Document Cover (Details)
Document Cover (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-12289 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3542736 | ||
Entity Address, Address Line One | 2200 Eller Drive, P.O. Box 13038 | ||
Entity Address, City or Town | Fort Lauderdale | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33316 | ||
City Area Code | 954 | ||
Local Phone Number | 523-2200 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | CKH | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 821,127,160 | ||
Entity Common Stock, Shares Outstanding | 20,179,162 | ||
Entity Registrant Name | SEACOR HOLDINGS INC /NEW/ | ||
Entity Central Index Key | 0000859598 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Document Cover
Document Cover | 12 Months Ended |
Dec. 31, 2019 | |
Cover page. | |
Documents Incorporated by Reference | Portions of the Registrant’s definitive proxy statement for its 2020 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to Regulation 14A within 120 days after the end of the Registrant’s last fiscal year is incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 77,222 | $ 144,221 |
Restricted cash and restricted cash equivalents | 1,222 | 2,991 |
Marketable securities | 7,936 | 30,316 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $2,871 and $3,481 in 2019 and 2018, respectively | 194,022 | 171,828 |
Trade receivables, allowance for doubtful accounts | 2,871 | 3,481 |
Other | 38,881 | 38,881 |
Inventories | 5,255 | 4,530 |
Prepaid expenses and other | 6,971 | 5,382 |
Total current assets | 331,509 | 398,149 |
Property and Equipment: | ||
Historical cost | 1,442,382 | 1,407,329 |
Accumulated depreciation | (624,024) | (560,819) |
Net property and equipment | 818,358 | 846,510 |
Operating Lease Right-of-Use Assets | 144,539 | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 157,108 | 156,886 |
Construction Reserve Funds | 0 | 3,908 |
Goodwill | 32,701 | 32,708 |
Intangible Assets, Net | 20,996 | 24,551 |
Other Assets | 7,761 | 8,312 |
Total Assets | 1,512,972 | 1,471,024 |
Current Liabilities: | ||
Current portion of long-term debt | 58,854 | 8,497 |
Current portion of long-term operating lease liabilities | 36,011 | |
Accounts payable and accrued expenses | 57,595 | 59,607 |
Accrued wages and benefits | 20,730 | 21,203 |
Accrued interest | 1,030 | 1,184 |
Accrued capital, repair and maintenance expenditures | 3,213 | 3,254 |
Other current liabilities | 32,528 | 30,018 |
Total current liabilities | 209,961 | 123,763 |
Long-Term Debt | 255,612 | 346,128 |
Long-term operating lease liabilities | 108,295 | |
Deferred Income Taxes | 105,661 | 94,420 |
Deferred Gains and Other Liabilities | 20,929 | 52,871 |
Total liabilities | 700,458 | 617,182 |
SEACOR Holdings Inc. stockholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none issued nor outstanding | $ 0 | 0 |
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | |
Common stock, $0.01 par value, 60,000,000 shares authorized; 40,819,892 and 39,001,924 shares issued in 2019 and 2018, respectively | $ 408 | $ 390 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 60,000,000 | |
Common stock, shares issued (in shares) | 40,819,892 | 39,001,924 |
Additional paid-in capital | $ 1,661,002 | $ 1,596,642 |
Retained earnings | 517,106 | 474,809 |
Shares held in treasury of 20,643,724 and 20,671,627 in 2019 and 2018, respectively, at cost | $ (1,365,792) | $ (1,366,773) |
Treasury stock, shares (in shares) | 20,643,724 | 20,671,627 |
Accumulated other comprehensive loss, net of tax | $ (998) | $ (914) |
Stockholders' equity attributable to SEACOR Holdings Inc. | 811,726 | 704,154 |
Noncontrolling interests in subsidiaries | 788 | 149,688 |
Total equity | 812,514 | 853,842 |
Liabilities and stockholders' equity, total | $ 1,512,972 | $ 1,471,024 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Operating Revenues | $ 799,966 | $ 835,750 | $ 650,847 |
Costs and Expenses: | |||
Operating | 583,633 | 591,848 | 433,837 |
Administrative and general | 105,517 | 102,907 | 103,106 |
Depreciation and amortization | 68,571 | 74,579 | 75,058 |
Total costs and expenses | 757,721 | 769,334 | 612,001 |
Gains on Asset Dispositions and Impairments, Net | 2,910 | 19,583 | 11,637 |
Operating Income | 45,155 | 85,999 | 50,483 |
Other Income (Expense): | |||
Interest income | 7,471 | 8,730 | 8,547 |
Interest expense | (19,233) | (31,683) | (41,530) |
Debt extinguishment losses, net | (2,244) | (11,626) | (819) |
Marketable security gains (losses), net | 18,394 | (12,431) | (1,782) |
Derivative gains | 0 | 0 | 19,727 |
Foreign currency gains (losses), net | (312) | (2,264) | 323 |
Other, net | (134) | 54,964 | 256 |
Nonoperating Income (Expense) | 3,942 | 5,690 | (15,278) |
Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | 49,097 | 91,689 | 35,205 |
Income Tax Expense (Benefit): | |||
Current | 1,660 | 23,928 | (15,712) |
Deferred | 8,169 | (15,513) | (51,477) |
Income tax expense (benefit) | 9,829 | 8,415 | (67,189) |
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 39,268 | 83,274 | 102,394 |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (5,250) | (72) | 2,952 |
Income from Continuing Operations | 34,018 | 83,202 | 105,346 |
Loss from Discontinued Operations, Net of Tax | 0 | 0 | (23,637) |
Net Income | 34,018 | 83,202 | 81,709 |
Net Income attributable to Noncontrolling Interests in Subsidiaries | 7,244 | 25,054 | 20,066 |
Net Income attributable to SEACOR Holdings Inc. | 26,774 | 58,148 | 61,643 |
Net Income (Loss) attributable to SEACOR Holdings Inc.: | |||
Continuing Operations | 26,774 | 58,148 | 82,849 |
Discontinued Operations | $ 0 | $ 0 | $ (21,206) |
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||
Continuing Operations (in dollars per share) | $ 1.41 | $ 3.22 | $ 4.77 |
Discontinued Operations (in dollars per share) | 0 | 0 | (1.22) |
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. (in dollars per share) | 1.41 | 3.22 | 3.55 |
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||
Continuing Operations (in dollars per share) | 1.38 | 3.04 | 4.24 |
Discontinued Operations (in dollars per share) | 0 | 0 | (0.93) |
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. (in dollars per share) | $ 1.38 | $ 3.04 | $ 3.31 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 18,949,981 | 18,080,778 | 17,368,081 |
Diluted (in shares) | 20,306,332 | 19,575,689 | 22,934,158 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income | $ 34,018 | $ 83,202 | $ 81,709 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation gains (losses), net | (83) | (406) | 1,965 |
Reclassification of foreign currency translation losses to foreign currency gains (losses), net | 0 | 15 | 0 |
Derivative gains (losses) on cash flow hedges | 67 | 0 | (389) |
Other | 0 | 0 | (11) |
Other comprehensive income (loss) | (16) | (391) | 1,707 |
Income tax (expense) benefit | (68) | 22 | (702) |
Other comprehensive income (loss), net of tax | (84) | (369) | 1,005 |
Comprehensive Income | 33,934 | 82,833 | 82,714 |
Comprehensive Income attributable to Noncontrolling Interests in Subsidiaries | 7,244 | 25,054 | 20,227 |
Comprehensive Income attributable to SEACOR Holdings Inc. | 26,690 | 57,779 | 62,487 |
Interest Expense | |||
Other Comprehensive Income (Loss): | |||
Reclassification of derivative losses on cash flow hedges | 0 | 0 | 33 |
Equity Method Investments | |||
Other Comprehensive Income (Loss): | |||
Reclassification of derivative losses on cash flow hedges | $ 0 | $ 0 | $ 109 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interests in Subsidiaries |
Total equity, beginning balance at Dec. 31, 2016 | $ 1,196,268 | $ 379 | $ 1,518,635 | $ 910,723 | $ (1,357,331) | $ (11,514) | $ 135,376 |
Issuance of common stock: | |||||||
Employee Stock Purchase Plan | 1,443 | 1,443 | |||||
Exercise of stock options | 21,154 | 6 | 21,148 | ||||
Director stock awards | 83 | 83 | |||||
Restricted stock | 0 | 2 | (2) | ||||
Exercise of conversion option in convertible debt | 3 | 3 | |||||
Distribution of SEACOR Marine stock to shareholders | (527,691) | 2,656 | (521,859) | 10,125 | (18,613) | ||
Distribution of Dorian shares to shareholders | (31,379) | (31,379) | |||||
Purchase of conversion option in convertible debt, net of tax | (927) | (927) | |||||
Purchase of treasury shares | (12,300) | (12,300) | |||||
Amortization of share awards | 32,419 | 32,419 | |||||
Cancellation of restricted stock | 0 | 112 | (112) | ||||
Purchase of subsidiary shares from noncontrolling interests, net of tax | (3,693) | (1,114) | (2,579) | ||||
Acquisition of a subsidiary with noncontrolling interests | 17,374 | 17,374 | |||||
Disposition of subsidiary with noncontrolling interests | (14,673) | (14,673) | |||||
Distributions to noncontrolling interests | (7,434) | (7,434) | |||||
Net Income | 81,709 | 61,643 | 20,066 | ||||
Other comprehensive income (loss) | 1,005 | 844 | 161 | ||||
Total equity, ending balance at Dec. 31, 2017 | 753,361 | 387 | 1,573,013 | 419,128 | (1,368,300) | (545) | 129,678 |
Issuance of common stock: | |||||||
Employee Stock Purchase Plan | 1,527 | 1,527 | |||||
Exercise of stock options | 6,883 | 2 | 6,881 | ||||
Director stock awards | 140 | 140 | |||||
Restricted stock | 0 | 1 | (1) | ||||
Distribution of Dorian shares to shareholders | 0 | ||||||
Net issuance of conversion option on exchange of convertible debt, net of tax | 12,735 | 12,735 | |||||
Purchase of conversion option in convertible debt, net of tax | (33) | (33) | |||||
Amortization of share awards | 3,907 | 3,907 | |||||
Purchase of subsidiary shares from noncontrolling interests, net of tax | (29) | (29) | |||||
Acquisition of a subsidiary with noncontrolling interests | 96 | 96 | |||||
Distributions to noncontrolling interests | (5,111) | (5,111) | |||||
Net Income | 83,202 | 58,148 | 25,054 | ||||
Other comprehensive income (loss) | (369) | (369) | |||||
Total equity, ending balance at Dec. 31, 2018 | 853,842 | 390 | 1,596,642 | 474,809 | (1,366,773) | (914) | 149,688 |
Issuance of common stock: | |||||||
Employee Stock Purchase Plan | 1,695 | 1,695 | |||||
Exercise of stock options | 5,244 | 1 | 5,243 | ||||
Director stock awards | 97 | 97 | |||||
Restricted stock | 0 | 2 | (2) | ||||
Distribution of Dorian shares to shareholders | 0 | ||||||
Purchase of conversion option in convertible debt, net of tax | (115) | (115) | |||||
Purchase of treasury shares | (525) | (525) | |||||
Amortization of share awards | 5,134 | 5,134 | |||||
Cancellation of restricted stock | 0 | 189 | (189) | ||||
Purchase of subsidiary shares from noncontrolling interests, net of tax | (106,989) | (15) | (53,814) | 160,818 | |||
Distributions to noncontrolling interests | (5,162) | (5,162) | |||||
Net Income | 34,018 | 26,774 | 7,244 | ||||
Other comprehensive income (loss) | (84) | (84) | |||||
Total equity, ending balance at Dec. 31, 2019 | $ 812,514 | $ 408 | $ 1,661,002 | $ 517,106 | $ (1,365,792) | $ (998) | $ 788 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities of Continuing Operations: | |||
Income from Continuing Operations | $ 34,018,000 | $ 83,202,000 | $ 105,346,000 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities of continuing operations: | |||
Depreciation and amortization | 68,571,000 | 74,579,000 | 75,058,000 |
Amortization of operating lease right-of-use assets | 42,863,000 | ||
Amortization of deferred gains on sale leaseback transactions | 0 | (12,774,000) | (15,035,000) |
Debt discount and issuance cost amortization, net | 6,484,000 | 7,829,000 | 12,997,000 |
Amortization of share awards | 5,134,000 | 3,907,000 | 32,419,000 |
Director stock awards | 97,000 | 140,000 | 83,000 |
Bad debt expense (income) | 2,021,000 | 2,067,000 | (175,000) |
Gains on asset dispositions and impairments, net | (2,910,000) | (19,583,000) | (11,637,000) |
Debt extinguishment losses, net | 2,244,000 | 11,626,000 | 819,000 |
Marketable security (gains) losses, net | (18,394,000) | 12,431,000 | 1,782,000 |
Purchases of marketable securities | (5,752,000) | 0 | (1,720,000) |
Proceeds from sale of marketable securities | 46,526,000 | 14,000 | 674,000 |
Derivative gains | 0 | 0 | (19,727,000) |
Cash settlements on derivative transactions, net | 0 | 0 | 255,000 |
Foreign currency (gains) losses, net | 312,000 | 2,264,000 | (323,000) |
Deferred income tax expense (benefit) | 8,169,000 | (15,513,000) | (51,477,000) |
Equity in (earnings) losses of 50% or less owned companies, net of tax | 5,250,000 | 72,000 | (2,952,000) |
Dividends received from 50% or less owned companies | 100,000 | 5,907,000 | 12,891,000 |
Other, net | 0 | (53,902,000) | 0 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in receivables | (30,385,000) | (63,764,000) | 2,195,000 |
Increase in prepaid expenses and other assets | (6,698,000) | (1,577,000) | (8,174,000) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (38,377,000) | 12,503,000 | (25,724,000) |
Net cash provided by operating activities of continuing operations | 119,273,000 | 49,428,000 | 107,575,000 |
Cash Flows from Investing Activities of Continuing Operations: | |||
Purchases of property and equipment | (37,786,000) | (50,272,000) | (114,595,000) |
Proceeds from disposition of property and equipment | 2,452,000 | 16,100,000 | 164,789,000 |
Investments in and advances to 50% or less owned companies | (5,960,000) | (20,586,000) | (9,663,000) |
Return of investments and advances from 50% or less owned companies | 3,677,000 | 8,988,000 | 15,568,000 |
Proceeds on sale of 50% or less owned companies | 0 | 78,015,000 | 0 |
Proceeds on sale of a controlling interest in a subsidiary | 0 | 0 | 5,000,000 |
Payments received on third party leases and notes receivable, net | 1,141,000 | 506,000 | 24,485,000 |
Deposits into construction reserve funds | 0 | 0 | (13,807,000) |
Withdrawals from construction reserve funds | 3,908,000 | 47,431,000 | 38,221,000 |
Business acquisitions, net of cash acquired | 0 | 310,000 | 5,868,000 |
Net cash provided by (used in) investing activities of continuing operations | (32,568,000) | 80,492,000 | 115,866,000 |
Cash Flows from Financing Activities of Continuing Operations: | |||
Payments on long-term debt | 169,625,000 | 225,541,000 | |
Repayments of Debt and Capital Lease Obligations | 303,485,000 | ||
Proceeds from issuance of long-term debt, net of offering costs | 120,740,000 | (2,495,000) | 44,900,000 |
Purchase of conversion option in convertible debt | (146,000) | (33,000) | (1,354,000) |
Common stock acquired for treasury | (525,000) | 0 | (12,300,000) |
Proceeds and tax benefits from share award plans | 6,939,000 | 8,410,000 | 22,597,000 |
Purchase of subsidiary shares from noncontrolling interests | (107,692,000) | (29,000) | 0 |
Distributions to noncontrolling interests | 5,162,000 | 5,111,000 | 4,000 |
Net cash used in financing activities of continuing operations | (155,471,000) | (224,799,000) | (249,646,000) |
Effects of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (2,000) | (137,000) | 956,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Period Increase (Decrease), Including Exchange Rate Effect, Continuing Operations | (68,768,000) | (95,016,000) | (25,249,000) |
Cash Flows from Discontinued Operations: | |||
Operating Activities | 0 | 0 | 12,811,000 |
Investing Activities | 0 | 0 | 2,720,000 |
Financing Activities | 0 | 0 | (7,149,000) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | 208,000 |
Net Increase in Cash and Cash Equivalents from Discontinued Operations | 0 | 0 | 8,590,000 |
Net Decrease in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (68,768,000) | (95,016,000) | (16,659,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Year | 147,212,000 | 242,228,000 | 258,887,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Year | 78,444,000 | 147,212,000 | 242,228,000 |
Restricted Cash and Restricted Cash Equivalents, End of Year | 1,222,000 | 2,991,000 | 2,982,000 |
Cash and Cash Equivalents, End of Year | $ 77,222,000 | $ 144,221,000 | $ 239,246,000 |
Supplemental Information For St
Supplemental Information For Statements Of Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Information For Statements Of Cash Flows | 20. SUPPLEMENTAL INFORMATION FOR STATEMENTS OF CASH FLOWS Supplemental information for the years ended December 31, was as follows (in thousands): 2019 2018 2017 Income taxes paid $ 7,708 $ 27,465 $ 6,152 Income taxes refunded 11,156 299 14,347 Interest paid, excluding capitalized interest 12,903 26,880 32,341 Schedule of Non-Cash Investing and Financing Activities: Right-of-use assets obtained in exchange for operating lease liabilities 179,944 — — Net issuance of conversion option on exchange of convertible debt — 16,120 — Distribution of Dorian shares to shareholders — — 31,379 Reclassification of deferred gains to property and equipment — 3,052 5,954 Equipment received as a dividend from 50% or less owned companies 589 — — |
