received one U.S.-flag harbor tug as partial consideration for the sale of certain Inland River Services equipment as described below. During the six months ended June 30, 2016 , the Company sold two standby safety vessels, 20 30,000 barrel inland river liquid tank barges, the rights to eight leased-in 30,000 barrel inland river liquid tank barges, 14 inland river towboats, one U.S.-flag product tanker, one U.S.-flag harbor tug and other property and equipment for net proceeds of $153.9 million ( $143.9 million in cash, $8.0 million in seller financing and one U.S.-flag harbor tug valued at $2.0 million ) and gains of $11.5 million , of which $2.5 million were recognized currently and $9.0 million were deferred (see Note 1). In addition, the Company recognized previously deferred gains of $1.2 million . Equipment dispositions included one 30,000 barrel inland river liquid tank barge and one towboat currently under construction and the sale-leaseback of one U.S.-flag product tanker for $61.0 million with a leaseback term of 76 months. The Company also received $1.2 million of deposits on future equipment sales. |
Investments, At Equity, And Adv
Investments, At Equity, And Advances To 50% Or Less Owned Companies | 6 Months Ended |
Jun. 30, 2016 | |
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 Falcon Global. Falcon Global was formed to construct and operate foreign-flag liftboats. During the six months ended June 30, 2016 , the Company and its partner each contributed additional capital of $6.0 million in cash to Falcon Global. Other Offshore Marine Services. During the six months ended June 30, 2016 , the Company made capital contributions of $0.2 million and received dividends of $0.4 million from its other 50% or less owned companies. During the six months ended June 30, 2016 , equity in losses of 50% or less owned companies, net of tax, included $3.0 million for the Company’s proportionate share of impairment charges associated with its joint ventured fleet and $0.3 million for an other-than-temporary decline in the fair value of one of its investments in a 50% or less owned company. SCFCo. SCFCo was established to operate inland river towboats and inland river 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, 2016 , the Company and its partner each contributed additional capital of $0.8 million in cash to SCFCo. As of June 30, 2016 , the Company had outstanding loans and working capital advances to SCFCo of $26.9 million . SEA-Access. SEA-Access owns and operates a U.S.-flag crude oil tanker. During the six months ended June 30, 2016 , the Company received dividends of $2.0 million and capital distributions of $7.6 million from SEA-Access. SeaJon. SeaJon owns an articulated tug-barge operating in the Great Lakes trade. During the six months ended June 30, 2016 , the Company received dividends of $0.6 million from SeaJon. Avion. Avion is a distributor of aircraft and aircraft related parts. During the six months ended June 30, 2016 , the Company made advances of $3.0 million to Avion. As of June 30, 2016 , the Company had $3.0 million of outstanding loans to Avion. 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. The Company provides an unsecured revolving credit facility to VA&E for up to $6.0 million . During the six months ended June 30, 2016 , VA&E borrowed $10.0 million and repaid $8.9 million on the revolving credit facility. As of June 30, 2016 , the Company had outstanding advances of $8.2 million to VA&E. Other. During the six months ended June 30, 2016 , the Company made capital contributions and advances of $0.4 million to other 50% or less owned companies. Guarantees. The Company has guaranteed the payment of amounts owed under a vessel charter, a construction contract and banking facilities by certain of its 50% or less owned companies. As of June 30, 2016 , the total amount guaranteed by the Company under these arrangements was $82.6 million . In addition, as of June 30, 2016 , the Company had uncalled capital commitments to three of its 50% or less owned companies totaling $3.0 million . |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Long-Term Debt | LONG-TERM DEBT SEACOR’s Board of Directors previously approved a securities repurchase plan that authorizes the Company to acquire SEACOR’s common stock, par value $0.01 per share (“Common Stock”), 7.375% Senior Notes, 3.0% Convertible Senior Notes, and 2.5% Convertible Senior Notes (collectively the “Securities”), which may be acquired through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. As of June 30, 2016 , the Company’s repurchase authority for the Securities was $105.9 million . 2.5% Convertible Senior Notes. During the six months ended June 30, 2016 , the Company repurchased $76.0 million in principal amount of its 2.5% Convertible Senior Notes for total consideration of $73.8 million . Consideration of $68.8 million was allocated to the settlement of the long-term debt resulting in gains on debt extinguishment of $2.7 million included in the accompanying condensed consolidated statements of income (loss). Consideration of $5.0 million was allocated to the purchase of the conversion option embedded in the 2.5% Convertible Senior Notes as included in the accompanying condensed consolidated statements of changes in equity. The outstanding principal amount of these notes was $208.5 million as of June 30, 2016 . 7.375% Senior Notes. During the six months ended June 30, 2016 , the Company purchased $22.6 million in principal amount of its 7.375% Senior Notes for $20.3 million resulting in gains on debt extinguishment of $2.1 million included in the accompanying condensed consolidated statements of income (loss). The outstanding principal amount of these notes was $173.4 million as of June 30, 2016 . Windcat Workboats Credit Facility. On May 24, 2016, Windcat Workboats entered into a €25.0 million revolving credit facility secured by the Company’s wind farm utility vessel fleet. Borrowings under the facility bear interest at variable rates based on EURIBOR plus a margin ranging from 3.00% to 3.30% per annum plus mandatory lender costs. A quarterly commitment fee is payable based on the unfunded portion of the commitment amount at rates ranging from 1.20% to 1.32% per annum. During the six months ended June 30, 2016 , Windcat Workboats drew $23.5 million ( €21.0 million ) under the facility to repay all of its then outstanding debt totaling $22.9 million and incurred issuance costs of $0.6 million related to this facility. Sea-Cat Crewzer III Term Loan Facility. On April 21, 2016, Sea-Cat Crewzer III LLC (“Sea-Cat Crewzer III”) entered into a €27.6 million term loan facility (payable in US dollars) secured by the Company’s vessels currently under construction. Borrowings under the facility bear interest at a Commercial Interest Reference Rate, currently 2.76% . A quarterly commitment fee is payable based on the unfunded portion of the commitment amount at a rate of 0.45% . During the six months ended June 30, 2016 , Sea-Cat Crewzer III incurred issuance costs of $0.5 million related to this facility. Subsequent to June 30, 2016 , Sea-Cat Crewzer III drew $8.9 million related to this facility. SEA-Vista Credit Facility. During the six months ended June 30, 2016 , SEA-Vista borrowed $47.0 million on the Revolving Loan and made scheduled repayments of $1.9 million on the Term A-1 Loan. As of June 30, 2016 , SEA-Vista had $40.0 million of borrowing capacity under the SEA-Vista Credit Facility. Subsequent to June 30, 2016 , SEA-Vista borrowed $19.0 million on the Revolving Loan. ICP Revolving Credit Facility. As of June 30, 2016 , ICP had $15.7 million of borrowing capacity under this facility. Other. During the six months ended June 30, 2016 , the Company made scheduled payments on other long-term debt of $1.9 million and received proceeds from the issuance of other long-term debt of $7.5 million , net of issuance costs of $0.1 million . As of June 30, 2016 , the Company had outstanding letters of credit totaling $26.2 million with various expiration dates through 2019 and other labor and performance guarantees of $1.8 million . |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Strategies | 6 Months Ended |
Jun. 30, 2016 | |
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. The fair values of the Company’s derivative instruments as of June 30, 2016 were as follows (in thousands): Derivative Asset (1) Derivative Liability (2) Derivatives designated as hedging instruments: Forward currency exchange contracts (fair value hedges) $ — $ 305 Interest rate swap agreements (cash flow hedges) — 202 Derivatives not designated as hedging instruments: Exchange option liability on subsidiary convertible senior notes — 8,171 Options on equities and equity indices — 75 Forward currency exchange, option and future contracts — 45 Exchange traded commodity swap, option and future contracts 1,365 591 $ 1,365 $ 9,389 ______________________ (1) Included in other receivables in the accompanying condensed consolidated balance sheets. (2) Included in other current liabilities in the accompanying condensed consolidated balance sheets, except for the exchange option liability on subsidiary convertible notes. Fair Value Hedges. From time to time, the Company may designate certain of its foreign currency exchange contracts as fair value hedges in respect of capital commitments denominated in foreign currencies. By entering into these foreign currency exchange contracts, the Company may fix a portion of its capital commitments denominated in foreign currencies in U.S. dollars to protect against currency fluctuations. As of June 30, 2016 , the Company had euro denominated forward currency exchange contracts with an aggregate U.S. dollar equivalent of $11.6 million related to offshore support vessels scheduled to be delivered in 2017. During the six months ended June 30, 2016 , the fair value of these contracts decreased by $0.3 million and was included as an increase to the corresponding hedged equipment included in construction in progress in the accompanying condensed consolidated balance sheets. Cash Flow Hedges. The Company and 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, these companies have converted the variable LIBOR or EURIBOR component of certain of their outstanding borrowings to a fixed interest rate. The Company recognized losses on derivative instruments designated as cash flow hedges of $3.7 million and $0.7 million for the six months ended June 30, 2016 and 2015 , respectively, as a component of other comprehensive income (loss). As of June 30, 2016 , the interest rate swaps held by the Company and the Company’s 50% or less owned companies were as follows: • The Company had two interest rate swap agreements maturing in 2021 that call for the Company to pay a fixed rate of interest of (0.03)% on the aggregate notional value of €15.0 million ( $16.7 million ) and receive a variable interest rate based on EURIBOR on the aggregate notional value. • 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 $111.6 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 $24.4 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 $21.7 million and receive a variable interest rate based on LIBOR on the 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 $31.5 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, 2016 as follows (in thousands): 2016 2015 Exchange option liability on subsidiary convertible senior notes $ (2,560 ) $ — Options on equities and equity indices 3,079 (442 ) Forward currency exchange, option and future contracts (107 ) (302 ) Interest rate swap agreements (18 ) (5 ) Commodity swap, option and future contracts: Exchange traded 671 (2,271 ) Non-exchange traded — 1,450 $ 1,065 $ (1,570 ) The exchange option liability relates to a bifurcated embedded derivative in the Company’s 3.75% Subsidiary Convertible Senior Notes. The Company holds positions in publicly traded equity options that convey the right or obligation to engage in future transactions in 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, 2016 , the outstanding forward currency exchange contracts translated into a net purchase of foreign currencies with an aggregate U.S. dollar equivalent of $2.1 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, 2016 , the interest rate swaps held by the Company or its 50% or less owned companies were as follows: • 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 $40.6 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 $78.8 million and receive a variable interest rate based on LIBOR on the amortized notional value. • Falcon Global had an interest rate swap agreement maturing in 2022 that calls for Falcon Global to pay a fixed interest rate of 2.06% on the amortized notional value of $62.5 million and receive a variable interest rate based on LIBOR on the amortized notional value. The Company and certain of its 50% or less owned companies enter and settle 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 balances 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, 2016 , the net market exposure to these commodities under these contracts was not material. |
