| Nature Of Operations And Accounting Policies | 1. NATURE OF OPERATIONS AND ACCOUNTING POLICIES Nature of Operations and Segmentation. SEACOR Holdings Inc. (“SEACOR”) and its subsidiaries (collectively referred to as the “Company”) are a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy. Accounting standards require public business enterprises to report information about each of their operating business segments that exceed certain quantitative thresholds or meet certain other reporting requirements. Operating business segments have been defined as a component of an enterprise about which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has identified the following reporting segments: Ocean Transportation & Logistics Services (“Ocean Services”). Ocean Services owns and operates a diversified fleet of marine transportation, towing and bunkering assets, including U.S. coastwise eligible vessels and vessels trading internationally. Ocean Services has a 51% controlling interest in certain subsidiaries (collectively “SEA-Vista”) that operate U.S.-flag petroleum and chemical carriers servicing the U.S. coastwise crude oil, petroleum products and chemical trades. Ocean Services has a wholly owned harbor and offshore towing subsidiary assisting deep-sea vessels docking in U.S. Gulf and East Coast ports, providing ocean towing services between U.S. ports and providing oil terminal support and bunkering operations in St. Eustatius and the Bahamas. Additional services include U.S. coastwise trading dry bulk vessels, U.S.-flag Pure Car/Truck Carriers (“PCTCs”) operating globally under the U.S. Maritime Security Program (“MSP”) and liner, short-sea, rail car and project cargo transportation and logistics solutions to and from ports in the Southeastern United States, the Caribbean (including Puerto Rico), the Bahamas and Mexico. Ocean Services also provides technical ship management services for third-party vessel owners. Ocean Services contributed 61% , 52% and 44% of consolidated operating revenues in 2017 , 2016 and 2015 , respectively. Inland Transportation & Logistics Services (“Inland Services”). Inland Services markets and operates domestic river transportation equipment, and owns fleeting and high-speed multi-modal terminal locations adjacent to and along the U.S. Inland waterways, at this time primarily in the St. Louis and Memphis areas. Inland Services operates under the SCF name. SCF’s barges are primarily used for moving agricultural and industrial commodities and containers on the U.S. Inland Waterways, the Mississippi River, Illinois River, Tennessee River, Ohio River and their tributaries and the Gulf Intracoastal Waterways. Internationally, Inland Services also owns liquid tank barges that operate on the Magdalena River in Colombia. These barges primarily transport petroleum products. Inland Services also has a 50% interest in dry-cargo barge operations on the Parana-Paraguay River Waterways in Brazil, Bolivia, Paraguay, Argentina and Uruguay primarily transporting agricultural and industrial commodities. Inland Services contributed 30% , 38% and 44% of consolidated operating revenues in 2017 , 2016 and 2015 , respectively. Witt O’Brien’s. Witt O’Brien’s provides resilience solutions for the public and private sectors. Witt O’Brien’s protects and enhances its customers’ enterprise value by strengthening their ability to prepare for, respond to and recover from natural and man-made disasters, including hurricanes, infectious disease, terrorism, cyber breaches, oil spills, shipping incidents and other disruptions. Witt O’Brien’s contributed 9% , 10% and 10% of consolidated operating revenues in 2017 , 2016 and 2015 , respectively. Other. The Company also has activities that are referred to and described under Other, which primarily include lending and leasing activities and noncontrolling investments in various other businesses, primarily sales, storage, and maintenance support for general aviation in Asia and an agricultural commodity trading and logistics business that is primarily focused on the global origination, and trading and merchandising of sugar. Discontinued Operations. The Company reports the historical financial position, results of operations and cash flows of disposed businesses as discontinued operations when it has no continuing interest in the business. On June 1, 2017, the Company completed the spin-off of SEACOR Marine Holdings Inc. (“SEACOR Marine”), the company that operated SEACOR’s Offshore Marine Services business segment (the “Spin-off”), by means of a dividend of all the issued and outstanding common stock of SEACOR Marine to SEACOR’s shareholders. SEACOR Marine is now an independent company whose common stock is listed on the New York Stock Exchange under the symbol “SMHI.” For all periods presented herein, the Company has reported the historical financial position, results of operations and cash flows of SEACOR Marine as discontinued operations (see Note 18). On July 3, 2017, the Company completed the sale of its 70% interest in Illinois Corn Processing LLC (“ICP”), the company that operated SEACOR’s Illinois Corn Processing business segment. The Company received $21.0 million in cash and a note from the buyer for $32.8 million , after working capital adjustments, resulting in a gain of $10.9 million , net of tax. On September 15, 2017, the Company received payment of the outstanding balance of the note, including accrued and unpaid interest. For all periods presented herein, the Company has reported the historical financial position, results of operations and cash flows of ICP as discontinued operations (see Note 18). Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolled equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon a change in control, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized based on such fair value. The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company’s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings or losses from investments in 50% or less owned companies in the accompanying consolidated statements of income (loss) as equity in earnings (losses) of 50% or less owned companies, net of tax. The Company employs the cost method of accounting for investments in 50% or less owned companies it does not control or exercise significant influence. These investments in private companies are carried at cost and are adjusted only for capital distributions and other-than-temporary declines in fair value. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to allowance for doubtful accounts, useful lives of property and equipment, impairments, income tax provisions and certain accrued liabilities. Actual results could differ from those estimates and those differences may be material. 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. The Company’s Ocean Services segment earns revenue from the time charter, bareboat charter and voyage charter of vessels, contracts of affreightment, ship assist services, transporting third party freight and ship management agreements with vessel owners. Under a time charter, Ocean Services provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, Ocean Services provides the vessel to a customer and the customer assumes responsibility for all operating expenses and risk of operation. Revenues from time charters and bareboat charters are recognized as services are provided on a per day basis. Voyage charters are contracts to carry cargoes on a single voyage basis regardless of time to complete. Contracts of affreightment are contracts for cargoes that are committed on a multi-voyage basis for various periods of time with minimum and maximum cargo tonnages specified over the period at a fixed or escalating rate per ton. The Company’s PCTCs participate in the MSP, whereby the Company receives a stipend to offset the higher cost of U.S. crews and operating standards required for U.S.-flag vessels. Revenues from the MSP program are recognized on a per day basis. Revenues for voyage charters and contracts of affreightment are recognized over the progress of the voyage while the related costs are expensed as incurred. Ship assist services are provided by the Company’s harbor towing fleet to dock and undock vessels in various ports in the U.S. Gulf of Mexico and Atlantic Coast. Revenues from ship assist services are recognized as the services are performed. Revenues from transporting freight are recognized as third party freight is transported to various destinations, typically determined by a tariff based on weight and voyage length, which is typically less than 30 days. Ship management agreements typically provide for technical services over a specified period of time, typically a year or more. Revenues from ship management agreements are recognized ratably over the service period. The Company’s Inland Services segment earns and recognizes revenues primarily from the time charter and bareboat charter of equipment to customers and from voyage affreightment contracts whereby customers are charged an established rate per ton to transport cargo from point-to-point. Under a time charter, Inland Services provides equipment to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, Inland Services provides the equipment to the customer and the customer assumes responsibility for all operating expenses and risk of operation. These charters typically range from one to six years and revenues from these charters are recognized as services are provided on a per day basis. Revenues from voyage affreightment contracts are generally recognized over the progress of the voyage while the related costs are expensed as incurred. Certain of Inland Services’ barges are operated in barge pools with other barges owned by third parties from whom Inland Services earns and recognizes a management fee as the services are rendered. Pursuant to the pooling agreements, operating revenues and expenses of participating barges are combined and the net results are allocated on a pro-rata basis based on the number of barge days contributed by each participant. In addition, revenues are earned from equipment chartered to third parties and from the storage and demurrage of cargoes associated with affreightment activities. In both of these