Supplemental Information For _2
Supplemental Information For Statements Of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Supplemental Information | Supplemental information for the years ended December 31, was as follows (in thousands): 2019 2018 2017 Income taxes paid $ 7,708 $ 27,465 $ 6,152 Income taxes refunded 11,156 299 14,347 Interest paid, excluding capitalized interest 12,903 26,880 32,341 Schedule of Non-Cash Investing and Financing Activities: Right-of-use assets obtained in exchange for operating lease liabilities 179,944 — — Net issuance of conversion option on exchange of convertible debt — 16,120 — Distribution of Dorian shares to shareholders — — 31,379 Reclassification of deferred gains to property and equipment — 3,052 5,954 Equipment received as a dividend from 50% or less owned companies 589 — — |
Supplemental Information For _3
Supplemental Information For Statements Of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |||
Income taxes paid | $ 7,708 | $ 27,465 | $ 6,152 |
Income taxes refunded | 11,156 | 299 | 14,347 |
Interest paid, excluding capitalized interest | 12,903 | 26,880 | 32,341 |
Schedule of Non-Cash Investing and Financing Activities: | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 179,944 | ||
Net issuance of conversion option on exchange of convertible debt | 0 | 16,120 | 0 |
Distribution of Dorian shares to shareholders | 0 | 0 | 31,379 |
Reclassification of deferred gains to property and equipment | 0 | 3,052 | 5,954 |
Equipment received as a dividend from 50% or less owned companies | $ 589 | $ 0 | $ 0 |
Nature Of Operations And Accoun
Nature Of Operations And Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
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, risk management consultancy and other businesses. 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 bulk transportation, port and infrastructure, and logistics assets, including U.S. coastwise eligible vessels and vessels trading internationally. Ocean Services owns and operates U.S.-flag petroleum and chemical carriers servicing the U.S. coastwise crude oil, petroleum products and chemical trades. Ocean Services’ dry bulk vessels also operate in the U.S. coastwise trade. Ocean Services’ port and infrastructure services assist 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. Ocean Services’ logis tics services include 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 53%, 50% and 54% of the Company's consolidated operating revenues during the years ended December 31, 2019, 2018 and 2017, respectively. During the year ended December 31, 2019, one Ocean Services (U.S. Federal Government) customer accounted for $79.6 million, or 10%, of the Company's consolidated operating revenues. 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, primarily in the St. Louis, Memphis and Baton Rouge areas. Inland Services’ 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 inland river 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 Waterway in Brazil, Bolivia, Paraguay, Argentina and Uruguay primarily transporting agricultural and industrial commodities, a 63% interest in towboat operations on the U.S. Inland Waterways and a 50% interest in grain terminals/elevators along the U.S. Inland waterways. Inland Services contributed 33%, 34% and 38% of the Company's consolidated operating revenues during the years ended December 31, 2019, 2018 and 2017, respectively. Witt O’Brien’s. Witt O’Brien’s provides crisis and emergency management services for both the public and private sectors. These services strengthen clients’ resilience and assist their response to natural and man-made disasters by enhancing their ability to prepare for, respond to and recover from such disasters, while mitigating the impact of future disruptions on operations and helping communities build back stronger. Witt O’Brien’s contributed 13%, 16% and 8% of the Company's consolidated operating revenues during the years ended December 31, 2019, 2018 and 2017, respectively. Other. The Company’s Other business segment includes CLEANCOR Energy Solutions LLC (“Cleancor”), a full service provider that designs, develops and maintains alternative energy and power solutions for end users looking to displace legacy petroleum-based fuels and adopt energy supplies that have a favorable environmental footprint. Cleancor provides liquefied natural gas (“LNG”) and compressed natural gas (“CNG”) fuel supply and logistics to commercial, industrial, agricultural and transportation customers and provides natural gas during pipeline supply interruptions due to planned maintenance or other curtailments (see Note 2). Other also has activities that primarily include 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 and other commodities. 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, by means of a dividend of all the issued and outstanding common stock of SEACOR Marine to SEACOR’s shareholders (the “Spin-off”). 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 results of operations and cash flows of SEACOR Marine as discontinued operations (see Note 19). 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 results of operations and cash flows of ICP as discontinued operations (see Note 19). 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 inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income 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 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 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. Acquisition of Noncontrolling Interest. On August 2, 2019, the Company, through certain subsidiaries, became the sole owner of the SEA-Vista joint venture by acquiring the 49% interest (the “Remaining SEA-Vista Interest”) that had been owned by ACP III Tankers, LLC (the "Seller"), an affiliate of Avista Capital Partners. As consideration for the Remaining SEA-Vista Interest, SEACOR issued 1,500,000 shares of Common Stock to the Seller (the "Consideration Shares"), in a noncash transaction, and the Company paid $107.7 million in cash, inclusive of expenses related to the transaction (see Notes 12 and 13). 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. Adoption of New Accounting Standards. On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Topic 842, Leases (“Topic 842”) using a modified prospective approach and implemented internal controls and systems to enable the preparation of financial information upon adoption. The Company elected the available practical expedients permitted under the guidance including the option to not separate lease and nonlease components in calculating the right-of-use assets and corresponding lease liabilities and to not apply the recognition requirements of Topic 842 to short-term leases (leases that have a duration of twelve months or less at lease inception). Generally, it was not possible for the Company to determine the interest rate implicit in each of its operating leases and therefore used its incremental borrowing rate in calculating operating lease right-of-use assets and lease liabilities. The Company assigned its leases to portfolios based on the remaining term at the time of adoption and applied a single rate to each portfolio of leases as the result was not materially different than using a specific discount rate for each individual lease. The Company included renewal options that were reasonably certain of being exercised in determining the lease term. Upon adoption, the Company recorded operating lease right-of-use assets and lease liabilities of $175.0 million for certain of its equipment, offices, real property and land leases (see Note 8). In addition, the Company recognized a cumulative-effect adjustment of $25.4 million, net of tax, to the opening balance of retained earnings primarily for previously deferred gains related to sale-leaseback transactions. On January 1, 2018, the Company adopted Financial Accounting Standard Board (“FASB”) Topic 606, Revenue from Contracts with Customers (“Topic 606”). As a consequence of adopting Topic 606, the Company now recognizes all of the operating revenues and expenses associated with the dry-cargo barge pools it manages along with additional operating expenses reflective of barge pool earnings attributable to third-party barge owners and not the Company in its capacity as manager. Under Topic 606, the Company determined it was a principal with respect to the third-party barge owners. Previously, the Company recognized operating revenues and expenses only for its proportionate share of the barge pools in which it participated, as it acted as an agent. All prior periods have been adjusted to reflect the retrospective adoption of Topic 606, which resulted in additional revenues and operating expenses of $73.0 million for the year ended December 31, 2017. The adoption of Topic 606 had no impact on previously reported balance sheets, operating income, net income or earnings (loss) per share. On January 1, 2018, the Company adopted ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which eliminates the deferral of the tax effects of intercompany asset sales other than inventory until the transferred assets are sold to a third party or recovered through use. As a result of the adoption of the standard, the deferred tax charges previously recognized from those sales resulted in a decrease in deferred tax assets and a cumulative adjustment to retained earnings of $2.5 million in the consolidated balance sheets and statements of changes in equity as of January 1, 2018. Revenue Recognition. The Company earns revenues from contracts with customers and from lease contracts. Revenue from Contracts with Customers. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Costs to obtain or fulfill a contract are expensed as incurred. Ocean Services' revenues from contracts with customers primarily arise from voyage charters, contracts of affreightment, tariff based port and infrastructure services, unit freight logistics services, and technical ship management agreements with vessel owners (see Note 18). Ocean Services transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Voyage charters are contracts to carry cargoes on a single voyage basis for a predetermined price, 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. Tariff based port and infrastructure services typically include operating harbor tugs alongside oceangoing vessels to escort them to their berth, assisting with the docking and undocking of these oceangoing vessels and escorting them back out to sea. They are contracted using prevailing port tariff terms on a per-use basis. In the unit freight logistics trade, transportation services typically include transporting shipping containers, rail cars, project cargoes, automobiles and U.S. military vehicles and are generally contracted on a per unit basis for the specified cargo and destination, typically in accordance with a publicly available tariff rate or based on a negotiated rate when moving larger volumes over an extended period. Managed services include technical ship and crew management agreements whereby Ocean Services provides technical ship and crew management services to third-party customers for a predetermined price over a specified period of time, typically a year or more. Inland Services' revenues from contracts with customers primarily arise from contracts of affreightment, terminal operations, fleeting operations and repair and maintenance services (see Note 18). Inland Services transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Contracts of affreightment are contracts whereby customers are charged an established rate per ton to transport cargo from point-to-point. Terminal operations includes tank farms and dry bulk and container handling facilities that are marketed under contractual rates and terms driven by throughput volume. Fleeting operations includes fleeting services whereby barges are held in fleeting areas for an agreed-upon day rate and shifting services whereby harbor boats are used to pick up and drop off barges to assist in assembling tows and to move barges to and from the dock for loading and unloading at predetermined per-shift fees. Other operations primarily include a machine shop specializing in towboat and barge cleaning, repair and maintenance services that are charged on an hourly or a fixed fee basis depending on the scope and nature of the work. Witt O’Brien’s revenues from contracts with customers primarily arise from time and material and retainer contracts (see Note 18). Witt O’Brien’s transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Time and material contracts primarily relate to emergency response, debris management or consulting services that Witt O’Brien’s performs for a predetermined fee. Retainer contracts, which are nearly all with vessel services operators and oil companies, are contracted based on agreed-upon rates. The Company’s Other business segment includes Cleancor, which primarily earns revenues from the sale of liquefied natural gas (see Note 18). Under these arrangements, control of the goods are transferred to the customer and performance obligations are satisfied at a point in time, and therefore revenue is recognized upon delivery while any related costs are expensed as incurred. Contract liabilities from contracts with customers arise when the Company has received consideration prior to performance and are included in other current liabilities in the accompanying consolidated balance sheets. The Company’s contract liability activity for the years ended December 31, were as follows (in thousands): 2019 2018 Balance at beginning of period $ 968 $ 983 Previously deferred revenues recognized upon completion of performance obligations during the period (968) (983) Net contract liabilities arising during the period 794 968 Balance at end of period $ 794 $ 968 Lease Revenues. The Company’s lease revenues are primarily from time charters, bareboat charters and non-vessel rental agreements that are recognized ratably over the lease term as services are provided, typically on a per day basis. Under a time charter, the Company provides a vessel to a customer for a set term and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer for a set term and the customer assumes responsibility for all operating expenses and risks of operation. Under a non-vessel rental agreement, the Company provides non-vessel property or equipment to a customer for a set term and the customer assumes responsibility for all operating expenses and risks of operation. 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 and Restricted Cash Equivalents. Restricted cash and restricted cash equivalents primarily relates to cash collateral for letters of credit and banking facility requirements. Marketable Securities. Marketable equity securities and debt securities with readily determinable fair values are reported in the accompanying consolidated balance sheets as marketable securities. These investments are stated at fair value, as determined by their observable market prices, with both realized and unrealized gains and losses reported in the accompanying consolidated statements of income 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 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. Trade Receivables. Customers of Ocean Services are primarily multinational oil companies, refining companies, oil trading companies, major gasoline retailers, 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 agricultural and feed companies, asphalt producers and municipalities and government agencies. 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 as derivative gains. 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 as derivative gains. 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 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 as derivative gains. 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. Concentrations of Credit Risk. The Company is exposed to concentrations of credit risk associated with its cash, cash equivalents, restricted cash and restricted 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 method) 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, 2019, 2018 and 2017, 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 their useful life as set forth in 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, 2019, 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 Bulk carriers - U.S.-flag 25 Harbor and offshore tugs 25 Ocean liquid tank barges 25 Short-sea container/RORO (1) vessels 20 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 Net Book 2019 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 649,795 $ (267,894) $ 381,901 Harbor and offshore tugs - U.S.