Fair Values Of Derivative Instruments | Derivative instruments are classified as either assets or liabilities based on their individual fair values. The fair values of the Company’s derivative instruments as of June 30, 2016 were as follows (in thousands): Derivative Asset (1) Derivative Liability (2) Derivatives designated as hedging instruments: Forward currency exchange contracts (fair value hedges) $ — $ 305 Interest rate swap agreements (cash flow hedges) — 202 Derivatives not designated as hedging instruments: Exchange option liability on subsidiary convertible senior notes — 8,171 Options on equities and equity indices — 75 Forward currency exchange, option and future contracts — 45 Exchange traded commodity swap, option and future contracts 1,365 591 $ 1,365 $ 9,389 ______________________ (1) Included in other receivables in the accompanying condensed consolidated balance sheets. (2) Included in other current liabilities in the accompanying condensed consolidated balance sheets, except for the exchange option liability on subsidiary convertible notes. |
Stock Repurchases
Stock Repurchases | 6 Months Ended |
Jun. 30, 2016 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Stock Repurchases | STOCK REPURCHASES SEACOR’s Board of Directors previously approved a securities repurchase plan that authorizes the Company to acquire its Securities, which may be acquired through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. As of June 30, 2016 , the Company’s repurchase authority for the Securities was $105.9 million . During the six months ended June 30, 2016 , the Company purchased 47,455 shares of Common Stock for treasury for an aggregate purchase price of $2.4 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, 2016 | |
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, 2016 December 31, 2015 Offshore Marine Services: Windcat Workboats 25% $ 5,956 $ 7,484 Other 1.8 % – 30% 263 470 Inland River Services: Other 3.0 % – 51.8% 951 1,146 Shipping Services: Sea-Vista 49% 98,906 88,290 Illinois Corn Processing 30% 20,374 22,272 Other 5.0 % – 14.6% 153 457 $ 126,603 $ 120,119 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, 2016 , the net assets of Windcat Workboats were $23.8 million . During the six months ended June 30, 2016 , the net loss of Windcat Workboats was $3.3 million , of which $0.8 million was attributable to noncontrolling interests. 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. 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. As of June 30, 2016 , the net assets of SEA-Vista were $201.8 million . During the six months ended June 30, 2016 , the net income of SEA-Vista was $21.7 million , of which $10.6 million was attributable to noncontrolling interests. 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. Illinois Corn Processing. ICP owns and operates an alcohol manufacturing, storage and distribution facility located in Pekin, IL. As of June 30, 2016 , the net assets of ICP were $67.9 million . During the six months ended June 30, 2016 , the net income of ICP was $4.7 million , of which $1.4 million was attributable to noncontrolling interests. 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. |
Multiemployer Pension Plans
Multiemployer Pension Plans | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Multiemployer Pension Plans | MULTI-EMPLOYER PENSION PLANS AMOPP. During the six months ended June 30, 2016 , the Company received notification from the AMOPP that the Company’s withdrawal liability as of September 30, 2015 was $46.7 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, 2016 , 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, 2016 | |
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, 2016 were as follows: Director stock awards granted 1,625 Employee Stock Purchase Plan (“ESPP”) shares issued 27,538 Restricted stock awards granted 137,258 Restricted stock awards canceled 2,010 Stock Option Activities: Outstanding as of December 31, 2015 1,690,899 Granted 108,642 Exercised (49,618 ) Forfeited (18,760 ) Expired (89,661 ) Outstanding as of June 30, 2016 1,641,502 Shares available for future grants and ESPP purchases as of June 30, 2016 599,935 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES The Company's capital commitments as of June 30, 2016 by year of expected payment were as follows (in thousands): 2016 2017 2018 2019 Total Offshore Marine Services $ 33,033 $ 41,683 $ 41,603 $ 10,124 $ 126,443 Shipping Services 82,825 23,624 — — 106,449 Inland River Services 24,723 28,022 — — 52,745 Illinois Corn Processing 1,723 — — — 1,723 $ 142,304 $ 93,329 $ 41,603 $ 10,124 $ 287,360 Offshore Marine Services' capital commitments included nine fast support vessels, four supply vessels and one wind farm utility vessel. These commitments included $14.2 million for one supply vessel that may be assumed by a third party at their option. Shipping Services’ capital commitments included two U.S.-flag product tankers, one U.S.-flag chemical and petroleum articulated tug barge and two U.S.-flag harbor tugs and other equipment and upgrades. Inland River Services’ capital commitments included 50 dry-cargo barges, three inland river towboats and other equipment and upgrades. On December 15, 2010, both ORM and NRC, a subsidiary of the Company prior to the SES Business Transaction were named as defendants in one of the several “master complaints” filed in the overall multi-district litigation relating to the Deepwater Horizon oil spill response and clean-up in the Gulf of Mexico pending in the U.S. District Court for the Eastern District of Louisiana (the “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. Both prior to and following the filing of the aforementioned master complaint, individual civil actions naming the Company, ORM, and/or NRC alleging B3 exposure-based injuries and/or damages were consolidated with the MDL and stayed pursuant to court order, discussed in turn below. The Company believes that all of the B3 claims asserted against ORM and NRC have no merit, and on February 28, 2011, ORM and NRC moved to dismiss all claims asserted against them in the master complaint. On September 30, 2011, the Court granted in part and denied in part the motion to dismiss that ORM and NRC had filed although the Court recognized the validity of the derivative immunity and implied preemption arguments that ORM and NRC advanced in their motion and directed ORM and NRC to (i) conduct limited discovery to develop evidence to support those arguments and (ii) then re-assert those arguments. 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 immunity and preemption arguments on May 18, 2012. Those motions were argued on July 13, 2012 and taken under advisement. 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, whether by joinder in the master complaint, individual complaint or otherwise. Under this protocol, plaintiffs who satisfied certain criteria and believed they had 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 (“PSC”) 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 the 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. On January 7, 2016, the Court issued an Order to Show Cause (“OSC”) as to the B3 claims against the Clean-Up Responder Defendants, including ORM and NRC. The OSC ordered any plaintiff(s) opposed to the Court entering the proposed Order & Reasons (“O&R”) attached to the OSC to show cause, in writing, on or before January 28, 2016 why the Court should not dismiss their B3 claim(s) with prejudice for the reasons set forth in the O&R. The O&R addressed the pending summary judgment motions and stated, among other things, why the Clean-Up Responder Defendants are entitled to derivative immunity under the Clean Water Act and discretionary function immunity under the Federal Tort Claims Act, and why Plaintiffs’ claims are preempted by the implied conflict preemption doctrine. The O&R also discussed the results of the protocol delineated in the Court’s July 17, 2014 pretrial order and concluded with the dismissal of all but eleven Plaintiffs’ B3 claims against the Clean-Up Responder Defendants with prejudice. Eight individual Plaintiffs submitted responses to the OSC by the January 28, 2016 deadline, and the Clean-Up Responder Defendants submitted a response thereto on February 4, 2016. On February 16, 2016, the Court issued an order overruling the objections relayed in the eight individual Plaintiffs’ responses to the OSC, and then entered a dismissal order nearly identical to the O&R. Accordingly, the final Order & Reasons entered on February 16, 2016 dismissed all but eleven B3 claims against ORM and NRC with prejudice, whether by joinder in the master complaint, individual complaint, or otherwise (the “B3 Dismissal Order”). The deadline for Plaintiffs to appeal the B3 Dismissal Order has passed and the Company continues to evaluate how this ruling will impact the individual civil actions. Moreover, on April 8, 2016, the Court entered an order establishing a summary judgment briefing schedule as to the remaining eleven B3 claimants (the “Remaining Eleven Plaintiffs”). The Clean-Up Responder Defendants, including ORM and NRC, filed an omnibus motion for summary judgment as to the Remaining Eleven Plaintiffs on May 9, 2016 (the “Omnibus Summary Judgment Motion”) and this motion is now fully briefed. 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 the B3 claims in the MDL. Although the Company is unable to estimate the potential exposure, if any, resulting from the remaining B3 claims, the Company does not expect they will have a material effect on the Company’s consolidated financial position, results of operations or cash flows. As noted above, various civil actions concerning the Deepwater Horizon clean-up have been consolidated with the MDL and stayed. However, as discussed further below, the individual B3 exposure-based claims asserted against ORM and/or NRC have been dismissed pursuant to the B3 Dismissal Order or are subject of the above-referenced Omnibus Summary Judgment Motion. 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. Mr. Wunstell is one of the Remaining Eleven Plaintiffs and his claim is subject to the Omnibus Summary Judgment Motion; Ms. Blanchard’s B3 claim against ORM was dismissed by virtue of the B3 Dismissal Order. 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 15, 2011, the Company, 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.) (the “ Pearson Action”), 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. The B3 claims against ORM and NRC in the Pearson Action have been dismissed by virtue of the B3 Dismissal Order, and the remainder of the claims alleged by these plaintiffs have been voluntarily dismissed against certain named defendants, including the Company, ORM and NRC. 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.) (the “ Black Action”), which is a suit by an individual who is seeking damages for, among other things, lost income because he allegedly could not find work in the fishing industry after the oil spill and exposure during the spill. The B3 exposure claims against ORM and NRC in the Black Action have been dismissed by virtue of the B3 Dismissal Order. 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.) (the” Alexander Action”) 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 were then granted leave to amend their complaint to include 410 additional individual plaintiffs. The claims asserted against ORM and NRC in the Alexander Action have been dismissed by virtue of the B3 Dismissal Order. 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. Ms. Sanchez’s B3 claim against ORM has been dismissed by virtue of the B3 Dismissal Order. 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.) (the “ Fitzgerald Action”), 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. While the decedent in the Fitzgerald Action is one of the Remaining Eleven Plaintiffs subject to the Omnibus Summary Judgment Motion filed by ORM and NRC, the claim as against the Company remains stayed. 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.) (the “ Danos Action”), 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. Messrs. Jorey Danos and Frank Howell, plaintiffs in the Danos Action, are two of the Remaining Eleven Plaintiffs and their claims are subject of the Omnibus Summary Judgment Motion; the other Danos Action plaintiffs’ B3 claims against ORM have been dismissed by virtue of the B3 Dismissal Order. The Company continues to evaluate the impact of the B3 Dismissal Order and other developments in the MDL, including the settlements discussed below, on these individual actions. The Company is unable to estimate the potential exposure, if any, resulting from these matters, to the extent they remain viable, 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. The remainder of the aforementioned cross-claims in Transocean's limitation action remain 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. This case was removed to federal court and ultimately 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. This case was consolidated with the MDL on May 10, 2013. By court order, both of these matters have been stayed since they were consolidated with the MDL. The Company continues to evaluate the impact of the B3 Dismissal Order and other developments in the MDL, including the settlements discussed below, 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. 