cases, revenues are recognized as services are rendered. Inland Services’ tank farm and handling facility earns revenues through rental and throughput charges. Rental revenues are recognized ratably over the rental period while throughput charges are recognized as product volume moves through the facility. Witt O’Brien’s earns revenues primarily from emergency response and debris management incidents, retainer and consulting services. Emergency response and debris management revenues are recognized as services are provided. Revenues from short-term remediation services and longer term customer staff augmentation services for remediation and claims management are dependent on the magnitude and number of incidents. Retainer agreements with vessel and facility owners and operators generally have evergreen terms and are typically invoiced on an annual basis. Such retainer fees are generally recognized ratably over the term of the coverage period. Consulting services are performed in accordance with retainer agreements or specific contract terms. Revenues are recognized based on contractual terms, generally on a time and material basis with revenues recognized as the services are provided or on a fixed fee basis with revenues and expenses recognized upon completion of the contract or specific task. Cash Equivalents. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of U.S treasury securities, money market instruments, time deposits and overnight investments. Restricted Cash. Restricted cash primarily relates to cash collateral for letters of credit and banking facility requirements. Marketable Securities. Marketable equity securities with readily determinable fair values and debt securities are reported in the accompanying consolidated balance sheets as marketable securities. These investments are stated at fair value, as determined by their market observable prices, with both realized and unrealized gains and losses reported in the accompanying consolidated statements of income (loss) as marketable security gains (losses), net. Short sales of marketable securities are stated at fair value in the accompanying consolidated balance sheets with both realized and unrealized gains and losses reported in the accompanying consolidated statements of income (loss) as marketable security gains (losses), net. Long and short marketable security positions are primarily in energy, marine, transportation and other related businesses. Marketable securities are classified as trading securities for financial reporting purposes with gains and losses reported as operating activities in the accompanying consolidated statements of cash flows. The Company’s most significant marketable security position is its investment in 5,200,000 shares of Dorian LPG Ltd. (“Dorian”), a publicly traded company listed on the New York Stock Exchange under the symbol “LPG” (see Notes 4 and 11). Dorian’s closing share price was $8.22 and $8.21 as of December 31, 2017 and 2016, respectively. The Company’s cost basis in Dorian is $13.66 per share. Trade Receivables. Customers of Ocean Services are primarily multinational oil companies, refining companies, oil trading companies, large industrial consumers of crude, petroleum and chemicals, trading houses, pools, major automobile manufacturers and shippers, the U.S. Government and regional power utilities. Customers of Inland Services are primarily major agricultural companies, fertilizer companies, trading companies and industrial companies. Customers of Witt O’Brien’s are primarily governments, energy companies, ship managers and owners, healthcare providers, universities and school systems. Customers of the Company’s other business activities primarily include industrial companies and distributors. All customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company routinely reviews its trade receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. Other Receivables. Other receivables primarily consists of income tax and insurance claim receivables. Other receivables also includes amounts due from certain of the Company’s 50% or less owned companies for working capital in excess of working capital advances, which are typically settled monthly in arrears. Derivative Instruments. The Company accounts for derivatives through the use of a fair value concept whereby all of the Company’s derivative positions are stated at fair value in the accompanying consolidated balance sheets. Realized and unrealized gains and losses on derivatives not designated as hedges are reported in the accompanying consolidated statements of income (loss) as derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as fair value hedges are recognized as corresponding increases or decreases in the fair value of the underlying hedged item to the extent they are effective, with any ineffective portion reported in the accompanying consolidated statements of income (loss) as derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as cash flow hedges are reported as a component of other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective and reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings. Any