-flag 133,419 (47,637) 85,782 Harbor tugs - Foreign-flag 45,379 (16,067) 29,312 Ocean liquid tank barges - U.S.-flag 39,238 (16,171) 23,067 Short-sea container/RORO - Foreign-flag 27,073 (11,990) 15,083 Bulk carriers - U.S.-flag 13,000 (9,800) 3,200 Other (2) 21,516 (10,994) 10,522 Construction in Progress 2,847 — 2,847 932,267 (380,553) 551,714 Inland Services: Dry-cargo barges 225,278 (118,615) 106,663 Specialty barges 3,828 (2,344) 1,484 Liquid tank barges 19,784 (3,684) 16,100 Towboats 62,207 (4,981) 57,226 Harbor boats 19,296 (9,324) 9,972 Terminal and fleeting facilities 103,455 (65,960) 37,495 Other (2) 27,536 (11,388) 16,148 Construction in Progress 7,736 — 7,736 469,120 (216,296) 252,824 Witt O’Brien’s: Other (2) 1,134 (993) 141 Other: Other (3) 8,897 (2,450) 6,447 Corporate and Eliminations: Other (2) 30,964 (23,732) 7,232 $ 1,442,382 $ (624,024) $ 818,358 ______________________ (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. (3) Includes LNG Equipment and other property and equipment. Historical Cost (1) Accumulated Net Book 2018 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 649,795 $ (241,604) $ 408,191 Harbor and offshore tugs - U.S.-flag 132,697 (41,764) 90,933 Harbor tugs - Foreign-flag 45,379 (13,822) 31,557 Ocean liquid tank barges - U.S.-flag 39,238 (14,649) 24,589 Short-sea container/RORO - Foreign-flag 29,846 (10,644) 19,202 Bulk carriers - U.S.-flag 13,000 (9,800) 3,200 Other (2) 20,073 (9,716) 10,357 Construction in Progress 202 — 202 930,230 (341,999) 588,231 Inland Services: Dry-cargo barges 222,539 (106,157) 116,382 Specialty barges 3,828 (1,904) 1,924 Liquid tank barges 20,011 (3,054) 16,957 Towboats 43,998 (3,294) 40,704 Harbor boats 18,695 (8,047) 10,648 Terminal and fleeting facilities 99,696 (62,274) 37,422 Other (2) 22,213 (10,364) 11,849 Construction in Progress 7,868 — 7,868 438,848 (195,094) 243,754 Witt O’Brien’s: Other (2) 1,227 (1,031) 196 Other: Other (3) 6,892 (490) 6,402 Corporate and Eliminations: Other (2) 30,132 (22,205) 7,927 $ 1,407,329 $ (560,819) $ 846,510 ______________________ (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. (3) Includes LNG Equipment and other property and equipment. During the years ended December 31, 2019, 2018 and 2017, depreciation expense totaled $65.0 million, $69.9 million and $72.1 million, 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. During the years ended December 31, 2019, 2018 and 2017, capitalized interest totaled $0.1 million, $0.2 million and $2.7 million, respectively. As of December 31, 2019, the Company’s construction in progress totaling $12.5 million primarily consisted of the construction of harbor tugs, inland river towboats and other Inland Services equipment, and is included in historical cost in the accompanying consolidated balance sheets. Intangible Assets. The Company’s intangible assets primarily arose from business acquisitions (see Note 2) and consist of trademarks and tradenames, customer relationships and acquired contractual rights. These intangible assets are amortized over their estimated useful lives generally ranging from one The Company’s intangible assets by type were as follows (in thousands): Trademark/ Customer Acquired Total Gross Carrying Value Year Ended December 31, 2017 $ 3,324 $ 15,365 $ 18,358 $ 37,047 Acquired intangible assets — 1,120 — 1,120 Fully amortized intangible assets — (1,120) — (1,120) Year Ended December 31, 2018 3,324 15,365 18,358 37,047 Acquired intangible assets — — — — Year Ended December 31, 2019 $ 3,324 $ 15,365 $ 18,358 $ 37,047 Accumulated Amortization Year Ended December 31, 2017 $ (1,980) $ (5,146) $ (1,815) $ (8,941) Amortization expense (33 |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Acquisitions | 2. BUSINESS ACQUISITIONS Cleancor . On June 1, 2018, the Company acquired a controlling interest in Cleancor, a full service solution provider that delivers clean fuel to end users displacing legacy petroleum-based fuels, through the acquisition of its partners’ 50% equity interest for $3.2 million in cash. In addition, immediately prior to consolidation, the Company contributed as capital $1.9 million of notes receivable due from Cleancor. The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair value resulting in no goodwill being recorded. SCA. On March 1, 2018, the Company acquired Strategic Crisis Advisors LLC (“SCA”) for $1.5 million to be paid in two installments. The purchase price includes $0.9 million in contingent consideration that is dependent upon SCA meeting predetermined revenue targets for the twelve months following the acquisition date. The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair value resulting in no goodwill being recorded. ISH. On July 3, 2017, International Shipholding Corporation (“ISH”) emerged from bankruptcy pursuant to its chapter 11 plan of reorganization (the “Plan”) confirmed by the U.S. Bankruptcy Court for the Southern District of New York (the “ISH Acquisition”). Pursuant to the Plan, SEACOR Ocean Transport Inc., a wholly-owned subsidiary of SEACOR, acquired all of the equity of the reorganized ISH. Under the terms of the Plan, the Company paid consideration consisting of $10.5 million in cash, converted $18.1 million of debtor-in-possession financing into equity and assumed $28.7 million of debt primarily from a new credit facility that was secured by the assets and equity of ISH and was non-recourse to SEACOR and its subsidiaries other than ISH (see Note 7). ISH was renamed Waterman Logistics, Inc. in 2019 ("Waterman"). Waterman, through its subsidiaries, operates a diversified fleet of U.S. and foreign-flag vessels including four leased-in PCTCs and two owned U.S.-flag bulk carriers that provide worldwide and domestic maritime transportation services to commercial and governmental customers. In addition, Waterman has investments in two 50% or less owned companies that operate two foreign-flag rail ferries and a railcar repair and maintenance facility. The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair value resulting in no goodwill being recorded. Purchase Price Allocation. The allocation of the purchase price for the Company’s acquisitions for the years ended December 31, was as follows (in thousands): 2018 2017 Restricted cash and restricted cash equivalents $ — $ 13 Trade and other receivables 1,264 15,823 Other current assets 170 2,054 Investments, at Equity, and Advances to 50% or Less Owned Companies (5,123) 10,000 Property and Equipment 4,382 15,190 Intangible Assets 1,120 10,957 Other Assets (1) 7 (17,863) Accounts payable and other accrued liabilities (2) (1,609) — Other current liabilities (439) (17,214) Long-Term Debt — (28,725) Deferred Income Taxes — 3,939 Other Liabilities — (42) Noncontrolling interests in subsidiaries (82) — Purchase price (3) $ (310) $ (5,868) ______________________ (1) Net of debtor-in-possession financing converted into equity of $18.1 million, in 2017. (2) Includes $1.5 million of consideration to be paid in two installments. (3) Purchase price is net of cash acquired totaling $3.6 million and $16.4 million in 2018 and 2017, respectively. |
Equipment Acquisitions And Disp
Equipment Acquisitions And Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Equipment Acquisitions And Dispositions | 3. EQUIPMENT ACQUISITIONS AND DISPOSITIONS Equipment Additions. The Company’s capital expenditures were $37.8 million, $50.3 million and $114.6 million during the years ended December 31, 2019, 2018, and 2017, respectively. Major owned equipment placed in service for the years ended December 31, were as follows: 2019 2018 2017 (1) Petroleum and chemical carriers - U.S.-flag — — 3 Harbor tugs - U.S.-flag 1 5 1 Harbor tugs - Foreign-flag — — 2 Short-sea container/RORO - Foreign-flag — 2 — Inland river liquid tank barges — — 2 Inland river towboats 2 — 3 ______________________ (1) Excludes two U.S.-flag bulk carriers acquired in the ISH acquisition (see Note 2). Equipment Dispositions. During the year ended December 31, 2019, the Company sold property and equipment for net proceeds of $2.5 million and gains of $0.5 million. In addition, the Company recognized previously deferred gains of $2.4 million. During the year ended December 31, 2018, the Company sold property and equipment for net proceeds of $16.1 million and gains of $6.6 million. In addition, the Company recognized previously deferred gains of $13.0 million. During the year ended December 31, 2017, the Company sold property and equipment for net proceeds of $164.8 million and gains of $23.3 million, of which $10.0 million were recognized currently and $13.3 million were deferred (see Note 1). Equipment dispositions included the sale-leaseback of one U.S.-flag petroleum and chemical carrier for $134.9 million, with leaseback terms of 104 months and 50 dry-cargo barges for $12.5 million with leaseback terms of 84 months. Gains of $13.3 million related to the sale-leasebacks were deferred and were being amortized over the respective minimum lease periods until January 1, 2019, when the Company adopted Topic 842 (see Note 1). In addition, the Company recognized previously deferred gains of $2.3 million. The Company also recognized a loss of $0.3 million related to the total loss of one inland river specialty barge. Major equipment dispositions for the years ended December 31, were as follows: 2019 2018 2017 Petroleum and chemical carriers - U.S.-flag — 1 1 Harbor tugs - U.S.-flag — 1 — Short-sea container/RORO - Foreign-flag 1 — — Inland river dry-cargo barges — 32 50 Inland river specialty barges — 2 2 Inland river towboats — — 2 |
Investments, At Equity, And Adv
Investments, At Equity, And Advances To 50% Or Less Owned Companies | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Investments, At Equity, And Advances To 50% Or Less Owned Companies | 4. INVESTMENTS, AT EQUITY, AND ADVANCES TO 50% OR LESS OWNED COMPANIES Investments, at equity, and advances to 50% or less owned companies as of December 31, were as follows (in thousands): Ownership 2019 2018 Ocean Services: Trailer Bridge (1) 55.3% $ 56,770 $ 56,364 RF Vessel Holdings 50.0% 15,878 10,826 Golfo de Mexico 50.0% 3,485 5,272 KSM 50.0% 1,916 1,478 78,049 73,940 Inland Services: SCFCo 50.0% 33,705 37,219 Bunge-SCF Grain 50.0% 15,112 14,738 SCF Bunge Marine (1) 62.5% 3,990 3,144 Other 50.0% 2,285 2,796 55,092 57,897 Witt O’Brien’s: O’Brien’s do Brazil 50.0% 1,274 472 Other: VA&E 23.8% 10,448 13,073 Avion 39.1% 10,706 10,290 Other 40.0% – 47.5% 1,539 1,214 22,693 24,577 $ 157,108 $ 156,886 ______________________ (1) The Company’s ownership percentage represents its economic interest in the 50% or less owned company. Combined Condensed Financial Information. Summarized financial information for the Company’s investments, at equity, excluding SCFCo and Trailer Bridge, as of and for the years ended December 31, was as follows (in thousands): 2019 2018 Current assets $ 228,420 $ 184,704 Noncurrent assets 101,292 77,929 Current liabilities 160,688 113,784 Noncurrent liabilities 58,413 46,503 2019 2018 2017 Operating Revenues $ 1,015,627 $ 786,717 $ 1,068,190 Costs and Expenses: Operating and administrative 1,005,757 771,324 1,035,952 Depreciation 4,968 7,216 11,810 1,010,725 778,540 1,047,762 Gains on Asset Dispositions and Impairments, Net — 38 16,115 Operating Income $ 4,902 $ 8,215 $ 36,543 Net Income $ 2,922 $ 3,967 $ 23,383 As of December 31, 2019 and 2018, cumulative undistributed net losses of 50% or less owned companies accounted for by the equity method and included in the Company’s consolidated retained earnings were $69.8 million and $65.0 million, respectively. Trailer Bridge. Trailer Bridge, Inc. (“Trailer Bridge”), an operator of U.S.-flag RORO and deck barges, provides marine transportation services between Jacksonville, Florida, San Juan, Puerto Rico and Puerto Plata, Dominican Republic. The Company provided secured financing to Trailer Bridge and during the year ended December 31, 2017, the Company provided advances of $2.0 million and received repayments of $6.0 million on the secured financing. As of December 31, 2017, there was no outstanding balance on the secured financing. During the years ended December 31, 2019, 2018 and 2017, the Company earned revenues of $4.0 million, $3.5 million and $3.1 million, respectively, from the time charter of one U.S.-flag offshore tug to Trailer Bridge. RF Vessel Holdings. On July 3, 2017, as part of the ISH Acquisition (see Note 2), the Company acquired a 100% interest in Rail Ferry Vessel Holdings LLC (“RF Vessel Holdings”), which owns two foreign-flag rail ferries. On September 1, 2017, the Company sold a 50% interest in RF Vessel Holdings to G&W Agave Holdings (MI) Inc. for $1.9 million and retained a 50% ownership interest in the newly-formed joint venture. During the years ended December 31, 2019 and 2018, the Company and its partner each contributed capital of $4.7 million and $9.1 million, respectively, to RF Vessel Holdings primarily related to the construction of two new foreign-flag rail ferries with scheduled deliveries during 2021. Golfo de Mexico. On July 3, 2017, as part of the ISH Acquisition (see Note 2), the Company acquired a 100% interest in Golfo de Mexico Rail Ferry Holdings LLC (“Golfo de Mexico”), which operates the two foreign-flag rail ferries owned by RF Vessel Holdings. On September 1, 2017, the Company sold a 50% interest in Golfo de Mexico to G&W Agave Holdings (MI) Inc. for $3.1 million and retained a 50% ownership interest in the newly-formed joint venture. During the years ended December 31, 2019 and 2018, the Company and its partner each contributed capital of $0.5 million and $4.6 million, respectively, to Golfo de Mexico. During the year ended December 31, 2017, the Company received dividends of $0.3 million from Golfo de Mexico. The Company provides Golfo de Mexico with technical, commercial, administrative and construction management services, and during the years ended December 31, 2019, 2018 and 2017, the Company received $1.8 million, $1.1 million and $0.3 million, respectively, for these services. KSM. On April 1, 2017, the Company and Kotug Caribbean Holdings LLC formed Kotug Seabulk Maritime LLC (“KSM”). KSM operates four foreign-flag harbor tugs, two foreign-flag specialty vessels and one foreign-flag ocean liquid tank barge in Freeport, Grand Bahama, supporting terminal operations. During the years ended December 31, 2018 and 2017, the Company and its partner each contributed capital of $1.0 million and $0.3 million, respectively, to KSM. The Company provides KSM with technical, commercial and administrative management services and during the years ended December 31, 2019, 2018 and 2017, received $0.4 million, $0.4 million and $0.3 million, respectively, for these services. During the years ended December 31, 2019, 2018 and 2017, the Company earned revenues of $1.4 million, $1.3 million and $1.1 million, respectively, from the bareboat charter of two foreign-flag harbor tugs to KSM. SeaJon. SeaJon LLC (“SeaJon”) owned an articulated tug-barge operating in the Great Lakes trade that was sold to a third party in June 2017 and, as of December 31, 2017, SeaJon had been liquidated. During the year ended December 31, 2017, the Company received capital distributions of $3.5 million and dividends of $12.5 million from SeaJon. SCFCo. SCFCo Holdings LLC (“SCFCo”) was established to operate inland river dry-cargo barges and inland river towboats on the Parana-Paraguay Waterway and a terminal facility at Port Ibicuy, Argentina. During the year ended December 31, 2017, the Company contributed capital of $0.4 million to SCFCo. During the year ended December 31, 2017, the Company provided working capital advances and loans of $2.5 million to SCFCo and received repayments on working capital advances and loans of $1.7 million from SCFCo. During the year ended December 31, 2018, the Company received repayments on working capital advances and loans of $2.6 million from SCFCo. As of December 31, 2019, $34.3 million of working capital advances and loans remained outstanding. The Company also provides SCFCo with certain information technology services and received $0.1 million, $0.1 million and $0.1 million, respectively, for these services during the years ended December 31, 2019, 2018 and 2017. As of December 31, 2019, the Company’s carrying value of its investment in SCFCo was $20.2 million lower than its proportionate share of the underlying equity in SCFCo. Summarized financial information for SCFCo as of and for the years ended December 31, was as follows (in thousands): 2019 2018 Current assets $ 5,878 $ 8,322 Noncurrent assets 113,638 121,001 Current