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. Both settlements were granted final approval by the Court, all appeals have concluded, and the deadline for submitting claims with respect to both settlements has 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 potential exposure, if any, from some of the pending actions described above, and continues to evaluate the settlements’ impacts on these cases. 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. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 . 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, 2016 Operating Revenues: External customers 57,244 33,399 55,620 40,576 10,199 — 197,038 Intersegment 27 415 — — 62 (504 ) — 57,271 33,814 55,620 40,576 10,261 (504 ) 197,038 Costs and Expenses: Operating 44,245 27,446 30,269 36,153 6,427 (658 ) 143,882 Administrative and general 11,929 3,777 7,337 912 3,649 6,571 34,175 Depreciation and amortization 15,254 6,254 7,415 1,064 448 926 31,361 71,428 37,477 45,021 38,129 10,524 6,839 209,418 Gains (Losses) on Asset Dispositions and Impairments, Net (20,357 ) 2,580 6 — — — (17,771 ) Operating Income (Loss) (34,514 ) (1,083 ) 10,605 2,447 (263 ) (7,343 ) (30,151 ) Other Income (Expense): Derivative gains (losses), net 163 — — 856 — (2,574 ) (1,555 ) Foreign currency gains (losses), net (819 ) 1,018 (6 ) — (73 ) (142 ) (22 ) Other, net — (4 ) (928 ) — (6,723 ) 3 (7,652 ) Equity in Losses of 50% or Less Owned Companies, Net of Tax (3,315 ) (1,677 ) (1,591 ) — (579 ) — (7,162 ) Segment Profit (Loss) (38,485 ) (1,746 ) 8,080 3,303 (7,638 ) Other Income (Expense) not included in Segment Profit (Loss) (30,150 ) Less Equity Losses included in Segment Profit (Loss) 7,162 Loss Before Taxes and Equity Losses (69,530 ) 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, 2016 Operating Revenues: External customers 117,097 72,427 112,675 90,185 18,582 — 410,966 Intersegment 53 1,001 — — 98 (1,152 ) — 117,150 73,428 112,675 90,185 18,680 (1,152 ) 410,966 Costs and Expenses: Operating 93,095 57,564 57,503 82,442 12,232 (1,486 ) 301,350 Administrative and general 24,327 7,689 14,255 1,568 7,872 14,168 69,879 Depreciation and amortization 30,092 13,391 13,977 2,117 903 1,870 62,350 147,514 78,644 85,735 86,127 21,007 14,552 433,579 Gains (Losses) on Asset Dispositions and Impairments, Net (20,737 ) 3,185 — — (2 ) — (17,554 ) Operating Income (Loss) (51,101 ) (2,031 ) 26,940 4,058 (2,329 ) (15,704 ) (40,167 ) Other Income (Expense): Derivative gains (losses), net 3,061 — — 669 — (2,665 ) 1,065 Foreign currency gains (losses), net (2,379 ) 2,455 (9 ) — (100 ) 48 15 Other, net 265 (4 ) (927 ) — (6,723 ) 5 (7,384 ) Equity in Losses of 50% or Less Owned Companies, Net of Tax (1,154 ) (4,455 ) (1,565 ) — (37 ) — (7,211 ) Segment Profit (Loss) (51,308 ) (4,035 ) 24,439 4,727 (9,189 ) Other Income (Expense) not included in Segment Profit (Loss) (58,365 ) Less Equity Losses included in Segment Profit (Loss) 7,211 Loss Before Taxes and Equity Losses (104,836 ) Capital Expenditures 45,840 7,705 148,410 2,244 — (125 ) 204,074 As of June 30, 2016 Property and Equipment: Historical cost 1,098,914 386,216 588,649 51,475 2,861 30,711 2,158,826 Accumulated depreciation (556,909 ) (154,893 ) (244,910 ) (21,507 ) (2,476 ) (16,519 ) (997,214 ) 542,005 231,323 343,739 29,968 385 14,192 1,161,612 Construction in progress 101,914 7,663 290,582 3,455 — (1,524 ) 402,090 Net property and equipment 643,919 238,986 634,321 33,423 385 12,668 1,563,702 Investments, at Equity, and Advances to 50% or Less Owned Companies 130,034 79,154 56,385 — 59,813 — 325,386 Inventories 3,219 1,824 799 10,857 99 — 16,798 Goodwill — 2,418 1,852 — 48,124 — 52,394 Intangible Assets — 5,521 — — 18,595 — 24,116 Other current and long-term assets, excluding cash and near cash assets (3) 98,456 45,428 27,477 11,642 22,944 3,803 209,750 Segment Assets 875,628 373,331 720,834 55,922 149,960 Cash and near cash assets (3) 809,171 Total Assets 3,001,317 ______________________ (1) Operating revenues includes $84.9 million of tangible product sales and operating expenses includes $77.2 million of costs of goods sold. (2) Inventories includes raw materials of $1.0 million and work in process of $1.3 million . (3) Cash and near cash assets includes cash, cash equivalents, restricted cash, 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, 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 (Loss) (25,204 ) Less Equity Earnings included in Segment Profit (Loss) (1,064 ) Loss Before Taxes and Equity Earnings (Losses) (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 (Losses) (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 Net property and equipment 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 29,241 10,086 61,592 11,283 286,621 Segment Assets 901,100 532,904 731,000 54,322 178,084 Cash and near cash assets (3) 738,369 Total Assets 3,164,867 ______________________ (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. |
Basis of Presentation and Acc19
Basis of Presentation and Accounting Policy (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Consolidation | The condensed consolidated financial information for the three and six months ended June 30, 2016 and 2015 has been prepared by the Company and has not been audited by its independent registered certified 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, 2016 , its results of operations for the three and six months ended June 30, 2016 and 2015 , its comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015 , its changes in equity for the six months ended June 30, 2016 , and its cash flows for the six months ended June 30, 2016 and 2015 . 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, 2015 . 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, 2015 . |
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, 2016 , deferred revenues of $6.8 million , included in other current liabilities in the accompanying condensed consolidated balance sheets, 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. The Company is vigorously defending its interest in connection with the bankruptcy filing; however, payments received under the Conveyance subsequent to May 19, 2012 are subject to creditors’ claims in bankruptcy court. The Company will recognize revenues when reasonably assured of a judgment in its favor. All costs and expenses related to these charters were recognized as incurred. |
Property, Plant and Equipment [Table Text Block] | As of June 30, 2016 , 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”). |
Property, Plant and Equipment, Policy [Policy 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, 2016 , 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, 2016 , capitalized interest totaled $9.9 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. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. 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, if lower. 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, 2016 and 2015 , the Company recognized impairment charges of $21.3 million and $6.6 million , respectively, related to long-lived assets held for use. The Company has identified indicators of impairment for certain of its offshore support vessel classes operated by Offshore Marine Services as a result of continued weak market conditions from the decline in oil and gas prices. As a consequence, the Company estimated the undiscounted cash flows and determined that for two vessel classes, its eight owned supply vessels and 13 owned liftboats, there is sufficient uncertainty as to whether or not their carrying value would be recovered through their future operations. During the six months ended June 30, 2016 , the Company obtained independent appraisals for each of those vessel classes resulting in a $19.4 million impairment charge related to its 13 liftboats and associated intangible assets. In addition, the Company recognized a $1.9 million impairment charge related to the anticipated sales of one supply vessel and one mini-supply vessel and certain suspended offshore support vessel upgrades. The preparation of the undiscounted cash flows requires management to make certain estimates and assumptions on expected future rates per day worked and utilization levels of all Offshore Marine Services’ vessel classes based on anticipated future offshore oil and gas exploration and production activity in the geographic regions where the Company operates. If difficult market conditions persist and an anticipated recovery is delayed beyond the Company’s expectation, revisions to management’s forecasts may result in the Company recording additional impairment charges related to its long-lived assets in future periods. Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the fair value of the investment. An annual review is performed to consider, among other things, whether the carrying value of the investment is able to be recovered and whether or not the investee’s ability to sustain an earnings capacity would justify the carrying value of the investment. When the Company determines its investment in the 50% or less owned company is not recoverable or the decline in fair value is other-than-temporary, the investment is written down to fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding the projected financial performance of 50% or less owned companies, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the 50% or less owned company. During the six months ended June 30, 2016 , the Company recognized a $0.3 million impairment charge, net of tax, related to one of its Offshore Marine Services 50% or less owned companies. During the six months ended June 30, 2015 , the Company did not recognize any impairment charges related to its 50% or less owned companies. |
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): 2016 2015 Balance at beginning of period $ 135,909 $ 159,911 Adjustments to deferred gains arising from asset sales 9,003 2,035 Amortization of deferred gains included in operating expenses as a reduction to rental expense (11,467 ) (11,273 ) Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net (1,246 ) (4,597 ) Other (2,850 ) — Balance at end of period $ 129,349 $ 146,076 |
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): 2016 2015 Balance at beginning of period $ 135,909 $ 159,911 Adjustments to deferred gains arising from asset sales 9,003 2,035 Amortization of deferred gains included in operating expenses as a reduction to rental expense (11,467 ) (11,273 ) Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net (1,246 ) (4,597 ) Other (2,850 ) — Balance at end of period $ 129,349 $ 146,076 |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss. The components of accumulated other comprehensive loss were as follows (in thousands): SEACOR Holdings Inc. Stockholders’ Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Losses on Cash Flow Hedges, net Other Total Foreign Currency Translation Adjustments Derivative Losses on Cash Flow Hedges, net Other Other Comprehensive Loss December 31, 2015 $ (5,528 ) $ (116 ) $ 24 $ (5,620 ) $ (528 ) $ — $ 16 Other comprehensive loss (5,686 ) (2,292 ) (6 ) (7,984 ) (650 ) (50 ) (3 ) $ (8,687 ) Income tax benefit 1,990 802 2 2,794 — — — 2,794 Six Months Ended June 30, 2016 $ (9,224 ) $ (1,606 ) $ 20 $ (10,810 ) $ (1,178 ) $ (50 ) $ 13 $ (5,893 ) |
Earnings Per Common Share of SEACOR | Loss) Per Share. Basic earnings (loss) per common share of SEACOR is 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 is 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 (Loss) attributable to SEACOR Average O/S Shares Per Share Net Loss Attributable to SEACOR Average O/S Shares Per Share 2016 Basic Weighted Average Common Shares Outstanding $ (55,159 ) 16,928,722 $ (3.26 ) $ (82,345 ) 16,873,045 $ (4.88 ) Effect of Dilutive Share Awards: Options and Restricted Stock (1) — — — — Convertible Notes (2) — — — — Diluted Weighted Average Common Shares Outstanding $ (55,159 ) 16,928,722 $ (3.26 ) $ (82,345 ) 16,873,045 $ (4.88 ) 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 (3) — — — — Diluted Weighted Average Common Shares Outstanding $ 687 18,082,464 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) ______________________ (1) For the three months ended June 30, 2016 and 2015 , diluted earnings per common share of SEACOR excluded 2,024,421 and 685,645 , 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, 2016 and 2015 , diluted earnings per common share of SEACOR excluded 2,024,421 and 2,017,788 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. (2) For the three months ended June 30, 2016 , diluted earnings per common share of SEACOR excluded 2,975,847 common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes, 1,825,326 common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes and 2,243,500 common shares issuable pursuant to the Company’s 3.75% Subsidiary Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. For the six months ended June 30, 2016 , diluted earnings per common share of SEACOR excluded 3,177,620 common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes, 1,825,326 common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes and 2,243,500 common shares issuable pursuant to the Company’s 3.75% Subsidiary 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 and 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. |