ineffective portions of cash flow hedges are reported in the accompanying consolidated statements of income (loss) as derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as cash flow hedges that are entered into by the Company’s 50% or less owned companies are also reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage, with reclassifications and ineffective portions being included in equity in earnings (losses) of 50% or less owned companies, net of tax, in the accompanying consolidated statements of income (loss). Concentrations of Credit Risk. The Company is exposed to concentrations of credit risk associated with its cash and cash equivalents, construction reserve funds and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance of its significant counterparties. The Company is also exposed to concentrations of credit risk relating to its receivables due from customers in the industries described above. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material. Inventories. Inventories are stated at the lower of cost (using the first-in, first-out and average cost methods) or market. Inventories consist primarily of fuel and fuel oil consumed by the Company’s vessels in its Ocean Services and Inland Services business segments. The Company records write-downs, as needed, to adjust the carrying amount of inventories to the lower of cost or market. During the years ended December 31, 2017 , 2016 and 2015 , the Company had no market write-downs of inventory. 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 typically based upon a newly built asset being placed into service and represents the point at 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 December 31, 2017 , the estimated useful life (in years) of each of the Company’s major classes of new equipment was as follows: Petroleum and chemical carriers - U.S.-flag 25 Harbor and offshore tugs 25 Ocean liquid tank barges 25 Short-sea container/RORO (1) vessels 20 Dry bulk carriers - U.S.-flag 25 Inland river dry-cargo and specialty barges 20 Inland river liquid tank barges 25 Inland river towboats and harbor boats 25 Terminal and fleeting facilities 20 ______________________ (1) Roll On/Roll Off. The Company’s major classes of property and equipment as of December 31 were as follows (in thousands): Historical Cost (1) Accumulated Depreciation Net Book Value 2017 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 652,985 $ (215,057 ) $ 437,928 Harbor and offshore tugs - U.S.-flag 84,155 (38,984 ) 45,171 Harbor tugs - Foreign-flag 45,338 (11,575 ) 33,763 Ocean liquid tank barges - U.S.-flag 39,238 (13,126 ) 26,112 Short-sea container/RORO - Foreign-flag 20,954 (8,178 ) 12,776 Bulk carriers - U.S.-flag 13,000 (4,733 ) 8,267 Other (2) 19,420 (7,875 ) 11,545 875,090 (299,528 ) 575,562 Inland Services: Dry-cargo barges 233,734 (101,087 ) 132,647 Specialty barges 10,648 (4,928 ) 5,720 Liquid tank barges 21,802 (2,684 ) 19,118 Towboats 44,555 (1,765 ) 42,790 Harbor boats 18,158 (6,956 ) 11,202 Terminal and fleeting facilities 95,926 (55,899 ) 40,027 Other (2) 20,470 (8,254 ) 12,216 445,293 (181,573 ) 263,720 Witt O’Brien’s: Other (2) 1,227 (938 ) 289 Corporate and Eliminations: Other (2) 30,131 (20,505 ) 9,626 $ 1,351,741 $ (502,544 ) $ 849,197 ______________________ (1) Includes property and equipment acquired in business acquisitions at acquisition date fair value. (2) Includes land and buildings, leasehold improvements, fixed-wing aircraft, vehicles and other property and equipment. Historical Cost (1) Accumulated Depreciation Net Book Value 2016 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 546,019 $ (189,536 ) $ 356,483 Harbor and offshore tugs - U.S.-flag 72,877 (34,606 ) 38,271 Harbor tugs - Foreign-flag 29,689 (9,480 ) 20,209 Ocean liquid tank barges - U.S.-flag 39,238 (11,604 ) 27,634 Short-sea container/RORO - Foreign-flag 20,954 (6,774 ) 14,180 Other (2) 18,825 (6,004 ) 12,821 727,602 (258,004 ) 469,598 Inland Services: Dry-cargo barges 246,237 (97,602 ) 148,635 Specialty barges 12,292 (4,869 ) 7,423 Liquid tank barges 16,114 (1,982 ) 14,132 Towboats 14,675 (1,320 ) 13,355 Harbor boats 17,338 (5,715 ) 11,623 Terminal and fleeting facilities 94,913 (48,981 ) 45,932 Other (2) 18,145 (6,658 ) 11,487 419,714 (167,127 ) 252,587 Witt O’Brien’s: Other (2) 1,559 (1,244 ) 315 Corporate and Eliminations: Other (2) 29,681 (18,184 ) 11,497 $ 1,178,556 $ (444,559 ) $ 733,997 ______________________ (1) Includes property and equipment acquired in business acquisitions at acquisition date fair value. (2) Includes land and buildings, leasehold improvements, fixed-wing aircraft, vehicles and other property and equipment. Depreciation expense totaled $72.1 million , $60.2 million and $58.1 million in 2017 , 2016 and 2015 , respectively. Equipment maintenance and repair costs and the costs of routine overhauls, dry-dockings 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. Capitalized interest totaled $2.7 million , $11.5 million and $14.1 million in 2017 , 2016 and 2015 , respectively. Intangible Assets. The Company’s intangible assets primarily arose from business acquisitions (see Note 2) and consist of trademarks and tradenames, customer relationships, software and technology, and acquired contractual rights. These intangible assets are amortized over their estimated useful lives ranging from two to ten years. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized amortization expense of $2.9 million , $2.4 million and $2.2 million , respectively. The Company’s intangible assets by type were as follows (in thousands): Trademark/ Tradenames Customer Relationships Software/ Technology Acquired Contractual Rights Total Gross Carrying Value Year Ended December 31, 2015 $ 4,920 $ 22,211 $ 1,652 $ 2,907 $ 31,690 Acquired intangible assets — 1,598 — 5,500 7,098 Foreign currency translation — — — 9 9 Impairment of intangible assets (1,596 ) (7,142 ) (1,220 ) — (9,958 ) Fully amortized intangible assets — (1,302 ) (432 ) — (1,734 ) Year Ended December 31, 2016 3,324 15,365 — 8,416 27,105 Acquired intangible assets — — — 10,957 10,957 Foreign currency translation — — — 2 2 Fully amortized intangible assets — — — (1,017 ) (1,017 ) Year Ended December 31, 2017 $ 3,324 $ 15,365 $ — $ 18,358 $ 37,047 Accumulated Amortization Year Ended December 31, 2015 $ (1,316 ) $ (3,545 ) $ (288 ) $ (1,198 ) $ (6,347 ) Amortization expense (332 ) (1,624 ) (144 ) (314 ) (2,414 ) Fully amortized intangible assets — 1,302 432 — 1,734 Year Ended December 31, 2016 (1,648 ) (3,867 ) — (1,512 ) (7,027 ) Amortization expense (332 ) (1,279 ) — (1,320 ) (2,931 ) Fully amortized intangible assets — — — 1,017 1,017 Year Ended December 31, 2017 $ (1,980 ) $ (5,146 ) $ — $ (1,815 ) $ (8,941 ) Weighted average remaining contractual life, in years 4.0 8.8 0.0 9.0 8.7 Future amortization expense of intangible assets for each of the years ended December 31 is as follows (in thousands): 2018 $ 3,555 2019 3,555 2020 3,555 2021 3,571 2022 2,866 Years subsequent to 2022 11,004 $ 28,106 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 extent or 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 values of the assets are not recoverable, as determined by the estimated undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value. The Company performs its testing on an asset or asset group basis. Generally, fair value is determined using valuation techniques, such as expected discounted cash flows or appraisals, as appropriate. During the years ended December 31, 2017 and 2016 , the Company recognized impairment charges of $0.4 million and $1.1 million , respectively, related to property and equipment held for use, which is included in gains (losses) on asset dispositions and impairments, net in the accompanying consolidated statements of income (loss). During the year ended December 31, 2015 , the Company did not recognize any impairment charges related to its property and equipment held for use. In October 2016, Witt O’Brien’s announced the launch of a strategic growth program to focus on core services by eliminating non-core and lower margin businesses. Witt O’Brien’s core services include providing resilience solutions for key areas of critical infrastructure, including, but not limited to, government, energy, transportation, healthcare and education, in the United States and abroad. Witt O’Brien’s protects and enhances its customers’ enterprise value by strengthening their ability to prepare for, respond to and recover from natural and man-made disasters, including hurricanes, infectious disease, terrorism, cyber breaches, oil spills, shipping incidents and other disruptions. The operations scheduled for elimination include a governmental relations unit, the Company’s European (primarily United Kingdom) operations, software products and an insurance unit. As a consequence of the restructuring, during the year ended December 31, 2016, Witt O’Brien’s recorded impairment charges of $10.0 million to write off the carrying value of customer related intangible assets associated with the non-core service lines that were eliminated. 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 carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the year ended December 31, 2017 , the Company did not recognize any impairment charges related to its 50% or less owned companies. During the years ended December 31, 2016 and 2015 , the Company recognized impairment charges of $7.7 million and $21.5 million , respectively, related to its 50% or less owned companies, which are included in equity in earnings (losses) of 50% or less owned companies, net of tax in the accompanying consolidated statements of income (loss) (see Note 4). Goodwill. Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. As of December 31, 2017 , substantially all of the Company’s goodwill is related to Witt O’Brien’s. The Company performs an annual impairment test of goodwill on October 1 of each year and further periodic tests to the extent indicators of impairment develop between annual impairment tests. The Company’s impairment review process compares the fair value of the reporting unit to its carrying value, including the goodwill, related to the reporting unit. To determine the fair value |