liabilities 11,077 12,958 Noncurrent liabilities 59,717 56,078 2019 2018 2017 Operating Revenues $ 45,049 $ 54,486 $ 44,177 Costs and Expenses: Operating and administrative 39,375 45,911 40,106 Depreciation 10,027 17,901 17,803 49,402 63,812 57,909 Operating Loss (4,353) (9,326) (13,732) Interest expense (6,971) (6,573) (6,120) Other expense, net (241) (2,229) (961) Net Loss $ (11,565) $ (18,128) $ (20,813) Bunge-SCF Grain. Bunge-SCF Grain LLC (“Bunge-SCF Grain”) operates terminal grain elevators in Illinois. The Company has provided Bunge-SCF Grain with working capital advances. As of December 31, 2019, the total outstanding balance of working capital advances was $7.0 million. Bunge-SCF Grain also operates and manages the Company’s grain storage and handling facility in McLeansboro, Illinois. During the years ended December 31, 2019, 2018 and 2017, the Company earned revenues of $0.7 million, $0.9 million and $1.1 million, respectively, from the lease of this terminal facility to Bunge-SCF Grain. Certain dry-cargo barge pools managed by the Company provide freight transportation to Bunge-SCF Grain and those pools received $24.9 million, $10.7 million and $7.2 million for these services during the years ended December 31, 2019, 2018 and 2017, respectively. SCF Bunge Marine. SCF Bunge Marine LLC (“SCF Bunge Marine”) provides towing services on the U.S. Inland Waterways, primarily the Mississippi River, Illinois River, Tennessee River and Ohio River. The Company time charters eight inland river towboats to SCF Bunge Marine, of which four are bareboat chartered-in by the Company from a third-party leasing entity. The Company and its partner are required to fund SCF Bunge Marine, if necessary, to support the payment of its time charter obligations to the Company. During the years ended December 31, 2019, 2018 and 2017, the Company earned revenues of $6.8 million, $3.3 million, and $2.1 million, respectively, from the time charter of these inland river towboats to SCF Bunge Marine. During the years ended December 31, 2019 and 2018, the Company contributed capital of $0.3 million and $0.5 million, respectively, to SCF Bunge Marine. During the years ended December 31, 2018 and 2017, the Company received dividends of $4.6 million and $0.1 million, respectively, from SCF Bunge Marine. Certain dry-cargo barge pools managed by the Company obtain towing services from SCF Bunge Marine and those pools paid $53.3 million, $54.5 million and $41.4 million to SCF Bunge Marine for these services during the years ended December 31, 2019, 2018 and 2017, respectively. Other Inland Services. The Company’s other Inland Services 50% or less owned company operates a fabrication facility. During the year ended December 31, 2019, the Company and its partner each received a noncash dividend of one specialty barge valued at $0.6 million. O’Brien’s do Brazil. O’Brien’s do Brasil Consultoria em Emergencias e Meio Ambiente A/A (“O’Brien’s do Brazil”) is an emergency consulting organization providing preparedness, response and recovery services in Brazil. During the years ended December 31, 2019, 2018 and 2017, the Company received dividends of $0.1 million $0.2 million and $0.1 million, respectively from O’Brien’s do Brazil. Hawker Pacific. Hawker Pacific Airservices Limited (“Hawker Pacific”) is an aviation sales and support organization and a distributor of aviation components from leading manufacturers. On April 30, 2018, the Company sold its 34.2% interest in Hawker Pacific for $78.0 million in cash and recognized a gain of $53.9 million, which is included in other, net in the accompanying consolidated statements of income. During the years ended December 31, 2018 and 2017, the Company received management fees of $0.1 million and $0.3 million respectively, from Hawker Pacific. VA&E. VA&E Trading LLP (“VA&E”), was formed to focus on the global origination, trading and merchandising of sugar and other commodities, pairing producers and buyers and arranging for the transportation and logistics of the product. During the year ended December 31, 2019, the Company received capital distributions of $3.7 million from VA&E, which reduced the Company’s noncontrolling interest in VA&E to 23.8%. The Company provides VA&E an uncommitted credit facility of up to $3.5 million and a subordinated loan of $4.4 million. During the year ended December 31, 2017, the Company advanced $3.5 million on the uncommitted credit facility. During the year ended December 31, 2018, the Company received repayments of $5.4 million and advanced $5.4 million on the uncommitted credit facility. During the year ended December 31, 2019, the Company advanced $0.5 million to VA&E on the subordinated loan. As of December 31, 2019, outstanding advances to VA&E were $8.3 million, inclusive of accrued and unpaid interest. During the year ended December 31, 2018, the Company received dividends of $0.4 million from VA&E. Avion. Avion Pacific Limited (“Avion”) is a distributor of aircraft and aircraft related parts. During the year ended December 31, 2017, the Company made advances of $1.0 million and received repayments on advances of $4.0 million from Avion. As of December 31, 2019 and 2018, the Company had no outstanding advances to Avion. During the year ended December 31, 2018, the Company received dividends of $0.8 million from Avion. Other. The Company’s other 50% or less owned companies are primarily industrial aviation businesses in Asia. During the year ended December 31, 2018, the Company received repayments on working capital advances of $0.4 million and received capital distributions of $0.6 million from these 50% or less owned companies. During the year ended December 31, 2017, the Company received repayments on working capital advances of $0.4 million from these 50% or less owned companies. As of December 31, 2019, total advances outstanding to these 50% or less owned companies were $2.0 million. |
Construction Reserve Funds
Construction Reserve Funds | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Construction Reserve Funds | 5. CONSTRUCTION RESERVE FUNDS The Company has established, pursuant to Section 511 of the Merchant Marine Act, 1936, as amended, construction reserve fund accounts subject to agreements with the Maritime Administration. In accordance with this statute, the Company is permitted to deposit proceeds from the sale of certain vessels into the construction reserve fund accounts and defer the taxable gains realized from the sale of those vessels. Qualified withdrawals from the construction reserve fund accounts are only permitted for the purpose of acquiring qualified U.S.-flag vessels as defined in the statute and approved by the Maritime Administration. To the extent that sales proceeds are reinvested in replacement vessels, the carryover depreciable tax basis of the vessels originally sold is attributed to the U.S.-flag vessels acquired using such qualified withdrawals. The construction reserve funds must be committed for expenditure within three years of the date of sale of the equipment, subject to two one-year extensions that can be granted at the discretion of the Maritime Administration, or be released for the Company’s general use as nonqualified withdrawals. For nonqualified withdrawals, the Company is obligated to pay taxes on the previously deferred gains at the prevailing statutory tax rate plus penalties and interest thereon for the period such taxes were deferred. |
Notes Receivables From Third Pa
Notes Receivables From Third Parties | 12 Months Ended |
Dec. 31, 2019 | |
Notes, Loans and Financing Receivable, Net, Noncurrent [Abstract] | |
Notes Receivables From Third Parties | 6. NOTES RECEIVABLE FROM THIRD PARTIES From time to time, the Company engages in lending activities involving various types of businesses or equipment. The Company recognizes interest income as payments are due, typically monthly, and expenses all costs associated with its lending activities as incurred. These notes receivable are typically collateralized by the underlying equity or equipment and require scheduled or periodic principal and interest payments. As of December 31, 2019 and 2018, the outstanding balance of notes receivable from third parties was $1.1 million and $2.2 million, respectively, and is included in other long-term assets in the accompanying consolidated balance sheets. During the years ended December 31, 2019, 2018 and 2017, the Company made advances on notes receivable from third parties of $1.0 million, $0.1 million and $10.1 million, respectively, and received repayments on notes receivable from third parties of $2.1 million, $0.6 million and $34.5 million, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | 7. LONG-TERM DEBT The Company’s borrowings as of December 31, were as follows (in thousands): 2019 2018 3.0% Convertible Senior Notes (1) $ 50,041 $ 107,284 2.5% Convertible Senior Notes 64,455 64,455 3.25% Convertible Senior Notes (2) 117,782 117,782 SEA-Vista 2015 Credit Facility (3) — 87,977 SEA-Vista 2019 Credit Facility (4) 100,000 — Other (5) 7,957 8,561 340,235 386,059 Portion due within one year, net of unamortized discount and issue costs (58,854) (8,497) Debt discount included in long-term debt (19,990) (28,334) Debt issuance costs included in long-term debt (5,779) (3,100) $ 255,612 $ 346,128 ______________________ (1) Excludes unamortized discount and unamortized issue costs of $1.6 million and $0.2 million, respectively, as of December 31, 2019 and $7.2 million and $0.7 million, respectively, as of December 31, 2018. (2) Excludes unamortized discount and unamortized issue costs of $18.4 million and $1.6 million, respectively, as of December 31, 2019 and $21.1 million and $1.9 million, respectively, as of December 31, 2018. (3) Excludes unamortized issue costs of $0.4 million as of December 31, 2018. (4) Excludes unamortized issue costs of $2.1 million as of December 31, 2019. (5) Excludes unamortized issue costs of $0.1 million and $0.1 million as of December 31, 2019 and December 31, 2018, respectively. The Company’s contractual long-term debt maturities for the years ended December 31, are as follows (in thousands): 2020 (1) $ 60,630 2021 10,499 2022 10,503 2023 10,368 2024 60,244 Years subsequent to 2024 187,991 $ 340,235 ______________________ (1) Includes the aggregate principal amount outstanding of the Company's 3.0% Convertible Senior Notes with a contractual maturity date of November 15, 2028 as the holders may require the Company to repurchase the notes on November 19, 2020. 3.0% Convertible Senior Notes. On November 13, 2013, SEACOR issued $230.0 million aggregate principal amount of its 3.0% Convertible Senior Notes due November 15, 2028 (the “3.0% Convertible Senior Notes”). Interest on the 3.0% Convertible Senior Notes is payable semi-annually on May 15 and November 15 of each year. Beginning November 15, 2020, contingent interest is payable during any subsequent semi-annual interest period if the average trading price of the 3.0% Convertible Senior Notes for a defined period is greater than or equal to $1,200 per bond ($1,000 face value). The amount of contingent interest payable for any such period will be equal to 0.45% per annum of such average trading price of the 3.0% Convertible Senior Notes. Prior to August 15, 2028, the 3.0% Convertible Senior Notes are convertible into shares of SEACOR common stock, par value $0.01 per share (“Common Stock”), at a conversion rate (“Conversion Rate”) of 12.5892 shares per bond ($1,000 face value) only if certain conditions are met, as more fully described in the indenture. After August 15, 2028, holders may elect to convert at any time. The Company has reserved the maximum number of shares of Common Stock needed upon conversion, or 629,976 shares as of December 31, 2019. Subsequent to November 19, 2018, the 3.0% Convertible Senior Notes may be redeemed at the Company's option, in whole or in part, at a price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of redemption. On November 19, 2020, November 20, 2023 or if the Company undergoes a fundamental change, as more fully described in the indenture, the holders of the 3.0% Convertible Senior Notes may require SEACOR to purchase for cash all or part of the notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of purchase. The Company accounts separately for the liability and equity components of the 3.0% Convertible Senior Notes and the associated underwriting fees in a manner that reflects the Company’s non-convertible borrowing rate. The resulting debt discount and offering costs associated with the liability component are amortized as additional non-cash interest expense over the seven On May 15, 2018, the Company exchanged $117.8 million aggregate principal amount of its outstanding 3.0% Convertible Senior Notes for a like principal amount of new 3.25% Convertible Senior Notes (see "—3.25% Convertible Senior Notes"). During the year ended December 31, 2018, the Company purchased $4.9 million in principal amount of its 3.0% Convertible Senior Notes for total consideration of $4.7 million. These transactions resulted in debt extinguishment losses of $5.4 million included in the accompanying consolidated statements of income. During the year ended December 31, 2019, the Company purchased $57.2 million in principal amount of its 3.0% Convertible Senior Notes for total consideration of $56.2 million resulting in losses on debt extinguishment of $2.1 million included in the accompanying consolidated statements of income. Subsequent to December 31, 2019, the Company purchased $2.2 million in principal amount of its 3.0% Convertible Senior Notes for total consideration of $2.2 million. 2.5% Convertible Senior Notes. On December 11, 2012, SEACOR issued $350.0 million aggregate principal amount of its 2.5% Convertible Senior Notes due December 15, 2027 (the “2.5% Convertible Senior Notes”). Interest on the 2.5% Convertible Senior Notes is payable semi-annually on June 15 and December 15 of each year. Beginning December 15, 2017, contingent interest is payable during any subsequent semi-annual interest period if the average trading price of the 2.5% Convertible Senior Notes for a defined period is greater than or equal to $1,200 per bond ($1,000 face value). The amount of contingent interest payable for any such period will be equal to 0.25% per annum of such average trading price of the 2.5% Convertible Senior Notes. Prior to September 15, 2027, the 2.5% Convertible Senior Notes are convertible into shares of Common Stock at a conversion rate of 19.0381 shares per bond ($1,000 face value) only if certain conditions are met, as more fully described in the indenture. After September 15, 2027, holders may elect to convert at any time. The Company has reserved the maximum number of shares of Common Stock needed upon conversion, or 1,227,101 shares as of December 31, 2019. On December 12, 2017, the Company entered into a supplemental indenture, which amended the indenture to provide holders with an additional put right for their Notes on May 31, 2018. In addition, the Company surrendered and waived its right to redeem the Notes until May 31, 2018. Subsequent to May 31, 2018, the 2.5% Convertible Senior Notes may be redeemed at the Company's option, in whole or in part, at a price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of redemption. On December 19, 2022, or if the Company undergoes a fundamental change, as more fully described in the indenture as amended by the first supplemental indenture dated as of December 12, 2017, the holders of the 2.5% Convertible Senior Notes may require SEACOR to purchase for cash all or part of the notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of purchase. The Company accounts separately for the liability and equity components of the 2.5% Convertible Senior Notes and the associated underwriting fees in a manner that reflects the Company’s non-convertible borrowing rate. The resulting debt discount and offering costs associated with the liability component was amortized as additional non-cash interest expense over the five During the year ended December 31, 2017, the Company purchased $61.7 million in principal amount of its 2.5% Convertible Senior Notes for total consideration of $61.9 million. Consideration of $60.5 million was allocated to the settlement of the long-term debt resulting in gains on debt extinguishment of $0.1 million included in the accompanying consolidated statements of income. Consideration of $1.4 million was allocated to the purchase of the conversion option embedded in the 2.5% Convertible Senior Notes as included in the accompanying consolidated statements of changes in equity. Pursuant to the put option set forth in the indenture and governing the 2.5% Convertible Senior Notes, the Company completed a tender offer for the 2.5% Convertible Senior Notes in which, on December 19, 2017, the Company purchased $31.0 million in principal amount of its 2.5% Convertible Senior Notes that were validly surrendered for purchase for total consideration of $31.0 million. 