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 (Loss) attributable to SEACOR Average O/S Shares Per Share Net Loss Attributable to SEACOR Average O/S Shares Per Share 2016 Basic Weighted Average Common Shares Outstanding $ (55,159 ) 16,928,722 $ (3.26 ) $ (82,345 ) 16,873,045 $ (4.88 ) Effect of Dilutive Share Awards: Options and Restricted Stock (1) — — — — Convertible Notes (2) — — — — Diluted Weighted Average Common Shares Outstanding $ (55,159 ) 16,928,722 $ (3.26 ) $ (82,345 ) 16,873,045 $ (4.88 ) 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 (3) — — — — Diluted Weighted Average Common Shares Outstanding $ 687 18,082,464 $ 0.04 $ (18,882 ) 17,779,250 $ (1.06 ) ______________________ (1) For the three months ended June 30, 2016 and 2015 , diluted earnings per common share of SEACOR excluded 2,024,421 and 685,645 , 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, 2016 and 2015 , diluted earnings per common share of SEACOR excluded 2,024,421 and 2,017,788 , respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. (2) For the three months ended June 30, 2016 , diluted earnings per common share of SEACOR excluded 2,975,847 common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes, 1,825,326 common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes and 2,243,500 common shares issuable pursuant to the Company’s 3.75% Subsidiary Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. For the six months ended June 30, 2016 , diluted earnings per common share of SEACOR excluded 3,177,620 common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes, 1,825,326 common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes and 2,243,500 common shares issuable pursuant to the Company’s 3.75% Subsidiary 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 and 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. |
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 25, 2016, the FASB issued a comprehensive new leasing standard, which improves transparency and comparability among companies by requiring lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The new standard is effective for interim and annual periods beginning after December 15, 2018 and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company has not yet 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 March 30, 2016, the FASB issued an amendment to the accounting standards, which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The amendment is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years and early adoption is permitted. The Company has not yet determined what impact, if any, the adoption of the new standard will have on its consolidated financial position, results of operations or cash flows. Reclassifications. Certain reclassifications of prior period information have been made to conform with the presentation of the current period information. These reclassifications had no effect on net income (loss) or cash flows as previously reported. |
Derivative Instruments And He20
Derivative Instruments And Hedging Strategies Derivative Instruments, Gain (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Not Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the six months ended June 30, 2016 as follows (in thousands): 2016 2015 Exchange option liability on subsidiary convertible senior notes $ (2,560 ) $ — Options on equities and equity indices 3,079 (442 ) Forward currency exchange, option and future contracts (107 ) (302 ) Interest rate swap agreements (18 ) (5 ) Commodity swap, option and future contracts: Exchange traded 671 (2,271 ) Non-exchange traded — 1,450 $ 1,065 $ (1,570 ) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 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) $ 87,701 $ — $ — Derivative instruments (included in other receivables) 1,365 — — Construction reserve funds 166,888 — — LIABILITIES Short sale of marketable securities (1) (included in other current liabilities) 4,154 — — Derivative instruments (included in other current liabilities) 666 552 — Exchange option liability on subsidiary convertible senior notes — — 8,171 ______________________ (1) Marketable security gains (losses), net include unrealized losses of $24.0 million and gains of $0.6 million for the three months ended June 30, 2016 and 2015 , respectively, related to marketable security positions held by the Company as of June 30, 2016 . Marketable security gains (losses), net include unrealized losses of $48.5 million and gains of $0.4 million for the six months ended June 30, 2016 and 2015 , respectively, related to marketable security positions held by the Company as of June 30, 2016 . Level 3 Inputs. The fair value of the exchange option liability on subsidiary convertible senior notes is estimated with significant inputs that are both observable and unobservable in the market and therefore is considered a Level 3 fair value measurement. Observable inputs include market quotes, current interest rates, benchmark yield curves, volatility, quoted prices of securities with similar characteristics and historical dividends. The significant unobservable input used in the fair value measurement is the probability assessment of a SMH Spin-off. In the fair value measurement, holding the observable inputs constant, a significant increase in the probability of a SMH Spin-off would result in a significantly lower exchange option liability. The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2016 were as follows (in thousands): Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 ASSETS Cash, cash equivalents and restricted cash $ 554,582 $ 554,582 $ — $ — Investments, at cost, in 50% or less owned companies (included in other assets) 15,091 see below Notes receivable from third parties (included in other receivables and other assets) 16,805 see below LIABILITIES Long-term debt, including current portion (1) 1,039,041 — 1,033,850 — ______________________ (1) The estimated fair value includes the embedded conversion options on the Company’s 2.5% and 3.0% Convertible Senior Notes. The carrying value of cash, cash equivalents and restricted cash 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, 2016 were as follows (in thousands): Level 1 Level 2 Level 3 ASSETS Property and equipment (1) $ — $ 2,053 $ 62,830 Intangible assets, net (1) — — — Investment at cost (2) — — 9,045 Investment at equity in a 50% or less owned company (3) — — — Notes receivable from third parties (4) — — — — ______________________ (1) During the six months ended June 30, 2016, the Company recognized impairment charges of $19.4 million related to Offshore Marine Services’ liftboat fleet and associated intangible assets and $1.9 million related to the anticipated sale of two offshore support vessels and certain suspended offshore support vessel upgrades. The fair value of the two offshore support vessels was determined based on the contracted sales prices of the vessels. The fair value of the liftboats was determined based on a third-party valuation of the fleet using significant inputs that are unobservable in the market and therefore is considered a Level 3 fair value measurement. The significant unobservable inputs used in the fair value measurement were the construction costs of similar new equipment and estimated economic depreciation for comparably aged assets. (2) During the six months ended June 30, 2016, the Company identified indicators of impairment in one of its cost investments and, as a consequence, recognized an impairment charge of $1.0 million for an other-than-temporary decline in fair value. The fair value was determined by an appraisal of the vessels in the underlying cost investment using a mix of inputs that are unobservable in the market and therefore is considered a Level 3 fair value measurement. (3) During the six months ended June 30, 2016, the Company identified indicators of impairment in one of its 50% or less owned companies as a result of continuing weak market conditions and, as a consequence, recognized a $0.3 million impairment charge, net of tax, for an other-than-temporary decline in fair value. The investment was determined to have no value and the Company has suspended equity method accounting. (4) During the six months ended June 30, 2016, the Comp any recorded a $6.7 million reserve for one of its notes receivable from third parties following a decline in the underlying collateral value. The collateral was determined to have no value. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s financial assets and liabilities as of June 30, 2016 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) $ 87,701 $ — $ — Derivative instruments (included in other receivables) 1,365 — — Construction reserve funds 166,888 — — LIABILITIES Short sale of marketable securities (1) (included in other current liabilities) 4,154 — — Derivative instruments (included in other current liabilities) 666 552 — Exchange option liability on subsidiary convertible senior notes — — 8,171 ______________________ (1) Marketable security gains (losses), net include unrealized losses of $24.0 million and gains of $0.6 million for the three months ended June 30, 2016 and 2015 , respectively, related to marketable security positions held by the Company as of June 30, 2016 . Marketable security gains (losses), net include unrealized losses of $48.5 million and gains of $0.4 million for the six months ended June 30, 2016 and 2015 , respectively, related to marketable security positions held by the Company as of June 30, 2016 . |
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, 2016 were as follows (in thousands): Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 ASSETS Cash, cash equivalents and restricted cash $ 554,582 $ 554,582 $ — $ — Investments, at cost, in 50% or less owned companies (included in other assets) 15,091 see below Notes receivable from third parties (included in other receivables and other assets) 16,805 see below LIABILITIES Long-term debt, including current portion (1) 1,039,041 — 1,033,850 — ______________________ (1) The estimated fair value includes the embedded conversion options on the Company’s 2.5% and 3.0% Convertible Senior Notes. |
Fair vale of non-financial assets and liabilities measured on a nonrecurring basis | The Company’s non-financial assets and liabilities that were measured at fair value during the six months ended June 30, 2016 were as follows (in thousands): Level 1 Level 2 Level 3 ASSETS Property and equipment (1) $ — $ 2,053 $ 62,830 Intangible assets, net (1) — — — Investment at cost (2) — — 9,045 Investment at equity in a 50% or less owned company (3) — — — Notes receivable from third parties (4) — — — — ______________________ (1) During the six months ended June 30, 2016, the Company recognized impairment charges of $19.4 million related to Offshore Marine Services’ liftboat fleet and associated intangible assets and $1.9 million related to the anticipated sale of two offshore support vessels and certain suspended offshore support vessel upgrades. The fair value of the two offshore support vessels was determined based on the contracted sales prices of the vessels. The fair value of the liftboats was determined based on a third-party valuation of the fleet using significant inputs that are unobservable in the market and therefore is considered a Level 3 fair value measurement. The significant unobservable inputs used in the fair value measurement were the construction costs of similar new equipment and estimated economic depreciation for comparably aged assets. (2) During the six months ended June 30, 2016, the Company identified indicators of impairment in one of its cost investments and, as a consequence, recognized an impairment charge of $1.0 million for an other-than-temporary decline in fair value. The fair value was determined by an appraisal of the vessels in the underlying cost investment using a mix of inputs that are unobservable in the market and therefore is considered a Level 3 fair value measurement. (3) During the six months ended June 30, 2016, the Company identified indicators of impairment in one of its 50% or less owned companies as a result of continuing weak market conditions and, as a consequence, recognized a $0.3 million impairment charge, net of tax, for an other-than-temporary decline in fair value. The investment was determined to have no value and the Company has suspended equity method accounting. (4) During the six months ended June 30, 2016, the Comp any recorded a $6.7 million reserve for one of its notes receivable from third parties following a decline in the underlying collateral value. The collateral was determined to have no value. |
Noncontrolling Interests in S22
Noncontrolling Interests in Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 December 31, 2015 Offshore Marine Services: Windcat Workboats 25% $ 5,956 $ 7,484 Other 1.8 % – 30% 263 470 Inland River Services: Other 3.0 % – 51.8% 951 1,146 Shipping Services: Sea-Vista 49% 98,906 88,290 Illinois Corn Processing 30% 20,374 22,272 Other 5.0 % – 14.6% 153 457 $ 126,603 $ 120,119 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 were as follows: Director stock awards granted 1,625 Employee Stock Purchase Plan (“ESPP”) shares issued 27,538 Restricted stock awards granted 137,258 Restricted stock awards canceled 2,010 Stock Option Activities: Outstanding as of December 31, 2015 1,690,899 Granted 108,642 Exercised (49,618 ) Forfeited (18,760 ) Expired (89,661 ) Outstanding as of June 30, 2016 1,641,502 Shares available for future grants and ESPP purchases as of June 30, 2016 599,935 |