3.25% Convertible Senior Notes. On May 15, 2018, SEACOR issued $117.8 million aggregate principal amount of its 3.25% Convertible Senior Notes due May 15, 2030 (the “3.25% Convertible Senior Notes”). Interest on the 3.25% Convertible Senior Notes is payable semi-annually on May 15 and November 15 of each year. Beginning May 15, 2025, contingent interest is payable during any subsequent semi-annual interest period if the average trading price of the 3.25% Convertible Senior Notes for a defined period is greater than or equal to $1,200 per bond ($1,000 face value). The amount of contingent interest payable for any such period will be equal to 0.45% per annum of such average trading price of the 3.25% Convertible Senior Notes. Prior to February 15, 2030, the 3.25% Convertible Senior Notes are convertible into shares of Common Stock, at a Conversion Rate of 13.1920 shares per bond ($1,000 face value) only if certain conditions are met, as more fully described in the indenture. After February 15, 2030, holders may elect to convert at any time. The Company has reserved the maximum number of shares of Common Stock needed upon conversion, or 1,553,780 shares as of December 31, 2019. On or after May 15, 2022, the 3.25% Convertible Senior Notes may be redeemed at the Company's option, in whole or in part, at a price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of redemption. On May 15, 2025, or if the Company undergoes a fundamental change, as more fully described in the indenture, the holders of the 3.25% Convertible Senior Notes may require SEACOR to purchase for cash all or part of the notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of purchase. The Company accounts separately for the liability and equity components of the 3.25% Convertible Senior Notes and the associated underwriting fees in a manner that reflects the Company’s non-convertible borrowing rate. Of the total issued amount of $117.8 million and offering costs of $2.5 million, the Company allocated $95.1 million and $2.0 million, respectively, to the liability component and $22.7 million and $0.5 million, respectively, to the equity component. The resulting debt discount and offering costs associated with the liability component are amortized as additional non-cash interest expense over the seven 7.375% Senior Notes. On September 24, 2009, SEACOR issued $250.0 million aggregate principal amount of its 7.375% Senior Notes due October 1, 2019 (the “7.375% Senior Notes”). The 7.375% Senior Notes were issued under a supplemental indenture dated as of September 24, 2009 (the “2009 Supplemental Indenture”) to the base indenture relating to SEACOR’s senior debt securities, dated as of January 10, 2001, between SEACOR and U.S. Bank National Association, as trustee. Interest on the 7.375% Senior Notes was payable semi-annually on April 1 and October 1 of each year. The 7.375% Senior Notes were redeemed at a price equal to the principal amount, plus accrued and unpaid interest to the date of redemption, plus a specified “make-whole” premium in October of 2018. During the year ended December 31, 2017, the Company purchased $7.6 million in principal amount of its 7.375% Senior Notes for $7.7 million resulting in losses on debt extinguishment of $0.2 million included in the accompanying consolidated statements of income. During the year ended December 31, 2018, and prior to their redemption, the Company purchased $5.7 million in principal amount of its 7.375% Senior Notes for $5.9 million. On October 31, 2018, the Company redeemed the remaining $147.4 million in principal amount of its 7.375% Senior Notes for $153.0 million including a make-whole premium of $5.6 million calculated in accordance with the terms of the indenture. These transactions resulted in losses on debt extinguishment of $6.1 million included in the accompanying consolidated statements of income. SEACOR Revolving Credit Facility. On March 19, 2019, the Company entered into a $125.0 million credit agreement with a syndicate of lenders (the “SEACOR Revolving Credit Facility”) that matures March 19, 2024 and is secured by a pledge over all of SEACOR’s assets and certain of its subsidiaries’ assets, subject to certain exceptions. The SEACOR Revolving Credit Facility permits the Company to borrow up to $125.0 million, from time to time as revolving loans, as such amounts may increase or decrease in accordance with the terms of the Credit Agreement. The loans will bear interest at either (i) a Base Rate plus a margin ranging from 0.75% to 2.00% depending on the Company’s maximum net funded debt ratio, as determined in accordance with the SEACOR Revolving Credit Facility, or (ii) interest periods of one, two, three or six months at an annual rate equal to London Interbank Offered Rate (“LIBOR”) for the corresponding deposits of U.S. dollars, plus a margin ranging from 1.75% to 3.00% based on the Company’s maximum net funded debt ratio, as determined in accordance with the SEACOR Revolving Credit Facility. A fee of 0.5% is payable on the unused commitment quarterly. The Company incurred $2.2 million of issuance costs related to the SEACOR Revolving Credit Facility. The SEACOR Revolving Credit Facility contains various financial and restrictive covenants including fixed charge coverage ratio, a net funded debt ratio, a collateral coverage ratio and restrictions limiting the Company’s ability to pay dividends or make certain investments, as well as other customary covenants, representations and warranties, and events of default as set forth in the agreement. During the year ended December 31, 2019, the Company drew $25.0 million and repaid $25.0 million under the SEACOR Revolving Credit Facility. As of December 31, 2019, the Company had $125.0 million of borrowing capacity. SEA-Vista 2015 Credit Facility. On April 15, 2015, SEA-Vista entered into a $300.0 million credit agreement with a syndicate of lenders that was scheduled to mature in 2020 (the “SEA-Vista 2015 Credit Facility”) and was secured by substantially all of SEA-Vista’s tangible and intangible assets, including its fleet of U.S.-flag petroleum and chemical carriers (See Note 1), with no recourse to SEACOR or its other subsidiaries. The SEA-Vista 2015 Credit Facility was comprised of three tranches: (i) a $100.0 million revolving credit facility (the “Revolving Loan”); (ii) an $80.0 million term loan (the “Term A-1 Loan”); and (iii) a $120.0 million delayed draw term loan (the “Term A-2 Loan”). The proceeds from the SEA-Vista 2015 Credit Facility were used to fund SEA-Vista’s working capital, general corporate purposes, capital commitments and the redemption of its Title XI Bonds. All three loans bore interest at a variable rate determined by reference to the London Interbank Offered Rate (“LIBOR”) plus a margin of between 2.00% and 2.75% as determined in accordance with the SEA-Vista 2015 Credit Facility or, at the election of SEA-Vista, a Base Rate plus a margin of between 1.25% and 1.75% as determined in accordance with the SEA-Vista 2015 Credit Facility. A quarterly fee was payable on the unused commitments of all three tranches. SEA-Vista incurred $3.1 million of issuance costs related to the SEA-Vista 2015 Credit Facility. During the year ended December 31, 2017, SEA-Vista drew $44.9 million and repaid $85.9 million on the Revolving Loan, $39.4 million on the Term A-1 Loan and $63.1 million on the Term A-2 Loan resulting in debt extinguishment losses of $0.7 million. During the year ended December 31, 2018, SEA-Vista repaid $39.0 million on the Revolving Loan, $3.3 million on the Term A-1 Loan and $5.5 million on the Term A-2 Loan. On December 20, 2019, SEA-Vista entered into an amended and restated $200.0 million credit agreement (see "—SEA-Vista 2019 Credit Facility"). Proceeds of $76.0 million from the SEA-Vista 2019 Credit Facility were used to repay the remaining balances on that date under the SEA-Vista 2015 Credit Facility, resulting in losses on debt extinguishment of $0.1 million included in the accompanying consolidated statements of income. During the year ended December 31, 2019, including the final repayment, SEA-Vista repaid $6.0 million on the Revolving Loan, $30.6 million on the Term A-1 Loan and $51.4 million on the Term A-2 Loan. SEA-Vista 2019 Credit Facility. On December 20, 2019, SEA-Vista entered into an amended and restated $200.0 million credit agreement with a syndicate of lenders (the “SEA-Vista 2019 Credit Facility”) and is secured by substantially all of SEA-Vista’s tangible and intangible assets, including its fleet of U.S.-flag petroleum and chemical carriers (See Note 1), with no recourse to SEACOR or its other subsidiaries. The agreement provides for a $100.0 million revolving credit facility (the "SEA-Vista Revolving Loan") and a $100.0 million term loan facility (the "Term Loan") both of which mature in December 2024. Each of the SEA-Vista Revolving Loan and the Term Loan has an accordion feature allowing for potential increases in principal amount. The SEA-Vista Revolving Loan allows for borrowings and reborrowings from time to time until maturity. The Term Loan is a single draw facility that was drawn in full on December 20, 2019. The proceeds of the Term Loan were used to repay $76.0 million outstanding under the SEA-Vista 2015 Credit Facility (see "—SEA-Vista 2015 Credit Facility") and $24.0 million was used by SEA-Vista for working capital needs and general corporate purposes. As of December 31, 2019, SEA-Vista had $100.0 million of borrowing capacity under the SEA-Vista 2019 Credit Facility. Both the SEA-Vista Revolving Loan and the Term Loan bear interest at a variable rate determined by reference to the London Interbank Offered Rate (“LIBOR”) plus a margin of between 2.00% and 2.75% or, at the election of SEA-Vista, a Base Rate plus a margin of between 1.00% and 1.75% each as determined in accordance with the SEA-Vista 2019 Credit Facility. A fee of 0.5% is payable on the unused SEA-Vista Revolving Loan commitment. SEA-Vista incurred $2.1 million of issuance costs related to the SEA-Vista 2019 Credit Facility. The principal of the Term Loan is repayable in quarterly installments of 2.50%, with the remaining principal balance, interest and all other amounts outstanding for all loans, including the SEA-Vista Revolving Loan, due and payable on the Maturity Date, December 20, 2024. In addition, SEA-Vista has the right to make optional prepayments on each of the loans without penalty in minimum amounts of $1.0 million. The SEA-Vista Credit Facility contains various financial maintenance and restrictive covenants including: funded debt to adjusted EBITDA; adjusted EBITDA to interest expense plus amortization; and aggregate collateral vessel value to the sum of funded debt and unused and unexpired commitments. ISH Credit Facility. On July 3, 2017, ISH emerged from bankruptcy pursuant to the Plan (see Note 2). In conjunction with the emergence under the Plan, ISH assumed debt of $25.0 million under a credit facility with a maturity date of July 2020. The facility consisted of two tranches: (i) a $5.0 million revolving credit facility (the “ISH Revolving Loan”) and (ii) a $20.0 million term loan (the “ISH Term Loan”) (collectively the “ISH Credit Facility”). ISH incurred $0.1 million of issuance costs in connection with the ISH Credit Facility. The proceeds from this facility were used for general working capital purposes and payments to ISH’s creditors in accordance with the Plan. Interest on both loans were based on a variable rate of either LIBOR multiplied by the Statutory Reserve Rate or Prime Rate plus an applicable margin, as defined in the ISH Credit Facility. A quarterly fee of 0.5% was payable on the unused commitment of the ISH Revolving Loan. Beginning September 30, 2017, ISH was required to make quarterly prepayments on the ISH Term Loan of $0.7 million. Commencing with the calendar year ending December 31, 2018, ISH was required to make annual prepayments on the ISH Term Loan in an amount equal to 50% of excess cash flow as defined in the credit agreement. The ISH Credit Facility contained various financial and restrictive covenants applicable to ISH and its subsidiaries including indebtedness to EBITDA and adjusted EBITDA to interest expense maintenance, as defined in the ISH Credit Facility. The ISH Credit Facility was non-recourse to SEACOR and its subsidiaries other than ISH. The ISH Credit Facility was secured by substantially all of ISH’s assets, including its fleet of U.S.-flag bulk carriers (See Notes 1 and 2). During the year ended December 31, 2017, ISH repaid $7.8 million on the ISH Term Loan and $5.0 million on the ISH Revolving Loan. During the year ended December 31, 2018, ISH repaid the outstanding balance of $12.2 million on the ISH Term Loan and terminated the credit facility resulting in debt extinguishment losses of $0.1 million included in the accompanying consolidated statements of income. Other. During 2017, the Company acquired $3.9 million of other debt related to the ISH acquisition (see Note 2). This debt bore interest at 7.0% and was collateralized by certain acquired assets. As of December 31, 2018, this debt was fully repaid. In addition, the Company has various other obligations including equipment and facility mortgages. As of December 31, 2019, these obligations have maturities ranging from 2020 through 2026, have interest rates ranging from 3.4% to 6.0% and require periodic payments of interest and principal. During the years ended December 31, 2019, 2018 and 2017, repayments on other debt was $0.6 million, $2.1 million (including the repayment and termination of the debt related to the ISH acquisition) and $3.0 million, respectively. Letters of Credit. As of December 31, 2019, the Company had outstanding letters of credit totaling $1.2 million with various expiration dates through 2027. Guarantees. The Company has guaranteed the payments of amounts owned under certain sale-leaseback transactions, equipment financing and multi-employer pension obligations on behalf of SEACOR Marine. As of December 31, 2019, these guarantees on behalf of SEACOR Marine totaled $22.9 million and the amount declines as payments are made on the outstanding obligations through 2023. The Company earns a fee from SEACOR Marine of 0.5% per annum on these guarantees. For the years ended December 31, 2019, 2018, and 2017 the Company earned $0.2 million, $0.3 million and $0.6 million, respectively, in guarantee fees from SEACOR Marine. Repurchase Authority. SEACOR’s Board of Directors previously approved a securities repurchase plan that authorizes the Company to acquire SEACOR Common Stock, par value $0.01 per share ("Common stock") 3.0% Convertible Senior Notes, 2.5% Convertible Senior Notes and 3.25% Convertible Senior Notes (collectively the “Securities”), through open market purchases, privately negotiated transactions or otherwise, depending on market conditions. On June 5, 2019, SEACOR's Board of Directors increased the Company's repurchase authority for the Securities to $150.0 million. As of December 31, 2019, SEACOR had remaining authorization for Securities repurchases of $129.9 million. |
Operating Leases (Notes)
Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Leases [Abstract] | |