Commitments And Contingencies C
Commitments And Contingencies Capital Commitments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | The Company's capital commitments as of June 30, 2016 by year of expected payment were as follows (in thousands): 2016 2017 2018 2019 Total Offshore Marine Services $ 33,033 $ 41,683 $ 41,603 $ 10,124 $ 126,443 Shipping Services 82,825 23,624 — — 106,449 Inland River Services 24,723 28,022 — — 52,745 Illinois Corn Processing 1,723 — — — 1,723 $ 142,304 $ 93,329 $ 41,603 $ 10,124 $ 287,360 Offshore Marine Services' capital commitments included nine fast support vessels, four supply vessels and one wind farm utility vessel. These commitments included $14.2 million for one supply vessel that may be assumed by a third party at their option. Shipping Services’ capital commitments included two U.S.-flag product tankers, one U.S.-flag chemical and petroleum articulated tug barge and two U.S.-flag harbor tugs and other equipment and upgrades. Inland River Services’ capital commitments included 50 dry-cargo barges, three inland river towboats and other equipment and upgrades. |
Segment Information Segment Inf
Segment Information Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 Operating Revenues: External customers 57,244 33,399 55,620 40,576 10,199 — 197,038 Intersegment 27 415 — — 62 (504 ) — 57,271 33,814 55,620 40,576 10,261 (504 ) 197,038 Costs and Expenses: Operating 44,245 27,446 30,269 36,153 6,427 (658 ) 143,882 Administrative and general 11,929 3,777 7,337 912 3,649 6,571 34,175 Depreciation and amortization 15,254 6,254 7,415 1,064 448 926 31,361 71,428 37,477 45,021 38,129 10,524 6,839 209,418 Gains (Losses) on Asset Dispositions and Impairments, Net (20,357 ) 2,580 6 — — — (17,771 ) Operating Income (Loss) (34,514 ) (1,083 ) 10,605 2,447 (263 ) (7,343 ) (30,151 ) Other Income (Expense): Derivative gains (losses), net 163 — — 856 — (2,574 ) (1,555 ) Foreign currency gains (losses), net (819 ) 1,018 (6 ) — (73 ) (142 ) (22 ) Other, net — (4 ) (928 ) — (6,723 ) 3 (7,652 ) Equity in Losses of 50% or Less Owned Companies, Net of Tax (3,315 ) (1,677 ) (1,591 ) — (579 ) — (7,162 ) Segment Profit (Loss) (38,485 ) (1,746 ) 8,080 3,303 (7,638 ) Other Income (Expense) not included in Segment Profit (Loss) (30,150 ) Less Equity Losses included in Segment Profit (Loss) 7,162 Loss Before Taxes and Equity Losses (69,530 ) 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, 2016 Operating Revenues: External customers 117,097 72,427 112,675 90,185 18,582 — 410,966 Intersegment 53 1,001 — — 98 (1,152 ) — 117,150 73,428 112,675 90,185 18,680 (1,152 ) 410,966 Costs and Expenses: Operating 93,095 57,564 57,503 82,442 12,232 (1,486 ) 301,350 Administrative and general 24,327 7,689 14,255 1,568 7,872 14,168 69,879 Depreciation and amortization 30,092 13,391 13,977 2,117 903 1,870 62,350 147,514 78,644 85,735 86,127 21,007 14,552 433,579 Gains (Losses) on Asset Dispositions and Impairments, Net (20,737 ) 3,185 — — (2 ) — (17,554 ) Operating Income (Loss) (51,101 ) (2,031 ) 26,940 4,058 (2,329 ) (15,704 ) (40,167 ) Other Income (Expense): Derivative gains (losses), net 3,061 — — 669 — (2,665 ) 1,065 Foreign currency gains (losses), net (2,379 ) 2,455 (9 ) — (100 ) 48 15 Other, net 265 (4 ) (927 ) — (6,723 ) 5 (7,384 ) Equity in Losses of 50% or Less Owned Companies, Net of Tax (1,154 ) (4,455 ) (1,565 ) — (37 ) — (7,211 ) Segment Profit (Loss) (51,308 ) (4,035 ) 24,439 4,727 (9,189 ) Other Income (Expense) not included in Segment Profit (Loss) (58,365 ) Less Equity Losses included in Segment Profit (Loss) 7,211 Loss Before Taxes and Equity Losses (104,836 ) Capital Expenditures 45,840 7,705 148,410 2,244 — (125 ) 204,074 As of June 30, 2016 Property and Equipment: Historical cost 1,098,914 386,216 588,649 51,475 2,861 30,711 2,158,826 Accumulated depreciation (556,909 ) (154,893 ) (244,910 ) (21,507 ) (2,476 ) (16,519 ) (997,214 ) 542,005 231,323 343,739 29,968 385 14,192 1,161,612 Construction in progress 101,914 7,663 290,582 3,455 — (1,524 ) 402,090 Net property and equipment 643,919 238,986 634,321 33,423 385 12,668 1,563,702 Investments, at Equity, and Advances to 50% or Less Owned Companies 130,034 79,154 56,385 — 59,813 — 325,386 Inventories 3,219 1,824 799 10,857 99 — 16,798 Goodwill — 2,418 1,852 — 48,124 — 52,394 Intangible Assets — 5,521 — — 18,595 — 24,116 Other current and long-term assets, excluding cash and near cash assets (3) 98,456 45,428 27,477 11,642 22,944 3,803 209,750 Segment Assets 875,628 373,331 720,834 55,922 149,960 Cash and near cash assets (3) 809,171 Total Assets 3,001,317 ______________________ (1) Operating revenues includes $84.9 million of tangible product sales and operating expenses includes $77.2 million of costs of goods sold. (2) Inventories includes raw materials of $1.0 million and work in process of $1.3 million . (3) Cash and near cash assets includes cash, cash equivalents, restricted cash, 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, 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 (Loss) (25,204 ) Less Equity Earnings included in Segment Profit (Loss) (1,064 ) Loss Before Taxes and Equity Earnings (Losses) (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 (Losses) (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 Net property and equipment 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 29,241 10,086 61,592 11,283 286,621 Segment Assets 901,100 532,904 731,000 54,322 178,084 Cash and near cash assets (3) 738,369 Total Assets 3,164,867 ______________________ (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. |
Basis of Presentation and Acc26
Basis of Presentation and Accounting Policies Revenue Recognition (Details) $ in Millions | Jun. 30, 2016USD ($) |
Offshore Marine Services [Member] | |
Deferred Revenue | $ 6.8 |
Basis of Presentation and Acc27
Basis of Presentation and Accounting Policies Property and Equipment (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $ 9.9 |
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 Acc28
Basis of Presentation and Accounting Policies Impairments of Long-Lived Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Asset Impairment Charges | $ 21.3 | $ 6.6 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Impairment Charges | $ 1.9 |
Basis of Presentation and Acc29
Basis of Presentation and Accounting Policies Deferred Gains (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Gains | $ 129,349 | $ 146,076 | $ 135,909 | $ 159,911 |
Increase (Decrease) in Deferred Charges | 9,003 | 2,035 | ||
Amortization of Deferred Gains | 2,850 | 0 | ||
Operating Expense [Member] | ||||
Amortization of Deferred Gains | 11,467 | 11,273 | ||
Gain (Loss) on Asset Dispositions and Impairments, Net [Member] | ||||
Amortization of Deferred Gains | $ 1,246 | $ 4,597 |
Basis of Presentation and Acc30
Basis of Presentation and Accounting Policies Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (9,224) | $ (9,224) | $ (5,528) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (1,606) | (1,606) | (116) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 20 | 20 | 24 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Parent | (5,686) | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Portion Attributable to Parent | (2,292) | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | (6) | ||||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (7,984) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (650) | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Portion Attributable to Noncontrolling Interest | (50) | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (3) | ||||
Other Comprehensive Income (Loss), before Tax | (5,208) | $ 4,564 | (8,687) | $ 581 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent | 1,990 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Portion Attributable to Parent | 802 | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent | 2 | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 2,794 | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | 0 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, 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 | (1,640) | 1,434 | (2,794) | 179 | |
Accumulated Other Comprehensive Loss, Net of Tax | (10,810) | (10,810) | (5,620) | ||
Other Comprehensive Income (Loss), Net of Tax | (3,568) | $ 3,130 | (5,893) | $ 402 | |
Non-Controlling Interests In Subsidiaries [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (1,178) | (1,178) | (528) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (50) | (50) | 0 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 13 | 13 | $ 16 | ||
Other Comprehensive Income (Loss), Net of Tax | $ (703) |
Basis of Presentation and Acc31
Basis of Presentation and Accounting Policies Earning Per Common Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Loss attributable to SEACOR Holdings Inc. | $ (55,159,000) | $ 687,000 | $ (82,345,000) | $ (18,882,000) |
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 | 0 | 0 | 0 |
Net Loss Available to Common Stockholders, Diluted | $ (55,159,000) | $ 687,000 | $ (82,345,000) | $ (18,882,000) |
Weighted Average Number of Shares Outstanding, Basic | 16,928,722 | 17,780,759 | 16,873,045 | 17,779,250 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 301,705 | 0 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 0 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 16,928,722 | 18,082,464 | 16,873,045 | 17,779,250 |
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ (3.26) | $ 0.04 | $ (4.88) | $ (1.06) |
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ (3.26) | $ 0.04 | $ (4.88) | $ (1.06) |
Stock Compensation Plan [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,024,421 | 685,645 | 2,024,421 | 2,017,788 |
Two Point Five Percentage Convertible Notes [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,975,847 | 4,200,525 | ||
Three Point Zero Percentage Convertible Notes [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,825,326 | 1,825,326 | ||
Three Point Seven Five Percentage Convertible Notes [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,243,500 | |||
Three Point Seven Five Percentage Convertible Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | ||
Three Point Seven Five Percentage Convertible Notes [Member] | Convertible Debt Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,243,500 | |||
Three Point Zero Percentage Convertible Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | ||
Three Point Zero Percentage Convertible Notes [Member] | Convertible Debt Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,825,326 | |||
Two Point Five Percentage Convertible Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | ||
Two Point Five Percentage Convertible Notes [Member] | Convertible Debt Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,177,620 |
Equipment Acquisitions, Dispo32
Equipment Acquisitions, Dispositions and Depreciation and Impairment Policies (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)equipment | Jun. 30, 2015USD ($) | Dec. 31, 2015equipment | |
Property, Plant and Equipment [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ | $ 204,100 | $ 204,074 | $ 132,128 | |
Sales Price Of Equipment | $ | 153,900 | |||
Proceeds from disposition of property and equipment | $ | 145,159 | 22,686 | ||
Proceeds from Issuance of Secured Debt | $ | 8,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ | 11,500 | |||
Increase (Decrease) in Deferred Charges | $ | 9,003 | 2,035 | ||
Amortization Of Deferred Gains Included In Gains On Asset Dispositions And Impairments, Net | $ | 2,850 | 0 | ||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ | $ 61,000 | |||
Sale Leaseback Transaction, Lease Terms | 76 | |||
Offshore Support Vessels Standby Safety [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Equipments Sold | equipment | 2 | |||
Offshore Support Vessels Fast Support [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Equipment Acquired | 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 | 1 | |||
Number Of Equipments Sold | equipment | 14 | |||
U.S.-flag Product Tankers [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Equipments Delivered | equipment | 2 | |||
Sale Leaseback Transaction, Description of Asset(s) | 1 | |||
Number Of Equipments Sold | equipment | 1 | |||
U.S.-flag Harbor Tugs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Equipment Acquired | equipment | 1 | |||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ | $ 2,000 | |||
Number Of Equipments Sold | equipment | 1 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from disposition of property and equipment | $ | $ 143,900 | |||
Inland River Liquid Tank Barges - 30,000 Barrel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Equipments Sold | equipment | 20 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from disposition of property and equipment | $ | $ 1,200 | |||