Operating Leases | 8. OPERATING LEASES Lessee. As of December 31, 2019, the Company leased in two U.S.-flag petroleum and chemical carriers, four U.S.-flag harbor tugs, four U.S.-flag PCTCs, 50 inland river dry-cargo barges, four inland river towboats, six inland river harbor boats and certain facilities and other equipment. The leases generally contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. As of December 31, 2019, the lease terms of the U.S.-flag petroleum and chemical carriers, which are subject to subleases, have remaining durations of 33 and 80 months. The lease terms of the other vessels, facilities and equipment range in duration from 4 to 195 months. For operating leases as of December 31, 2019, the future minimum payments in the years ended December 31, were as follows (in thousands): 2020 $ 41,914 2021 37,711 2022 27,460 2023 15,531 2024 13,603 Years subsequent to 2024 27,066 163,285 Interest component (18,979) 144,306 Current portion of long-term operating lease liabilities (36,011) Long-term operating lease liabilities $ 108,295 The components of lease expense for the year ended December 31, were as follows (in thousands): 2019 Operating lease expense $ 42,863 Short-term lease expense (lease duration of twelve months or less at lease commencement) 22,992 Sublease income (33,428) $ 32,427 Other information related to operating leases for the year ended December 31, was as follows (in thousands except weighted average data): 2019 Operating cash outflows from operating leases $ 43,096 Right-of-use assets obtained in exchange for operating lease liabilities $ 179,944 Weighted average remaining lease term, in years 5.2 Weighted average discount rate 4.9 % Lessor. As of December 31, 2019, arrangements in which the Company acted as a lessor with remaining terms in excess of one year included the bareboat charter of four U.S.-flag petroleum and chemical carriers, five U.S.-flag ocean liquid tank barges and six foreign-flag harbor tugs, the time charter of four U.S.-flag petroleum and chemical carriers, four U.S.-flag PCTCs, eight inland river towboats and one U.S.-flag offshore tug, and other non-vessel rental arrangements of certain property and equipment. Future minimum lease revenues from these arrangements for the years ended December 31, were as follows (in thousands): Total Minimum Lease Revenues Leased-in Obligations (1) Net Minimum Lease Income 2020 $ 160,324 $ (31,572) $ 128,752 2021 114,395 (29,683) 84,712 2022 55,990 (22,942) 33,048 2023 34,701 (11,315) 23,386 2024 27,205 (11,346) 15,859 Years subsequent to 2024 55,102 (18,662) 36,440 ____________________ (1) The total payments to be made under existing non-cancelable leases for the property and equipment subject to these future minimum lease revenues. The major classes of owned property and equipment earning lease revenues as of December 31, were as follows (in thousands): Historical Accumulated Net Book 2019 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 544,549 $ (258,153) $ 286,396 Harbor and offshore tugs - U.S.-flag & foreign-flag 51,129 (17,363) 33,766 Ocean liquid tank barges - U.S.-flag 39,238 (16,171) 23,067 634,916 (291,687) 343,229 Inland Services: Towboats 50,615 (3,498) 47,117 $ 685,531 $ (295,185) $ 390,346 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES Income before income tax expense (benefit) and equity in earnings (losses) of 50% or less owned companies derived from U.S. and foreign companies for the years ended December 31, were as follows (in thousands): 2019 2018 2017 United States $ 41,398 $ 33,563 $ 28,546 Foreign 6,182 56,558 4,748 Eliminations and other 1,517 1,568 1,911 $ 49,097 $ 91,689 $ 35,205 The Company files a consolidated U.S. federal tax return. The components of income tax expense (benefit) for the years ended December 31, were as follows (in thousands): 2019 2018 2017 Current: State $ 739 $ 253 $ 1,136 Federal (244) 20,776 (17,181) Foreign 1,165 2,899 333 1,660 23,928 (15,712) Deferred: State 404 (3,001) 12 Federal 7,765 (12,512) (51,489) 8,169 (15,513) (51,477) $ 9,829 $ 8,415 $ (67,189) The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31,: 2019 2018 2017 Statutory rate 21.0 % 21.0 % 35.0 % Income subject to tonnage tax (2.3) % (1.3) % (5.9) % Dorian distribution — % — % 22.8 % Reversal of uncertain tax position — % — % (28.7) % U.S. federal income tax statutory changes — % — % (190.2) % Non-deductible expenses 1.6 % 0.2 % 0.8 % Noncontrolling interests (3.1) % (5.7) % (22.4) % Foreign earnings not subject to U.S. income tax (4.1) % (16.2) % — % Foreign taxes not creditable against U.S. income tax 1.4 % 3.2 % — % Losses of foreign subsidiaries not benefited — % — % (6.6) % Subpart F income 1.5 % 12.1 % — % State taxes 2.0 % (3.1) % 1.2 % Share award plans 0.6 % (0.3) % 2.0 % Other 1.4 % (0.7) % 1.1 % 20.0 % 9.2 % (190.9) % On December 22, 2017, the U.S. enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, reducing the U.S. federal corporate tax rate from 35% to 21%, eliminating or capping certain deductions, imposing a mandatory one-time tax on accumulated earnings in foreign subsidiaries, introducing new tax regimes and changing how foreign earnings are subject to U.S. taxation. The statutory corporate tax rate reduction is effective for tax years beginning on or after January 1, 2018. During the year ended December 31, 2017, the Company recorded a net income tax benefit of $66.9 million as a consequence of reducing its net deferred tax liabilities to reflect the change in the statutory tax rate. During the year ended December 31, 2013, the Company provided for income taxes of $10.1 million relating to potential tax exposures surrounding the spin-off of Era Group Inc. (“Era Group”) by means of a dividend to SEACOR’s shareholders of all the issued and outstanding common stock of Era Group. During the year ended December 31, 2017, the Company reversed this provision as the statute of limitations expired. In addition, the Company reversed accumulated accrued interest of $2.0 million related to this provision, included as a reduction in interest expense in the accompanying consolidated statements of income. The components of the net deferred income tax liabilities for the years ended December 31, were as follows (in thousands): 2019 2018 Deferred tax liabilities: Property and equipment $ 121,840 $ 93,049 Long-term debt 15,395 18,355 Gains on marketable securities 459 — Investments in 50% or less owned companies 1,541 1,934 Intangible assets 706 614 Deductible goodwill 1,002 344 Other — 31 Total deferred tax liabilities 140,943 114,327 Deferred tax assets: Net operating loss carryforwards 21,385 — Capital loss carryforwards 5,192 — Share award plans 3,686 3,711 Losses on marketable securities — 8,596 Debt and equity issuance costs 515 379 Other 8,721 11,178 Total deferred tax assets 39,499 23,864 Valuation allowance (4,217) (3,957) Net deferred tax assets 35,282 19,907 Net deferred tax liabilities $ 105,661 $ 94,420 During the year ended December 31, 2019, the Company increased its valuation allowance for state net operating loss carryforwards from $4.0 million to $4.2 million. The Company's capital loss carryforwards expire in 2024. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Strategies | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments And Hedging Strategies | 10. DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES Cash Flow Hedges. One of the Company’s 50% or less owned companies has subsidiaries with interest rate swap agreements designated as cash flow hedges, with an aggregate amortizing notional value of $48.0 million that mature in March 2028. These interest rate swaps call for the subsidiaries to pay a fixed rate of 1.74% on the aggregate amortizing notional value and receive a variable interest rate based on LIBOR. Another one of the Company’s 50% or less owned companies, had an interest rate swap agreement designated as a cash flow hedge that matured in April 2017. This interest rate swap called for this company to pay a fixed interest rate of 2.79% on the amortized notional value and receive a variable interest rate based on LIBOR. By entering into these interest rate swap agreements, the Company's 50% or less owned companies converted the variable LIBOR component of certain of its outstanding borrowings to a fixed interest rate. During the year ended December 31, 2019, the Company recognized gains on the fair value of these contracts of $0.1 million which is included as a component of other comprehensive income (loss). Other Derivative Instruments. The Company recognized gains on derivative instruments not designated as hedging instruments for the years ended December 31, as follows (in thousands): Derivative gains 2017 Exchange option liability on subsidiary convertible senior notes $ 19,436 Forward currency exchange, option and future contracts 291 $ 19,727 The exchange option liability on subsidiary convertible senior notes terminated on June 1, 2017 as a consequence of the Spin-Off. The Company enters and settles forward currency exchange, option and future contracts with respect to various foreign currencies. 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. As of December 31, 2019, there were no outstanding forward currency exchange contracts. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. 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 December 31, that are measured at fair value on a recurring basis were as follows (in thousands): Level 1 Level 2 Level 3 2019 ASSETS Cash, cash equivalents, restricted cash and restricted cash equivalents $ 78,444 $ — $ — Marketable securities (1) 7,936 — — 2018 ASSETS Cash, cash equivalents, restricted cash and restricted cash equivalents $ 147,212 $ — $ — Marketable securities (1) 30,316 — — Construction reserve funds 3,908 — — ______________________ (1) Marketable security gains (losses), net include gains of $2.2 million for the year ended December 31, 2019 related to marketable security positions held by the Company as of December 31, 2019. Marketable security gains (losses), net include losses of $12.4 million and gains of $0.1 million for the years ended December 31, 2018 and 2017, respectively, related to marketable security positions held by the Company as of December 31, 2018. The estimated fair value of the Company’s other financial assets and liabilities as of December 31, were as follows (in thousands): Carrying Level 1 Level 2 Level 3 2019 ASSETS Notes receivable from third parties (included in other receivables and other assets) $ 1,119 $ — $ 1,082 $ — Investments, at cost, in 50% or less owned companies (included in other assets) 4,201 see below LIABILITIES Long-term debt, including current portion (1) 314,466 — 330,088 — 2018 ASSETS Notes receivable from third parties (included in other receivables and other assets) $ 2,182 $ — $ 2,159 $ — Investments, at cost, in 50% or less owned companies (included in other assets) 4,300 see below LIABILITIES Long-term debt, including current portion (1) 354,625 — 353,929 — ______________________ (1) The estimated fair value includes the embedded conversion options on the Company’s 3.0% and 3.25% Convertible Senior Notes. The fair value of the Company’s long-term debt and notes receivable from third parties 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 certain 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. 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 that were measured at fair value during the years ended December 31, were as follows (in thousands): Level 1 Level 2 Level 3 2018 ASSETS Investments, at equity, and advances in 50% or less owned companies $ — $ 3,219 $ — Investments, at equity, and advances in 50% or less owned companies. During the year ended December 31, 2018, the Company marked its investment in Cleancor to fair value as a consequence of the Company acquiring its partners’ 50% interest, resulting in a gain of $0.1 million, net of tax, based on the fair value of the acquired interest (see Note 2). In addition, During the year ended December 31, 2018, the company identified indicators of impairment in one of the Company’s other 50% or less owned companies and, as a consequence, recognized an impairment charge of $0.1 million for an other-than-temporary decline in fair value. The investment was determined to have an immaterial value. |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | 12. EQUITY TRANSACTIONS 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 (see Note 7). During the year ended December 31, 2019, the Company acquired 3,912, shares of Common Stock for treasury under the Securities repurchase plan for an aggregate purchase price of $0.1 million. As of December 31, 2019, the Company's repurchase authority for the Securities was $129.9 million. During the years ended December 31, 2018 and 2017, the Company acquired no shares of Common Stock for treasury under the Securities repurchase plan. During the years ended December 31, 2019 and 2017, the Company acquired for treasury 8,338 and 212,659 shares of Common Stock, respectively, for aggregate purchase prices of $0.4 million and $12.3 million, respectively, from its employees to cover their tax withholding obligations related to share award transactions. 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. Stock Issuances. On June 1, 2017, the Company completed the Spin-off of SEACOR Marine by means of a dividend of all of the issued and outstanding common stock of SEACOR Marine to SEACOR’s shareholders. In the Spin-off, holders of SEACOR Common Stock received approximately 1.005 shares of SEACOR Marine common stock for each share of SEACOR Common Stock held as of the record date for the Spin-off. On December 20, 2017, the Company distributed 3,977,135 shares of Dorian common stock with a value of $31.4 million (based on the closing share price on that date) to its stockholders with each holder of Common Stock receiving approximately 0.2215 shares of Dorian common stock for each share of SEACOR Common Stock held as of the record date for such distribution. The Compensation Committee of the Board of Directors elected, at its discretion, to distribute shares of Dorian on the Company’s restricted shares outstanding on the record date rather than depositing the shares in escrow pending the lapsing of restrictions. On August 2, 2019, the Company acquired the Remaining SEA-Vista Interest (See Note 1). As part of the consideration for the Remaining SEA-Vista Interest, the Company issued the Consideration Shares in a private placement exempt from registration under the Securities Act of 1933, as amended. In connection with the issuance of the Consideration Shares, the Seller agreed to certain restrictions on its ability to dispose of the Consideration Shares pursuant to a Lock-Up Agreement, dated August 2, 2019, between the Company and the Seller (the “Lock-Up Agreement”). Pursuant to the Lock-Up Agreement, the Seller was prohibited from distributing the Consideration Shares to its limited partners prior to November 1, 2019 and from otherwise transferring or disposing of the Consideration Shares in any other manner on or prior to February 2, 2020. On November 15, 2019, the Seller distributed the shares to its partners, effectively terminating the Lock-Up Agreement. |
Noncontrolling Interests in Sub
Noncontrolling Interests in Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries | 13. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in the Company’s consolidated subsidiaries as of December 31, were as follows (in thousands): Noncontrolling Interests 2019 2018 Ocean Services: SEA-Vista 49.0% $ — $ 148,665 Inland Services: Other 3.0 % – 51.8% 785 862 Other 5.0% 3 161 $ 788 $ 149,688 SEA-Vista. SEA-Vista owns and operates the Company’s fleet of U.S.-flag petroleum and chemical carriers used in the U.S. coastwise trade of crude oil, petroleum and specialty chemical products. On August 2, 2019, the Company acquired the Remaining SEA-Vista Interest (See Notes 1 and 12). During the seven months ended July 31, 2019, the net income of SEA-Vista was $14.8 million, of which $7.2 million was attributable to noncontrolling interests. During the year ended December 31, 2018, the net income of SEA-Vista was $51.2 million, of which $25.1 million was attributable to noncontrolling interests. During the year ended December 31, 2017, the net income of SEA-Vista was $45.9 million, of which $22.5 million was attributable to noncontrolling interests. |
Savings, Multi-Employer And Def
Savings, Multi-Employer And Defined Benefit Pension Plans | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Compensation Arrangements [Abstract] | |