Gain (Loss) on Asset Dispositions and Impairments, Net [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ | 2,500 | |||
Amortization Of Deferred Gains Included In Gains On Asset Dispositions And Impairments, Net | $ | $ 1,246 | $ 4,597 | ||
Property Subject to Operating Lease [Member] | Inland River Liquid Tank Barges - 30,000 Barrel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Equipments Removed from Service | equipment | 8 | |||
Construction in Progress [Member] | Inland River Towboat [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Equipments Removed from Service | equipment | 1 |
Investments, At Equity, And A33
Investments, At Equity, And Advances To 50% Or Less Owned Companies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | $ (7,162) | $ 1,064 | $ (7,211) | $ 4,963 |
Asset Impairment Charges | 21,300 | $ 6,600 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,800 | 1,800 | ||
Allocable Share of Uncalled Capital | 3,000 | 3,000 | ||
Falcon Global [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | 6,000 | |||
Other Offshore Marine Services Joint Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | 200 | |||
Asset Impairment Charges | 300 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 82,600 | 82,600 | ||
SCFCo Holdings [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partners' Capital Account, Contributions | 800 | |||
Outstanding Working Capital Advances At End Of Period | 26,900 | 26,900 | ||
Sea-Access [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 2,000 | |||
Partners' Capital Account, Return of Capital | 7,600 | |||
Seajon [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 600 | |||
Avion Pacific Limited [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Outstanding Working Capital Advances At End Of Period | 3,000 | 3,000 | ||
Payments for Advance to Affiliate | 3,000 | |||
VA&E [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Outstanding Working Capital Advances At End Of Period | 8,200 | 8,200 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | 6,000 | ||
Proceeds from Unsecured Lines of Credit | 10,000 | |||
Repayments of Long-term Lines of Credit | (8,900) | |||
Other Corporate Joint Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Payments for Advance to Affiliate | 400 | |||
Offshore Support Vessels [Member] | Other Offshore Marine Services Joint Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | $ 3,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ / shares in Units, $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2016EUR (€) | Jun. 30, 2015USD ($) | May 24, 2016USD ($) | Apr. 21, 2016EUR (€) | Dec. 31, 2015$ / shares | |
Debt Instrument [Line Items] | |||||||||
Common Stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 105,900 | $ 105,900 | |||||||
Debt extinguishment gains | 1,615 | $ (29,536) | 4,838 | $ (29,536) | |||||
Letters of Credit Outstanding, Amount | 26,200 | 26,200 | |||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,800 | $ 1,800 | |||||||
Seven Point Three Seven Five Percentage Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% | |||||||
Debt Instrument, Repurchased Face Amount | $ 22,600 | $ 22,600 | |||||||
Debt Instrument, Repurchase Amount | 20,300 | 20,300 | |||||||
Debt extinguishment gains | 2,100 | ||||||||
Senior Notes, Noncurrent | $ 173,374 | $ 173,374 | |||||||
Three Point Zero Percentage Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | |||||||
Two Point Five Percentage Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | |||||||
Convertible Debt | $ 208,536 | $ 208,536 | |||||||
Debt Instrument, Repurchased Face Amount | 76,000 | 76,000 | |||||||
Debt Instrument, Repurchase Amount | $ 73,800 | 73,800 | |||||||
Debt extinguishment gains | 2,700 | ||||||||
Other Debt Obligations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of long-term debt | 1,900 | ||||||||
Proceeds from Issuance of Debt | 7,500 | ||||||||
Payments of Debt Issuance Costs | 100 | ||||||||
Windcat Workboats Ltd. [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | 23,500 | € 21 | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 25,000 | ||||||||
Payments of Debt Issuance Costs | 600 | ||||||||
Windcat Workboats Ltd. [Member] | Other Debt Obligations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Other Debt | $ 22,900 | ||||||||
Sea-Cat Crewzer III [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.76% | 2.76% | |||||||
Debt Instrument, Fee | 0.0045 | 0.0045 | |||||||
Payments of Debt Issuance Costs | $ 500 | ||||||||
Debt Instrument, Face Amount | € | € 27.6 | ||||||||
Sea-Vista [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | 47,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 40,000 | 40,000 | |||||||
Sea-Vista [Member] | Term A-1 Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of long-term debt | 1,900 | ||||||||
Illinois Corn Processing LLC [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 15,700 | 15,700 | |||||||
Long-term Debt [Member] | Two Point Five Percentage Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchase Amount | 68,800 | 68,800 | |||||||
Additional Paid-In Capital [Member] | Two Point Five Percentage Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchase Amount | $ 5,000 | $ 5,000 | |||||||
Subsequent Event [Member] | Sea-Cat Crewzer III [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Debt | $ 8,900 | ||||||||
Subsequent Event [Member] | Sea-Vista [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | $ 19,000 | ||||||||
Minimum [Member] | Windcat Workboats Ltd. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Fee | 0.012 | 0.012 | |||||||
Maximum [Member] | Windcat Workboats Ltd. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Fee | 0.0132 | 0.0132 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Windcat Workboats Ltd. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Windcat Workboats Ltd. [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.30% | 3.30% |
Derivative Instruments And He35
Derivative Instruments And Hedging Strategies (Fair Values Of Derivative Instruments) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | $ 1,365 |
Derivative Liability | 9,389 |
Foreign currency exchange, option and future contracts | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 0 |
Derivative Liability | 305 |
Interest rate swap agreements | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 0 |
Derivative Liability | 202 |
Not Designated as Hedging Instrument [Member] | Options on equities and equity indices | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 0 |
Derivative Liability | 75 |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange, option and future contracts | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 0 |
Derivative Liability | 45 |
Not Designated as Hedging Instrument [Member] | Commodity swap, option and future contracts, exchange traded | |
Derivative [Line Items] | |
Derivative Asset, Fair Value, Gross Asset | 1,365 |
Derivative Liability | 591 |
Three Point Seven Five Percentage Convertible Notes [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 0 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 8,171 |
Derivative Instruments And He36
Derivative Instruments And Hedging Strategies (Narrative) (Details) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016EUR (€) | |
Derivative [Line Items] | |||||
Derivative losses on cash flow hedges | $ (1,838) | $ (288) | $ (3,668) | $ (685) | |
Fixed interest rate | (0.027%) | (0.027%) | (0.027%) | ||
Derivative, Notional Amount | $ 16,700 | $ 16,700 | € 15 | ||
Fair Value Hedging [Member] | Mexmar [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 11,600 | $ 11,600 | |||
Cash Flow Hedging [Member] | Mexmar [Member] | |||||
Derivative [Line Items] | |||||
Fixed interest rate range, minimum | 1.71% | 1.71% | 1.71% | ||
Fixed interest rate range, maximum | 2.05% | 2.05% | 2.05% | ||
Derivative, Notional Amount | $ 111,600 | $ 111,600 | |||
Cash Flow Hedging [Member] | Sea-Cat Crewzer II [Member] | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 1.52% | 1.52% | 1.52% | ||
Derivative, Notional Amount | $ 24,400 | $ 24,400 | |||
Cash Flow Hedging [Member] | Sea Cat Crewzer [Member] | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 1.52% | 1.52% | 1.52% | ||
Derivative, Notional Amount | $ 21,700 | $ 21,700 | |||
Cash Flow Hedging [Member] | Seajon [Member] | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 2.79% | 2.79% | 2.79% | ||
Derivative, Notional Amount | $ 31,500 | $ 31,500 | |||
Three Point Seven Five Percentage Convertible Notes [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | 3.75% | ||
Construction in Progress [Member] | |||||
Derivative [Line Items] | |||||
Deferred Gain (Loss) on Discontinuation of Foreign Currency Fair Value Hedge | $ (300) | $ (300) |
Derivative Instruments And He37
Derivative Instruments And Hedging Strategies (Recognized Gains (Losses) On Derivative Instruments Not Designated As Hedging Instruments) (Details) $ in Thousands, € in Millions | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016EUR (€) | |
Derivative [Line Items] | |||
Derivative gains (losses), net | $ 1,065 | $ (1,570) | |
Derivative, Fixed Interest Rate | (0.027%) | (0.027%) | |
Derivative, Notional Amount | $ 16,700 | € 15 | |
Options on equities and equity indices | |||
Derivative [Line Items] | |||
Derivative gains (losses), net | 3,079 | (442) | |
Forward Currency Exchange, Option And Future Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative gains (losses), net | (107) | (302) | |
Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative gains (losses), net | (18) | (5) | |
Commodity swap, option and future contracts, exchange traded | |||
Derivative [Line Items] | |||
Derivative gains (losses), net | 671 | (2,271) | |
Commodity swap, option and future contracts, non-exchange traded | |||
Derivative [Line Items] | |||
Derivative gains (losses), net | 0 | 1,450 | |
Not Designated as Hedging Instrument [Member] | Forward Currency Exchange, Option And Future Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 2,100 | ||
Not Designated as Hedging Instrument [Member] | OSV Partners [Member] | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 40,600 | ||
Derivative, Lower Fixed Interest Rate Range | 1.89% | 1.89% | |
Derivative, Higher Fixed Interest Rate Range | 2.27% | 2.27% | |
Not Designated as Hedging Instrument [Member] | Dynamic Offshore Drilling Ltd [Member] | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 1.30% | 1.30% | |
Derivative, Notional Amount | $ 78,800 | ||
Not Designated as Hedging Instrument [Member] | Falcon Global [Member] | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative, Fixed Interest Rate | 2.06% | 2.06% | |
Derivative, Notional Amount | $ 62,500 | ||
Three Point Seven Five Percentage Convertible Notes [Member] | |||
Derivative [Line Items] | |||
Embedded Derivative, Gain on Embedded Derivative | $ (2,560) | $ 0 |
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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Construction Reserve Funds | $ 166,888 | $ 166,888 | $ 255,408 | ||
Exchange Option Liability on Subsidiary Convertible Senior Notes | 8,171 | 8,171 | $ 5,611 | ||
Marketable security gains (losses), net | (24,000) | $ 600 | (48,500) | $ 400 | |
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Marketable securities | 87,701 | 87,701 | |||
Derivative instruments (included in other receivables) | 1,365 | 1,365 | |||
Construction Reserve Funds | 166,888 | 166,888 | |||
Short sales of marketable securities | 4,154 | 4,154 | |||
Derivative instruments (included in other current liabilities) | 666 | 666 | |||
Exchange Option Liability on Subsidiary Convertible Senior Notes | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Marketable securities | 0 | 0 | |||
Derivative instruments (included in other receivables) | 0 | 0 | |||
Construction Reserve Funds | 0 | 0 | |||
Short sales of marketable securities | 0 | 0 | |||
Derivative instruments (included in other current liabilities) | 552 | 552 | |||
Exchange Option Liability on Subsidiary Convertible Senior Notes | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Marketable securities | 0 | 0 | |||
Derivative instruments (included in other receivables) | 0 | 0 | |||
Construction Reserve Funds | 0 | 0 | |||
Short sales of marketable securities | 0 | 0 | |||
Derivative instruments (included in other current liabilities) | 0 | 0 | |||
Exchange Option Liability on Subsidiary Convertible Senior Notes | $ 8,171 | $ 8,171 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value Of Other Financial Assets And Liabilities) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash and cash equivalents, Carrying Amount | $ 554,582 |
Investments, at cost, in 50% or less owned companies (included in other assets), Carrying Amount | 15,091 |
Notes receivable from other business ventures (included in other receivables and other assets), Carrying Amount | 16,805 |
Long-term debt, including current portion, Carrying Amount | 1,039,041 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash and cash equivalents, Carrying Amount | 554,582 |
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, Carrying Amount | 0 |
Debt Instrument, Fair Value Disclosure | 1,033,850 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash and cash equivalents, Carrying Amount | 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 Fair 40
Fair Value Measurements Fair Value Measurements (Non-financial Assets Measured on a Non-recurring Basis) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Impairment Charges | $ 21,300 | $ 6,600 |
Provision for Loan and Lease Losses | 6,700 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible Assets, Net, Fair Value Disclosure | 0 | |
Investments at cost, Fair Value Disclosure | 0 | |
Notes Receivable, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible Assets, Net, Fair Value Disclosure | 0 | |
Investments at cost, Fair Value Disclosure | 0 | |
Notes Receivable, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible Assets, Net, Fair Value Disclosure | 0 | |
Investments at cost, Fair Value Disclosure | 9,045 | |
Notes Receivable, Fair Value Disclosure | 0 | |
Other Offshore Marine Services Joint Ventures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Impairment Charges | 300 | |
Other Offshore Marine Services Joint Ventures [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 0 | |
Other Offshore Marine Services Joint Ventures [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 0 | |
Other Offshore Marine Services Joint Ventures [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Method Investments, Fair Value Disclosure | 0 | |
Liftboats [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Impairment Charges | 19,400 | |
Liftboats [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property and Equipment, Fair Value Disclosure | 0 | |
Liftboats [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property and Equipment, Fair Value Disclosure | 2,053 | |
Liftboats [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property and Equipment, Fair Value Disclosure | 62,830 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Impairment Charges | 1,900 | |
Cost-method Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Impairment Charges | $ 1,000 |
Stock Repurchases (Details)
Stock Repurchases (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($)shares | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 105.9 |
Restricted Stock [Member] | |
Treasury Stock, Shares, Acquired | shares | 47,455 |
Treasury Stock, Value, Acquired, Cost Method | $ 2.4 |
Noncontrolling Interests in S42
Noncontrolling Interests in Subsidiaries (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | $ 126,603 | $ 126,603 | $ 120,119 | ||
Net Income (Loss) | (50,933) | $ (8,501) | (71,457) | $ (26,402) | |
Net Income (Loss) Attributable to Noncontrolling Interest | $ 4,226 | $ (9,188) | $ 10,888 | (7,520) | |
Illinois Corn Processing LLC [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | 22,272 | ||||
Offshore Marine Services [Member] | Windcat Workboats Ltd. [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | |||
Noncontrolling interests in subsidiaries | $ 5,956 | $ 5,956 | 7,484 | ||
Assets, Net | 23,800 | 23,800 | |||
Net Income (Loss) | (3,300) | 3,600 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | (800) | ||||
Offshore Marine Services [Member] | Other Offshore Marine Services Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | 263 | 263 | 470 | ||
Inland River Services [Member] | Other Inland River Services Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | $ 951 | $ 951 | 1,146 | ||
Shipping Services [Member] | Sea-Vista [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | 49.00% | |||
Noncontrolling interests in subsidiaries | $ 98,906 | $ 98,906 | 88,290 | ||
Assets, Net | $ 201,800 | 201,800 | |||
Net Income (Loss) | $ 21,700 | (25,900) | |||
Illinois Corn Processing LLC [Member] | Illinois Corn Processing LLC [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | |||
Noncontrolling interests in subsidiaries | $ 20,374 | $ 20,374 | |||
Assets, Net | 67,900 | 67,900 | |||
Net Income (Loss) | 4,700 | 14,600 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,400 | $ 4,400 | |||
Other Segments [Member] | Other Noncontrolling Interests [Member] | |||||
Noncontrolling Interests in Subsidiaries [Line Items] | |||||
Noncontrolling interests in subsidiaries | $ 153 | $ 153 | $ 457 | ||
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 | 30.00% | 30.00% | |||
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% |
Multiemployer Pension Plans (De
Multiemployer Pension Plans (Details) $ in Millions | Sep. 30, 2015USD ($) |
American Maritime Officers Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and other postretirement benefit plans, withdrawal liability | $ 46.7 |
Share Based Compensation (Share
Share Based Compensation (Share Based Compensation Plans) (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2016shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Director stock awards granted | 1,625 |
Employee Stock Purchase Plan shares issued | 27,538 |
Restricted stock awards granted | 137,258 |
Restricted stock awards forfeited | 2,010 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Stock Options, Outstanding as of December 31, 2015 | 1,690,899 |
Stock Option, Granted | 108,642 |
Stock Option, Exercised | (49,618) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 18,760 |
Stock Option, Expired | (89,661) |
Stock Options, Outstanding as of June 30, 2016 | 1,641,502 |
Shares available for future grants and ESPP purchases as of June 30, 2016 | 599,935 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2013claim | Dec. 31, 2012claim | Dec. 31, 2011claim | Dec. 31, 2010claim | Jun. 30, 2016USD ($)equipment | |
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 142,304,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Second Years | 93,329,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Third Year | 41,603,000 | |||||
Unrecorded Unconditional Purchase Obligation Due in Fourth Year | 10,124,000 | |||||
Unrecorded Unconditional Purchase Obligation | $ 287,360,000 | |||||
Multi-district Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Claims Filed | claim | 1 | |||||
Loss Contingency, Number of Plaintiffs | 11 | |||||
Alexander Action [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 | |||||
Offshore Support Vessels Fast Support [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 9 | |||||
Offshore Support Vessels Supply [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | 0 | |||||
Wind Farm Utility Vessel [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 1 | |||||
U.S.-flag Product Tankers [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 2 | |||||
U.S. Flag Articulated Tug-Barge [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 1 | |||||
U.S.-flag Harbor Tugs [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 2 | |||||
Inland River Dry Cargo Barges [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | 50 | |||||
Inland River Towboats [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | equipment | 3 | |||||
Offshore Marine Services [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 33,033,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Second Years | 41,683,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Third Year | 41,603,000 | |||||
Unrecorded Unconditional Purchase Obligation Due in Fourth Year | 10,124,000 | |||||
Unrecorded Unconditional Purchase Obligation | 126,443,000 | |||||
Offshore Marine Services [Member] | Offshore Support Vessels Supply [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Contingent Upon a Third Party Option | $ 14,200,000 | |||||
Unrecorded Unconditional Purchase Obligation, Contingent Upon a Third Party Option, Maximum Quantity | 1 | |||||
Shipping Services [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | $ 82,825,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Second Years | 23,624,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Third Year | 0 | |||||
Unrecorded Unconditional Purchase Obligation Due in Fourth Year | 0 | |||||
Unrecorded Unconditional Purchase Obligation | 106,449,000 | |||||
Inland River Services [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 24,723,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Second Years | 28,022,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Third Year | 0 | |||||
Unrecorded Unconditional Purchase Obligation Due in Fourth Year | 0 | |||||
Unrecorded Unconditional Purchase Obligation | 52,745,000 | |||||
Illinois Corn Processing LLC [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 1,723,000 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Second Years | 0 | |||||
Unrecorded Unconditional Purchase Obligation, Due in Third Year | 0 | |||||
Unrecorded Unconditional Purchase Obligation Due in Fourth Year | 0 | |||||
Unrecorded Unconditional Purchase Obligation | $ 1,723,000 |
Segment Information (Operating
Segment Information (Operating Results, Capital Expenditures And Assets By Reportable Segments) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | $ 197,038,000 | $ 281,609,000 | $ 410,966,000 | $ 542,253,000 | ||
Costs and Expenses [Abstract] | ||||||
Administrative and general | 34,175,000 | 38,674,000 | 69,879,000 | 77,561,000 | ||
Depreciation and amortization | 31,361,000 | 32,079,000 | 62,350,000 | 63,509,000 | ||
Total costs and expenses | 209,418,000 | 278,496,000 | 433,579,000 | 547,961,000 | ||
Gains (Losses) on Asset Dispositions and Impairments, Net | (17,771,000) | 4,386,000 | (17,554,000) | (460,000) | ||
Operating Income (Loss) | (30,151,000) | 7,499,000 | (40,167,000) | (6,168,000) | ||
Other Income and Expenses [Abstract] | ||||||
Derivative gains (losses), net | (1,555,000) | 1,426,000 | 1,065,000 | (1,570,000) | ||
Foreign currency gains (losses), net | (22,000) | 2,436,000 | 15,000 | 443,000 | ||
Other, net | (7,652,000) | 4,433,000 | (7,384,000) | 4,389,000 | ||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (7,162,000) | 1,064,000 | (7,211,000) | 4,963,000 | ||
Loss Before Taxes and Equity Earnings | (69,530,000) | (9,410,000) | (104,836,000) | (43,164,000) | ||
Capital Expenditures | $ 204,100,000 | 204,074,000 | 132,128,000 | |||
Property, Plant and Equipment, Gross | 2,158,826,000 | 2,158,826,000 | $ 2,123,201,000 | |||
Accumulated depreciation | (997,214,000) | (997,214,000) | (994,181,000) | |||
Construction in progress | 402,090,000 | 402,090,000 | 454,605,000 | |||
Net property and equipment | 1,563,702,000 | 1,563,702,000 | 1,583,625,000 | |||
Inventories | 16,798,000 | 16,798,000 | 24,768,000 | |||
Goodwill | 52,394,000 | 52,394,000 | 52,340,000 | |||
Intangible Assets, Net | 24,116,000 | 24,116,000 | 26,392,000 | |||
Total assets | 3,001,317,000 | 3,164,867,000 | 3,001,317,000 | 3,164,867,000 | $ 3,185,419,000 | |
Offshore Marine Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 57,244,000 | 96,689,000 | 117,097,000 | 190,110,000 | ||
Inland River Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 33,399,000 | 60,543,000 | 72,427,000 | 116,379,000 | ||
Shipping Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 55,620,000 | 55,674,000 | 112,675,000 | 107,081,000 | ||
Illinois Corn Processing LLC [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 40,576,000 | 48,371,000 | 90,185,000 | 87,969,000 | ||
Other Income and Expenses [Abstract] | ||||||
Sales Revenue, Goods, Net | 84,900,000 | 82,300,000 | ||||
Cost of Goods Sold | 77,200,000 | 68,000,000 | ||||
Inventory, Raw Materials | 1,000,000 | 1,700,000 | 1,000,000 | 1,700,000 | ||
Inventory, Work in Process | 1,300,000 | 1,600,000 | 1,300,000 | 1,600,000 | ||
Other Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 10,199,000 | 20,332,000 | 18,582,000 | 40,714,000 | ||
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 | 197,038,000 | 281,609,000 | 410,966,000 | 542,253,000 | ||
Costs and Expenses [Abstract] | ||||||
Operating Expenses | 143,882,000 | 207,743,000 | 301,350,000 | 406,891,000 | ||
Administrative and general | 34,175,000 | 38,674,000 | 69,879,000 | 77,561,000 | ||
Depreciation and amortization | 31,361,000 | 32,079,000 | 62,350,000 | 63,509,000 | ||
Total costs and expenses | 209,418,000 | 278,496,000 | 433,579,000 | 547,961,000 | ||
Gains (Losses) on Asset Dispositions and Impairments, Net | (17,771,000) | 4,386,000 | (17,554,000) | (460,000) | ||
Operating Income (Loss) | (30,151,000) | 7,499,000 | (40,167,000) | (6,168,000) | ||
Other Income and Expenses [Abstract] | ||||||
Derivative gains (losses), net | (1,555,000) | 1,426,000 | 1,065,000 | (1,570,000) | ||
Foreign currency gains (losses), net | (22,000) | 2,436,000 | 15,000 | 443,000 | ||
Other, net | (7,652,000) | 4,433,000 | (7,384,000) | 4,389,000 | ||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (7,162,000) | 1,064,000 | (7,211,000) | 4,963,000 | ||
Capital Expenditures | 204,074,000 | 132,128,000 | ||||
Property, Plant and Equipment, Gross | 2,158,826,000 | 2,100,309,000 | 2,158,826,000 | 2,100,309,000 | ||
Accumulated depreciation | (997,214,000) | (954,931,000) | (997,214,000) | (954,931,000) | ||
Property, Plant and Equipment, Net In Service | 1,161,612,000 | 1,145,378,000 | 1,161,612,000 | 1,145,378,000 | ||
Construction in progress | 402,090,000 | 399,033,000 | 402,090,000 | 399,033,000 | ||
Net property and equipment | 1,563,702,000 | 1,544,411,000 | 1,563,702,000 | 1,544,411,000 | ||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 325,386,000 | 482,302,000 | 325,386,000 | 482,302,000 | ||