Savings, Multi-Employer And Defined Benefit Pension Plans | 14. SAVINGS, MULTI-EMPLOYER AND DEFINED BENEFIT PENSION PLANS SEACOR Savings Plan. The Company provides a defined contribution plan (the “Savings Plan”) for its eligible U.S.-based employees. The Company’s contribution to the Savings Plan is limited to 3.5% of an employee’s wages depending upon the employee’s level of voluntary wage deferral into the Savings Plan and is subject to annual review by the Board of Directors. The Company’s Savings Plan costs were $2.2 million, $2.0 million and $1.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. SEACOR Deferred Compensation Plan. In 2005, the Company established a non-qualified deferred compensation plan, as amended (the “Deferred Compensation Plan”) to provide certain highly compensated executives and non-employee directors the ability to defer receipt of up to 75% of their cash base salary and up to 100% of their cash bonus. Each participant’s compensation deferrals are credited to a bookkeeping account and, subject to certain restrictions, each participant may elect to have their cash deferrals in such account indexed against one or more investment options, solely for purposes of determining amounts payable under the Deferred Compensation Plan (the Company is not obligated to actually invest any deferred amounts in the selected investment options). Participants may receive a distribution of deferred amounts, plus any earnings thereon (or less any losses), on a date specified by the participant or, if earlier, upon a separation from service or upon a change of control (as defined). All distributions to participants following a separation from service shall be in the form of a lump sum, except if such separation qualifies as “retirement” under the terms of the plan, in which case it may be paid in installments if previously elected by the participant. Distributions to “Key Employees” upon a separation from service (other than due to death) will not commence until at least six months after the separation from service. Participants are always 100% vested in the amounts they contribute to their Deferred Compensation Plan accounts. The Company, at its option, may contribute amounts to participants’ accounts, which may be subject to vesting requirements. The obligations of the Company to pay deferred compensation under the Deferred Compensation Plan are general unsecured obligations of the Company and rank equally with other unsecured indebtedness of the Company that is outstanding from time to time. As of December 31, 2019 and 2018 the Company had obligations of $0.8 million and $0.6 million, respectively, related to the Deferred Compensation Plan that are included in the accompanying consolidated balance sheets as deferred gains and other liabilities. The total amount of the Company’s obligation under the Deferred Compensation Plan will vary depending upon the level of participation by participants and the amount of compensation that participants elect to defer under the plan. The duration of the Deferred Compensation Plan is indefinite (subject to the Board of Directors’ discretion to amend or terminate the plan). AMOPP and SPP. Certain subsidiaries of the Company are participating employers in two industry-wide, multi-employer defined benefit pension plans, the American Maritime Officers Pension Plan (the “AMOPP” - EIN: 13-1936709) and the Seafarers Pension Plan (the “SPP” - EIN: 13-6100329). The Company’s participation in these plans relates to certain employees of the Company’s Ocean Services business segment. During the years ended December 31, 2019, 2018 and 2017, the Company made contributions of $2.6 million, $2.5 million and $2.4 million, respectively in the aggregate to the AMOPP and SPP. Under federal pension law, a plan is in "endangered" status if the funded percentage (plan assets divided by its liabilities) is less than 80% and in "critical" status if the funded percentage is less than 65% (other factors may also apply). For the 2019 plan year, the AMOPP was neither in endangered status nor critical status. The Company received notification from the AMOPP that the Company's withdrawal liability as of September 30, 2018, the latest period for which an actuarial valuation is available, would have been $28.1 million. That liability may change in future years based on various factors, primarily employee census. As of December 31, 2019, the Company had no intention to withdraw from the AMOPP and no deficit amounts have been invoiced. Depending upon the results of the future actuarial valuations, 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. The SPP was neither in endangered nor critical status for the 2018 plan year, the latest period for which a report is available, as the SPP was fully funded. Multi-Employer Defined Contribution Plans. In accordance with collective bargaining agreements between the Company and the American Maritime Officers Union, the latest of which expires on August 31, 2022, the Seafarers International Union, the latest of which expires on July 31, 2022, the Masters Mates and Pilots Union, which expires July 2, 2022 and the Marine Engineer Benefit Association, which expires July 2, 2022, the Company makes periodic contributions to various defined contribution and 401(k) plans for the benefit of the participants. The contributions to these plans are expensed as incurred and are included in operating expenses in the accompanying consolidated statements of income. During the years ended December 31, 2019, 2018 and 2017, the Company made contributions of $1.1 million, $1.0 million and $1.0 million, respectively, in the aggregate to these plans. During the years ended December 31, 2019, 2018 and 2017, none of the Company’s contributions to any of these plans exceeded 5% of total contributions to each plan and the Company did not pay any material surcharges. As of December 31, 2019, there is no required minimum future contributions to these plans. The Company’s obligations for future contributions are based upon the number of employees subject to the collective bargaining agreements, their rates of pay and the number of days worked. Future negotiations of collective bargaining agreements between the Company and the participating unions, including the contribution levels for these plans or any additional plans that may come into existence, may result in increases to the Company’s wage and benefit costs and those increases may be material. ISH Retirement Plan. ISH sponsored a defined benefit pension plan (the “ISH Retirement Plan”) covering non-union employees prior to its acquisition by the Company on July 3, 2017 (see Note 2). The ISH Retirement Plan generally provided participants with benefits based on years of service and compensation levels for participants hired prior to September 1, 2006. From that date forward, the benefit was calculated prospectively under a cash balance formula with pay credits based on age plus service years and interest credits based on an as defined U.S. treasury rate. Effective July 3, 2017, in conjunction with the Plan, an amendment was made to the ISH Retirement Plan that fully vested all active participants as of January 1, 2017 and froze the retirement benefits effective August 31, 2017. As of August 31, 2017, all retirement benefits earned were fully preserved and will be paid in accordance with the ISH Retirement Plan and legal requirements. The funded status of the ISH Retirement Plan as of December 31, was as follows (in thousands): 2019 2018 Fair Value of Assets $ 37,723 $ 34,923 Projected Benefit Obligation (37,583) (34,299) Funded Status (1) $ 140 $ 624 _____________________ (1) Included in other assets in the accompanying consolidated balance sheets. During the years ended December 31, 2019 and 2018, pension expense was $0.5 million and $0.9 million, respectively. During the period July 3, 2017 through December 31, 2017, pension income was $1.3 million. The significant assumptions used in determining the projected benefit obligation as of December 31, and pension expense for the years ended December 31, were as follows: 2019 2018 Discount rate 3.10 % 4.05 % Rate of increase in compensations levels (1) N/A N/A CPI 2.25 % 2.25 % Cash balance interest credits (compounded annually) 4.00 % 4.00 % Expected long-term rate of return on plan assets 6.00 % 6.75 % _____________________ (1) Retirement benefits were frozen as of August 31, 2017. The future benefit payments expected to be paid in each of the next five fiscal years are as follows (in thousands): 2020 2,250 2021 2,120 2022 2,200 2023 2,180 2024 2,160 |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | 15. SHARE BASED COMPENSATION Share Incentive Plans. SEACOR’s stockholders approved the 2014 Share Incentive Plan to provide for the grant of options to purchase shares of Common Stock, stock appreciation rights, restricted stock, stock awards, performance awards and restricted stock units to non-employee directors, key officers and employees of the Company. The 2014 Share Incentive Plan superseded the 2007 Share Incentive Plan (collectively including all predecessor plans, the “Share Incentive Plans”). The Compensation Committee of the Board of Directors administers the Share Incentive Plans. A total of 6,650,000 shares of Common Stock have been authorized for grant under the Share Incentive Plans. All shares issued pursuant to such grants are newly issued shares of Common Stock. The exercise price per share of options granted cannot be less than 100% of the fair market value of Common Stock at the date of grant under the Share Incentive Plans. Grants to date have been limited to stock awards, restricted stock, restricted stock units and options to purchase shares of Common Stock. Restricted stock typically vests from one one Employee Stock Purchase Plans. SEACOR’s stockholders approved an amendment to the 2009 Employee Stock Purchase Plan (collectively including all predecessor plans, the “Employee Stock Purchase Plans”) increasing the shares of Common Stock available for issuance under the plan by 300,000 and extending the term to ten years from the date of the Company’s 2018 annual meeting of stockholders. The Employee Stock Purchase Plans permit the Company to offer Common Stock for purchase by eligible employees at a price equal to 85% of the lesser of (i) the fair market value of Common Stock on the first day of the offering period or (ii) the fair market value of Common Stock on the last day of the offering period. Common Stock is made available for purchase under the Employee Stock Purchase Plans for six-month offering periods. The Employee Stock Purchase Plans are intended to comply with Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”), but is not intended to be subject to Section 401(a) of the Code or the Employee Retirement Income Security Act of 1974. The Board of Directors of SEACOR may amend or terminate the Employee Stock Purchase Plans at any time; however, no increase in the number of shares of Common Stock reserved for issuance under the Employee Stock Purchase Plans may be made without stockholder approval. A total of 900,000 shares of Common Stock have been approved for purchase under the Employee Stock Purchase Plans with all shares issued from those held in treasury. Share Award Transactions. The following transactions have occurred in connection with the Company’s share based compensation plans during the years ended December 31,: 2019 2018 2017 Restricted stock awards granted 149,950 121,850 153,100 Restricted stock awards forfeited (4,230) — (2,444) Director stock awards granted 2,125 2,875 1,750 Stock Option Activities: Outstanding as of the beginning of year 1,467,391 1,546,014 1,639,865 Granted (1) 165,650 142,550 1,013,893 Exercised (165,893) (220,694) (562,587) Forfeited (5,200) — (3,374) Expired (7,874) (479) (541,783) Outstanding as of the end of year 1,454,074 1,467,391 1,546,014 Employee Stock Purchase Plans shares issued 44,383 45,251 36,552 Shares available for issuance under Share Incentive and Employee Stock Purchase Plans as of the end of year (2) 539,414 884,218 896,265 ______________________ (1) On June 2, 2017, the Company granted 846,353 stock options to existing option holders under make-whole provisions upon the Spin-off. (2) Shares available for future grants and ESPP purchases were adjusted on June 2, 2017 to reflect the Spin-off in accordance with make-whole provisions of the plans. During the years ended December 31, 2019, 2018 and 2017, the Company recognized $5.2 million, $4.0 million and $32.5 million, respectively, of compensation expense related to stock awards, stock options, employee stock purchase plans purchases and restricted stock (collectively referred to as “share awards”). During 2017, compensation expense related to stock awards included $16.6 million associated with the Spin-off and the accelerated vesting of incentive share awards in advance of changes in the U.S. federal income tax code. As of December 31, 2019, the Company had approximately $12.8 million in total unrecognized compensation costs of which $4.5 million and $3.5 million are expected to be recognized in 2020 and 2021, respectively, with the remaining balance recognized through 2024. The weighted average values of grants under the Company’s Share Incentive Plans were $27.67, $29.72 and $37.20 for the years ended December 31, 2019, 2018 and 2017, respectively. The fair value of each option granted during the years ended December 31, 2019, 2018 and 2017, is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: (a) no dividend yield, (b) weighted average expected volatility of 28.2%, 26.6% and 25.5%, respectively, (c) weighted average discount rates of 1.88%, 2.78% and 1.92%, respectively, and (d) expected lives of 5.75 years, 5.58 years and 5.59 years, respectively. During the year ended December 31, 2019, the number of shares and the weighted average grant price of restricted stock transactions were as follows: Restricted Stock Number of Weighted Nonvested as of December 31, 2018 121,850 $ 46.66 Granted 149,950 $ 43.20 Vested (26,390) $ 46.58 Forfeited (4,230) $ 44.66 Nonvested as of December 31, 2019 241,180 $ 44.55 During the years ended December 31, 2019 and 2017, the total grant date fair value of restricted stock that vested was $1.2 million and $26.1 million, respectively. During the year ended December 31, 2018, no restricted stock vested. During the year ended December 31, 2019, the number of shares and the weighted average exercise price on stock option transactions were as follows: Total Options Number of Weighted Outstanding, as of December 31, 2018 1,467,391 $ 41.72 Granted 165,650 $ 43.77 Exercised (165,893) $ 31.61 Forfeited (5,200) $ 43.47 Expired (7,874) $ 48.84 Outstanding, as of December 31, 2019 1,454,074 $ 43.19 Outstanding and Exercisable, as of December 31, 2019 1,013,705 $ 43.60 During the years ended December 31, 2019, 2018 and 2017, the aggregate intrinsic value of exercised stock options was $2.5 million, $3.9 million and $5.6 million, respectively. As of December 31, 2019, the weighted average remaining contractual term for total outstanding stock options and vested/exercisable stock options was 5.10 and 3.90 years, respectively. As of December 31, 2019, the aggregate intrinsic value of all options outstanding and all vested/exercisable options outstanding was $3.8 million and $2.7 million, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. RELATED PARTY TRANSACTIONS The Company manages barge pools as part of its Inland Services segment. 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. Companies controlled by Mr. Fabrikant, the Executive Chairman and Chief Executive Officer of SEACOR, and trusts established for the benefit of Mr. Fabrikant’s children, own barges that participate in the barge pools managed by the Company. Mr. Fabrikant and his affiliates were participants in the barge pools prior to the acquisition of SCF Marine Inc. by SEACOR in 2000. During the years ended December 31, 2019, 2018 and 2017, Mr. Fabrikant and his affiliates earned $0.5 million, $0.9 million and $0.6 million, respectively, of net barge pool results (after payment of $0.1 million, $0.1 million and $0.1 million, respectively, in management fees to the Company). As of December 31, 2019 and 2018, the Company owed Mr. Fabrikant and his affiliates $0.1 million and $0.5 million, respectively, for undistributed net barge pool results. Mr. Fabrikant is a director of SEACOR Marine. The Company has provided certain transition services to SEACOR Marine related to the Spin-off and the total amount earned from these transition services during the years ended December 31, 2019, 2018 and 2017 was $0.6 million, $4.6 million and $3.5 million, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 17. COMMITMENTS AND CONTINGENCIES The Company's capital commitments as of December 31, 2019 by year of expected payment were as follows (in thousands): 2020 2021 2022 Total Ocean Services $ 22,394 $ 30,965 $ 2,636 $ 55,995 Inland Services 5,663 — — 5,663 Other 582 — — 582 $ 28,639 $ 30,965 $ 2,636 $ 62,240 Ocean Services' capital commitments included four U.S.-flag harbor tugs and an interest in two foreign-flag rail ferries. Inland Services’ capital commitments included four inland river dry-cargo barges, two inland river towboats, other equipment, and vessel and terminal improvements. Subsequent to December 31, 2019, the Company committed to purchase two inland river dry-cargo barges and other property and equipment for $2.5 million. During 2012, the Company sold National Response Corporation (“NRC”), NRC Environmental Services Inc., SEACOR Response Ltd., and certain other subsidiaries to J.F. Lehman & Company, a private equity firm (the “SES Business Transaction”). On December 15, 2010, O’Brien’s Response Management L.L.C. (“ORM”) and NRC were named as defendants in 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 (the "DWH Response"), which is currently pending in the U.S. District Court for the Eastern District of Louisiana (the “MDL”). The “B3” master complaint naming ORM and NRC asserted 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 “B3” 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. On February 16, 2016, all but eleven “B3” claims against ORM and NRC were dismissed with prejudice (the “B3 Dismissal Order”). On August 2, 2016, the Court granted an omnibus motion for summary judgment as it concerns ORM and NRC in its entirety, dismissing the remaining eleven plaintiffs’ claims against ORM and NRC with prejudice (the “Remaining Eleven Plaintiffs’ Dismissal Order”). The deadline to appeal both of these orders has expired. The last remaining claim against the Company in connection with the "B3" master complaint was dismissed with prejudice, by an order of the Court granted on July 25, 2019. 