Inventories | 16,798,000 | 19,736,000 | 16,798,000 | 19,736,000 | ||
Goodwill | 52,394,000 | 62,686,000 | 52,394,000 | 62,686,000 | ||
Intangible Assets, Net | 24,116,000 | 30,742,000 | 24,116,000 | 30,742,000 | ||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 209,750,000 | 286,621,000 | 209,750,000 | 286,621,000 | ||
Operating Segments [Member] | Offshore Marine Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 57,271,000 | 96,715,000 | 117,150,000 | 190,171,000 | ||
Costs and Expenses [Abstract] | ||||||
Operating Expenses | 44,245,000 | 72,173,000 | 93,095,000 | 146,528,000 | ||
Administrative and general | 11,929,000 | 12,655,000 | 24,327,000 | 26,214,000 | ||
Depreciation and amortization | 15,254,000 | 15,692,000 | 30,092,000 | 31,058,000 | ||
Total costs and expenses | 71,428,000 | 100,520,000 | 147,514,000 | 203,800,000 | ||
Gains (Losses) on Asset Dispositions and Impairments, Net | (20,357,000) | 3,455,000 | (20,737,000) | (3,194,000) | ||
Operating Income (Loss) | (34,514,000) | (350,000) | (51,101,000) | (16,823,000) | ||
Other Income and Expenses [Abstract] | ||||||
Derivative gains (losses), net | 163,000 | 4,000 | 3,061,000 | (5,000) | ||
Foreign currency gains (losses), net | (819,000) | 1,907,000 | (2,379,000) | 1,890,000 | ||
Other, net | 0 | 43,000 | 265,000 | (103,000) | ||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (3,315,000) | 2,826,000 | (1,154,000) | 5,801,000 | ||
Segment Profit (Loss) | (38,485,000) | 4,430,000 | (51,308,000) | (9,240,000) | ||
Capital Expenditures | 45,840,000 | 53,118,000 | ||||
Property, Plant and Equipment, Gross | 1,098,914,000 | 1,072,937,000 | 1,098,914,000 | 1,072,937,000 | ||
Accumulated depreciation | (556,909,000) | (525,937,000) | (556,909,000) | (525,937,000) | ||
Property, Plant and Equipment, Net In Service | 542,005,000 | 547,000,000 | 542,005,000 | 547,000,000 | ||
Construction in progress | 101,914,000 | 103,992,000 | 101,914,000 | 103,992,000 | ||
Net property and equipment | 643,919,000 | 650,992,000 | 643,919,000 | 650,992,000 | ||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 130,034,000 | 126,601,000 | 130,034,000 | 126,601,000 | ||
Inventories | 3,219,000 | 5,583,000 | 3,219,000 | 5,583,000 | ||
Goodwill | 0 | 13,367,000 | 0 | 13,367,000 | ||
Intangible Assets, Net | 0 | 1,113,000 | 0 | 1,113,000 | ||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 98,456,000 | 103,444,000 | 98,456,000 | 103,444,000 | ||
Total assets | 875,628,000 | 901,100,000 | 875,628,000 | 901,100,000 | ||
Operating Segments [Member] | Inland River Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 33,814,000 | 61,150,000 | 73,428,000 | 117,757,000 | ||
Costs and Expenses [Abstract] | ||||||
Operating Expenses | 27,446,000 | 48,556,000 | 57,564,000 | 90,069,000 | ||
Administrative and general | 3,777,000 | 3,765,000 | 7,689,000 | 7,649,000 | ||
Depreciation and amortization | 6,254,000 | 7,362,000 | 13,391,000 | 14,251,000 | ||
Total costs and expenses | 37,477,000 | 59,683,000 | 78,644,000 | 111,969,000 | ||
Gains (Losses) on Asset Dispositions and Impairments, Net | 2,580,000 | 1,166,000 | 3,185,000 | 2,969,000 | ||
Operating Income (Loss) | (1,083,000) | 2,633,000 | (2,031,000) | 8,757,000 | ||
Other Income and Expenses [Abstract] | ||||||
Derivative gains (losses), net | 0 | 177,000 | 0 | 259,000 | ||
Foreign currency gains (losses), net | 1,018,000 | 208,000 | 2,455,000 | (913,000) | ||
Other, net | (4,000) | 0 | (4,000) | 0 | ||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (1,677,000) | (3,717,000) | (4,455,000) | (3,991,000) | ||
Segment Profit (Loss) | (1,746,000) | (699,000) | (4,035,000) | 4,112,000 | ||
Capital Expenditures | 7,705,000 | 12,702,000 | ||||
Property, Plant and Equipment, Gross | 386,216,000 | 492,508,000 | 386,216,000 | 492,508,000 | ||
Accumulated depreciation | (154,893,000) | (169,677,000) | (154,893,000) | (169,677,000) | ||
Property, Plant and Equipment, Net In Service | 231,323,000 | 322,831,000 | 231,323,000 | 322,831,000 | ||
Construction in progress | 7,663,000 | 27,352,000 | 7,663,000 | 27,352,000 | ||
Net property and equipment | 238,986,000 | 350,183,000 | 238,986,000 | 350,183,000 | ||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 79,154,000 | 100,700,000 | 79,154,000 | 100,700,000 | ||
Inventories | 1,824,000 | 2,085,000 | 1,824,000 | 2,085,000 | ||
Goodwill | 2,418,000 | 2,500,000 | 2,418,000 | 2,500,000 | ||
Intangible Assets, Net | 5,521,000 | 6,461,000 | 5,521,000 | 6,461,000 | ||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 45,428,000 | 70,975,000 | 45,428,000 | 70,975,000 | ||
Total assets | 373,331,000 | 532,904,000 | 373,331,000 | 532,904,000 | ||
Operating Segments [Member] | Shipping Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 55,620,000 | 55,674,000 | 112,675,000 | 107,081,000 | ||
Costs and Expenses [Abstract] | ||||||
Operating Expenses | 30,269,000 | 36,124,000 | 57,503,000 | 73,255,000 | ||
Administrative and general | 7,337,000 | 6,676,000 | 14,255,000 | 12,965,000 | ||
Depreciation and amortization | 7,415,000 | 6,611,000 | 13,977,000 | 13,346,000 | ||
Total costs and expenses | 45,021,000 | 49,411,000 | 85,735,000 | 99,566,000 | ||
Gains (Losses) on Asset Dispositions and Impairments, Net | 6,000 | 0 | 0 | 0 | ||
Operating Income (Loss) | 10,605,000 | 6,263,000 | 26,940,000 | 7,515,000 | ||
Other Income and Expenses [Abstract] | ||||||
Derivative gains (losses), net | 0 | 0 | 0 | 0 | ||
Foreign currency gains (losses), net | (6,000) | 9,000 | (9,000) | (3,000) | ||
Other, net | (928,000) | 187,000 | (927,000) | 216,000 | ||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (1,591,000) | 2,363,000 | (1,565,000) | 3,504,000 | ||
Segment Profit (Loss) | 8,080,000 | 8,822,000 | 24,439,000 | 11,232,000 | ||
Capital Expenditures | 148,410,000 | 63,421,000 | ||||
Property, Plant and Equipment, Gross | 588,649,000 | 454,076,000 | 588,649,000 | 454,076,000 | ||
Accumulated depreciation | (244,910,000) | (226,127,000) | (244,910,000) | (226,127,000) | ||
Property, Plant and Equipment, Net In Service | 343,739,000 | 227,949,000 | 343,739,000 | 227,949,000 | ||
Construction in progress | 290,582,000 | 264,191,000 | 290,582,000 | 264,191,000 | ||
Net property and equipment | 634,321,000 | 492,140,000 | 634,321,000 | 492,140,000 | ||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 56,385,000 | 206,889,000 | 56,385,000 | 206,889,000 | ||
Inventories | 799,000 | 878,000 | 799,000 | 878,000 | ||
Goodwill | 1,852,000 | 1,852,000 | 1,852,000 | 1,852,000 | ||
Intangible Assets, Net | 0 | 0 | 0 | 0 | ||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 27,477,000 | 29,241,000 | 27,477,000 | 29,241,000 | ||
Total assets | 720,834,000 | 731,000,000 | 720,834,000 | 731,000,000 | ||
Operating Segments [Member] | Illinois Corn Processing LLC [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 40,576,000 | 48,371,000 | 90,185,000 | 87,969,000 | ||
Costs and Expenses [Abstract] | ||||||
Operating Expenses | 36,153,000 | 40,588,000 | 82,442,000 | 73,706,000 | ||
Administrative and general | 912,000 | 509,000 | 1,568,000 | 1,071,000 | ||
Depreciation and amortization | 1,064,000 | 979,000 | 2,117,000 | 1,959,000 | ||
Total costs and expenses | 38,129,000 | 42,076,000 | 86,127,000 | 76,736,000 | ||
Gains (Losses) on Asset Dispositions and Impairments, Net | 0 | 0 | 0 | 0 | ||
Operating Income (Loss) | 2,447,000 | 6,295,000 | 4,058,000 | 11,233,000 | ||
Other Income and Expenses [Abstract] | ||||||
Derivative gains (losses), net | 856,000 | 50,000 | 669,000 | (778,000) | ||
Foreign currency gains (losses), net | 0 | 0 | 0 | 0 | ||
Other, net | 0 | 4,112,000 | 0 | 4,112,000 | ||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 0 | 0 | 0 | 0 | ||
Segment Profit (Loss) | 3,303,000 | 10,457,000 | 4,727,000 | 14,567,000 | ||
Capital Expenditures | 2,244,000 | 2,519,000 | ||||
Property, Plant and Equipment, Gross | 51,475,000 | 47,256,000 | 51,475,000 | 47,256,000 | ||
Accumulated depreciation | (21,507,000) | (17,447,000) | (21,507,000) | (17,447,000) | ||
Property, Plant and Equipment, Net In Service | 29,968,000 | 29,809,000 | 29,968,000 | 29,809,000 | ||
Construction in progress | 3,455,000 | 3,237,000 | 3,455,000 | 3,237,000 | ||
Net property and equipment | 33,423,000 | 33,046,000 | 33,423,000 | 33,046,000 | ||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 0 | 0 | 0 | 0 | ||
Inventories | 10,857,000 | 11,190,000 | 10,857,000 | 11,190,000 | ||
Goodwill | 0 | 0 | 0 | 0 | ||
Intangible Assets, Net | 0 | 0 | 0 | 0 | ||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 11,642,000 | 10,086,000 | 11,642,000 | 10,086,000 | ||
Total assets | 55,922,000 | 54,322,000 | 55,922,000 | 54,322,000 | ||
Operating Segments [Member] | Other Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 10,261,000 | 20,337,000 | 18,680,000 | 40,789,000 | ||
Costs and Expenses [Abstract] | ||||||
Operating Expenses | 6,427,000 | 11,103,000 | 12,232,000 | 24,933,000 | ||
Administrative and general | 3,649,000 | 6,617,000 | 7,872,000 | 13,753,000 | ||
Depreciation and amortization | 448,000 | 489,000 | 903,000 | 989,000 | ||
Total costs and expenses | 10,524,000 | 18,209,000 | 21,007,000 | 39,675,000 | ||
Gains (Losses) on Asset Dispositions and Impairments, Net | 0 | (235,000) | (2,000) | (235,000) | ||
Operating Income (Loss) | (263,000) | 1,893,000 | (2,329,000) | 879,000 | ||
Other Income and Expenses [Abstract] | ||||||
Derivative gains (losses), net | 0 | 304,000 | 0 | (472,000) | ||
Foreign currency gains (losses), net | (73,000) | 36,000 | (100,000) | (4,000) | ||
Other, net | (6,723,000) | 40,000 | (6,723,000) | 48,000 | ||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (579,000) | (408,000) | (37,000) | (351,000) | ||
Segment Profit (Loss) | (7,638,000) | 1,865,000 | (9,189,000) | 100,000 | ||
Capital Expenditures | 0 | 26,000 | ||||
Property, Plant and Equipment, Gross | 2,861,000 | 3,146,000 | 2,861,000 | 3,146,000 | ||
Accumulated depreciation | (2,476,000) | (2,901,000) | (2,476,000) | (2,901,000) | ||
Property, Plant and Equipment, Net In Service | 385,000 | 245,000 | 385,000 | 245,000 | ||
Construction in progress | 0 | 0 | 0 | 0 | ||
Net property and equipment | 385,000 | 245,000 | 385,000 | 245,000 | ||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 59,813,000 | 48,112,000 | 59,813,000 | 48,112,000 | ||
Inventories | 99,000 | 0 | 99,000 | 0 | ||
Goodwill | 48,124,000 | 44,967,000 | 48,124,000 | 44,967,000 | ||
Intangible Assets, Net | 18,595,000 | 23,168,000 | 18,595,000 | 23,168,000 | ||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 22,944,000 | 61,592,000 | 22,944,000 | 61,592,000 | ||
Total assets | 149,960,000 | 178,084,000 | 149,960,000 | 178,084,000 | ||
Operating Segments [Member] | Corporate And Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | (504,000) | (638,000) | (1,152,000) | (1,514,000) | ||
Costs and Expenses [Abstract] | ||||||
Operating Expenses | (658,000) | (801,000) | (1,486,000) | (1,600,000) | ||
Administrative and general | 6,571,000 | 8,452,000 | 14,168,000 | 15,909,000 | ||
Depreciation and amortization | 926,000 | 946,000 | 1,870,000 | 1,906,000 | ||
Total costs and expenses | 6,839,000 | 8,597,000 | 14,552,000 | 16,215,000 | ||
Gains (Losses) on Asset Dispositions and Impairments, Net | 0 | 0 | 0 | 0 | ||
Operating Income (Loss) | (7,343,000) | (9,235,000) | (15,704,000) | (17,729,000) | ||
Other Income and Expenses [Abstract] | ||||||
Derivative gains (losses), net | (2,574,000) | 891,000 | (2,665,000) | (574,000) | ||
Foreign currency gains (losses), net | (142,000) | 276,000 | 48,000 | (527,000) | ||
Other, net | 3,000 | 51,000 | 5,000 | 116,000 | ||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 0 | 0 | 0 | 0 | ||
Capital Expenditures | (125,000) | 342,000 | ||||
Property, Plant and Equipment, Gross | 30,711,000 | 30,386,000 | 30,711,000 | 30,386,000 | ||
Accumulated depreciation | (16,519,000) | (12,842,000) | (16,519,000) | (12,842,000) | ||
Property, Plant and Equipment, Net In Service | 14,192,000 | 17,544,000 | 14,192,000 | 17,544,000 | ||
Construction in progress | (1,524,000) | 261,000 | (1,524,000) | 261,000 | ||
Net property and equipment | 12,668,000 | 17,805,000 | 12,668,000 | 17,805,000 | ||
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 | 3,803,000 | 11,283,000 | 3,803,000 | 11,283,000 | ||
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 | (27,000) | 26,000 | (53,000) | 61,000 | ||
Intersegment Eliminations [Member] | Inland River Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | (415,000) | 607,000 | (1,001,000) | 1,378,000 | ||
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 | (62,000) | 5,000 | (98,000) | 75,000 | ||
Intersegment Eliminations [Member] | Corporate And Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 504,000 | (638,000) | 1,152,000 | (1,514,000) | ||
Segment Reconciling Items [Member] | ||||||
Other Income and Expenses [Abstract] | ||||||
Other Income (Expense) not included in Segment Profit (Loss) | 30,150,000 | 25,204,000 | 58,365,000 | 40,258,000 | ||
Less Equity Earnings included in Segment Profit (Loss) | 7,162,000 | (1,064,000) | 7,211,000 | (4,963,000) | ||
Cash And Near Cash Assets | $ 809,171,000 | $ 738,369,000 | $ 809,171,000 | $ 738,369,000 |