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 “B3” master complaint that have already been asserted against ORM and NRC. Various contribution and indemnity cross-claims and counterclaims involving ORM and NRC were subsequently filed. The Company believes that the potential exposure, if any, resulting therefrom has been reduced as a result of the various developments in the MDL, including the B3 Dismissal Order and Remaining Eleven Plaintiffs’ Dismissal Order, 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 Production Inc. (“BPXP”) and BP America Production Company (“BP America,” and with BPXP, “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 and property damage claims and clean-up related claims against BP. The Company, ORM, and NRC had no involvement in negotiating or agreeing to the terms of either settlement, nor are they parties or signatories thereto. The BP settlement pertaining to personal injury claims (the “Medical Settlement”) purported to resolve the “B3” claims asserted against BP and also established a right for class members to pursue individual claims against BP (but not ORM or NRC) for “later-manifested physical conditions,” defined in the Medical Settlement to be physical conditions that were “first diagnosed” after April 16, 2012 and which are claimed to have resulted from exposure during the DWH Response. The back-end litigation-option (“BELO”) provision of the Medical Settlement has specifically-delineated procedures and limitations, should any “B3” class member seek to invoke their BELO right. For example, there are limitations on the claims and defenses that can be asserted, as well as on the issues, elements, and proofs that may be litigated at any trial and the potential recovery for any Plaintiff. Notwithstanding that the Company, ORM, and NRC are listed on the Medical Settlement’s release as to claims asserted by Plaintiffs, the Medical Settlement still permits BP to seek indemnity from any party, to the extent BP has a valid indemnity right. The Medical Settlement was approved by the Court on January 11, 2013 and made effective on February 12, 2014. As of mid-January 2020, BP has tendered approximately 2,380 claims pursuant to the Medical Settlement’s BELO provision for indemnity to ORM and approximately 230 of such claims to NRC. Recently, approximately 450 of the claims that were tendered by BP to ORM and approximately 35 of the claims tendered to NRC have been dismissed with prejudice. ORM and NRC have rejected all of BP’s indemnity demands relating to the Medical Settlement’s BELO provision and on February 14, 2019 commenced a legal action against BPXP and BP America with respect to same. That action, captioned O’Brien’s Response Management, L.L.C. et al. v. BP Exploration & Production Inc. et al. , Case No. 2:19-CV-01418-CJB-JCW (E.D. La.) (the “Declaratory Judgment Action”), seeks declaratory relief that neither ORM nor NRC have any indemnity obligation to BP with respect to the exposure-based claims expressly contemplated by the Medical Settlement’s BELO provision, nor any contribution, in light of BP’s own actions and conduct over the past nine years (including its complete failure to even seek indemnity) and the resultant prejudice to ORM and NRC; that any indemnity or contribution rights BP may have once had with respect to these personal injury and exposure claims were extinguished once the Medical Settlement was approved by the MDL Court in 2013; and that the immunity already afforded to ORM and NRC via the B3 Dismissal Order and the Remaining Eleven Plaintiffs’ Dismissal Order operates to bar any indemnity or contribution claims against them by BP. BP subsequently proceeded to begin tendering personal injury claims to ORM and NRC that are being pursued by plaintiffs who opted out of the Medical Settlement and who are thus proceeding with their “B3” claims in their ordinary course (as opposed to pursuant to the Medical Settlement’s BELO provision). ORM and NRC also rejected these demands, and amended its Declaratory Judgment Action on December 11, 2019 to cover BP’s indemnity demands for these opt out claims as well. On October 16, 2019, BP asserted four amended counterclaims against ORM and NRC, as well as two claims against ORM’s insurer (Navigators). Those amended counterclaims are breach of contract against ORM for failing to indemnify BP or name BP as an additional insured on the Navigators policy, declaratory judgment that NRC must indemnify BP under certain circumstances, and unjust enrichment against ORM and NRC. ORM and NRC moved to dismiss the last three of those counterclaims. That motion to dismiss was fully briefed as of January 10, 2020, and remains pending. The Court also ordered the parties to file simultaneous judgment on the pleadings briefs by February 14, 2020, and any oppositions by March 16, 2020. Generally, the Company, ORM, and NRC believe that BP’s indemnity demands with respect to any “B3” claims, including those involving Medical Settlement class members invoking BELO rights and those involving Medical Settlement opt-out Plaintiffs, are untimely and improper, and intend to vigorously defend their interests. Moreover, ORM has contractual indemnity coverage for the above-referenced claims through its separate agreements with sub-contractors that worked for ORM during the DWH Response and has preserved their rights in that regard while the Declaratory Judgment Action is pending. Overall, however, the Company believes that both of BP’s settlements have reduced the potential exposure in connection with the various cases relating to the DWH Response. The Company is unable to estimate the potential exposure, if any, resulting from these claims, but does not expect that they will have a material effect on its consolidated financial position, results of operations or cash flows. In the ordinary course of the Company’s business, it may agree to indemnify its 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, but not always, 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 work performed in connection with the DWH 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 “B3” liabilities relating to the DWH Response; this indemnification is unrelated to, and thus not impacted by, the indemnification BP has demanded and discussed above. In the ordinary 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 | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 18. SEGMENT INFORMATION The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments. Ocean Inland Witt Other Corporate Total For the year ended December 31, 2019 Operating Revenues: External customers 423,288 267,334 101,663 7,681 — 799,966 Intersegment — — 120 — (120) — 423,288 267,334 101,783 7,681 (120) 799,966 Costs and Expenses: Operating 280,809 229,418 68,052 5,464 (110) 583,633 Administrative and general 40,215 13,140 25,959 3,489 22,714 105,517 Depreciation and amortization 40,986 23,262 835 1,982 1,506 68,571 362,010 265,820 94,846 10,935 24,110 757,721 Gains (Losses) on Asset Dispositions, Net 1,291 1,602 18 32 (33) 2,910 Operating Income (Loss) 62,569 3,116 6,955 (3,222) (24,263) 45,155 Other Income (Expense): Foreign currency losses, net (98) (212) (1) — (1) (312) Other, net (112) — (463) 431 10 (134) Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (669) (6,520) 902 1,037 — (5,250) Segment Profit (Loss) 61,690 (3,616) 7,393 (1,754) Other Income (Expense) not included in Segment Profit 4,388 Plus Equity in Losses included in Segment Profit 5,250 Income Before Taxes and Equity in Losses 49,097 Capital Expenditures 4,859 30,040 47 1,997 843 37,786 As of December 31, 2019 Property and Equipment: Historical cost 932,267 469,120 1,134 8,897 30,964 1,442,382 Accumulated depreciation (380,553) (216,296) (993) (2,450) (23,732) (624,024) Net property and equipment 551,714 252,824 141 6,447 7,232 818,358 Operating Lease Right-of-Use Assets 109,460 31,338 3,045 — 696 144,539 Investments, at Equity, and Advances to 50% or Less Owned Companies 78,049 55,092 1,274 22,693 — 157,108 Inventories 2,233 2,510 266 246 — 5,255 Goodwill 1,852 2,343 28,506 — — 32,701 Intangible Assets 7,637 7,497 5,862 — — 20,996 Other current and long-term assets, excluding cash and near cash assets (1) 54,842 71,043 108,373 4,760 8,617 247,635 Segment Assets 805,787 422,647 147,467 34,146 Cash and near cash assets (1) 86,380 Total Assets 1,512,972 ______________________ (1) Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities Ocean Inland Witt Other Corporate Total For the year ended December 31, 2019 Revenues from Contracts with Customers: Voyage charters 46,381 — — — — 46,381 Contracts of affreightment 24,540 202,317 — — — 226,857 Tariff 79,757 — — — — 79,757 Unit freight 63,420 — — — — 63,420 Terminal operations — 16,562 — — — 16,562 Fleeting operations — 17,264 — — — 17,264 Logistics services — 15,155 — — — 15,155 Time and material contracts — — 87,167 — — 87,167 Retainer contracts — — 9,874 — — 9,874 Product sales (1) — — — 5,555 — 5,555 Other 3,844 5,134 4,742 1,144 (120) 14,744 Lease Revenues: Time charter, bareboat charter and rental income 205,346 10,902 — 982 — 217,230 423,288 267,334 101,783 7,681 (120) 799,966 ______________________ (1) Costs of goods sold related to product sales was $4.5 million. Ocean Inland Witt Other Corporate Total For the year ended December 31, 2018 Operating Revenues: External customers 414,844 285,688 131,629 3,589 — 835,750 Intersegment — — 80 — (80) — 414,844 285,688 131,709 3,589 (80) 835,750 Costs and Expenses: Operating 269,294 237,010 83,203 2,455 (114) 591,848 Administrative and general 40,179 13,139 24,772 1,841 22,976 102,907 Depreciation and amortization 46,270 24,164 1,944 501 1,700 74,579 355,743 274,313 109,919 4,797 24,562 769,334 Gains on Asset Dispositions 12,887 6,659 — 37 — 19,583 Operating Income (Loss) 71,988 18,034 21,790 (1,171) (24,642) 85,999 Other Income (Expense): Foreign currency losses, net (168) (2,002) (28) (3) (63) (2,264) Other, net 570 51 — 54,249 94 54,964 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 3,632 (5,686) 203 1,779 — (72) Segment Profit 76,022 10,397 21,965 54,854 Other Income (Expense) not included in Segment Profit (47,010) Plus Equity in Losses included in Segment Profit 72 Income Before Taxes and Equity in Losses 91,689 Capital Expenditures 39,207 8,298 — 2,639 128 50,272 As of December 31, 2018 Property and Equipment: Historical cost 930,230 438,848 1,227 6,892 30,132 1,407,329 Accumulated depreciation (341,999) (195,094) (1,031) (490) (22,205) (560,819) Net property and equipment 588,231 243,754 196 6,402 7,927 846,510 Investments, at Equity, and Advances to 50% or Less Owned Companies 73,939 57,899 471 24,577 — 156,886 Inventories 2,196 1,997 179 158 — 4,530 Goodwill 1,852 2,350 28,506 — — 32,708 Intangible Assets 8,965 8,991 6,595 — — 24,551 Other current and long-term assets, excluding cash and near cash assets (1) 48,770 78,903 81,410 2,142 13,178 224,403 Segment Assets 723,953 393,894 117,357 33,279 Cash and near cash assets (1) 181,436 Total Assets 1,471,024 ______________________ (1) Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds. Ocean Inland Witt Other Corporate Total For the year ended December 31, 2018 Revenues from Contracts with Customers: Voyage charters 73,979 — — — — 73,979 Contracts of affreightment 11,872 219,375 — — — 231,247 Tariff 74,157 — — — — 74,157 Unit freight 58,326 — — — — 58,326 Terminal operations — 21,501 — — — 21,501 Fleeting operations — 17,888 — — — 17,888 Logistics services — 14,309 — — — 14,309 Time and material contracts — — 119,196 — — 119,196 Retainer contracts — — 10,124 — — 10,124 Product sales (1) — — — 2,686 — 2,686 Other 3,268 5,223 2,389 425 (80) 11,225 Lease Revenues: Time charter, bareboat charter and rental income 193,242 7,392 — 478 — 201,112 414,844 285,688 131,709 3,589 (80) 835,750 ______________________ (1) Costs of goods sold related to product sales was $2.1 million. Ocean Inland Witt Other Corporate Total As Adjusted As Adjusted For the year ended December 31, 2017 Operating Revenues: External customers 352,876 248,452 49,055 464 — 650,847 Intersegment — — 101 — (101) — 352,876 248,452 49,156 464 (101) 650,847 Costs and Expenses: Operating 195,285 206,836 32,017 — (301) 433,837 Administrative and general 36,548 16,558 13,438 831 35,731 103,106 Depreciation and amortization 46,073 25,852 819 — 2,314 75,058 277,906 249,246 46,274 831 37,744 612,001 Gains (Losses) on Asset Dispositions and Impairments, Net (323) 11,960 — — — 11,637 Operating Income (Loss) 74,647 11,166 2,882 (367) (37,845) 50,483 Other Income (Expense): Derivative gains, net — — — — 19,727 19,727 Foreign currency gains (losses), net (130) 272 50 6 125 323 Other, net 327 — — (301) 230 256 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 7,664 (5,191) 174 305 — 2,952 Segment Profit (Loss) 82,508 6,247 3,106 (357) Other Income (Expense) not included in Segment Profit (35,584) Less Equity in Earnings included in Segment Profit (2,952) Income Before Taxes and Equity in Earnings 35,205 Capital Expenditures 80,006 34,322 60 — 207 114,595 As of December 31, 2017 Property and Equipment: Historical cost 901,076 448,035 1,227 — 30,131 1,380,469 Accumulated depreciation (299,528) (181,573) (938) — (20,505) (502,544) Net property and equipment 601,548 266,462 289 — 9,626 877,925 Investments, at Equity, and Advances to 50% or Less Owned Companies 52,003 66,479 777 54,182 — 173,441 Inventories 2,352 1,934 91 — — 4,377 Goodwill 1,852 2,403 28,506 — — 32,761 Intangible Assets 10,293 10,486 7,327 — — 28,106 Other current and long-term assets, excluding cash and near cash assets (1) 49,498 71,500 28,398 1,391 9,611 160,398 Segment Assets 717,546 419,264 65,388 55,573 Cash and near cash assets (1) 336,328 Total Assets 1,613,336 ______________________ (1) Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds. Ocean Inland Witt Other Corporate Total As Adjusted As Adjusted For the year ended December 31, 2017 Revenues from Contracts with Customers: Voyage charters 33,623 — — — — 33,623 Contracts of affreightment 15,181 189,080 — — — 204,261 Tariff 68,266 — — — — 68,266 Unit freight 50,693 — — — — 50,693 Terminal operations — 21,488 — — — 21,488 Fleeting operations — 15,561 — — — 15,561 Logistics services — 8,868 — — — 8,868 Time and material contracts — — 33,352 — — 33,352 Retainer contracts — — 10,192 — — 10,192 Other 1,879 5,163 5,612 464 (101) 13,017 Lease Revenues: Time charter, bareboat charter and rental income 183,234 8,292 — — — 191,526 352,876 248,452 49,156 464 (101) 650,847 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 19. DISCONTINUED OPERATIONS The Company’s discontinued operations consist of SEACOR Marine and ICP, as following the Spin-off and sale, respectively, the Company has no continuing involvement in either of these businesses (see Note 1). Summarized selected operating results of the Company’s discontinued operations for the years ended December 31, were as follows (in thousands): 2017 SEACOR Marine Operating Revenues $ 62,291 Costs and Expenses: Operating 65,888 Administrative and general 29,682 Depreciation and amortization 22,181 117,751 Gains on Asset Dispositions, Net 4,219 Operating Loss (51,241) Other Income, Net 1,780 Income Tax Benefit (12,931) Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,663 Net Loss $ (34,867) Net Loss Attributable to Noncontrolling Interests $ (1,892) ICP Operating Revenues $ 78,061 Costs and Expenses: Operating 76,306 Administrative and general 2,140 Depreciation and amortization 2,354 80,800 Operating Loss (2,739) Other Income, Net (including gain on sale of business) 20,557 Income Tax Expense 7,818 Net Income $ 10,000 Net Loss Attributable to Noncontrolling Interests $ (539) Eliminations Operating Revenues $ (1,176) Costs and Expenses: Operating (1,289) Administrative and general (42) (1,331) Operating Income 155 Other Income, Net 1,738 Income Tax Expense 663 Net Income $ 1,230 Loss from Discontinued Operations, Net of Tax $ (23,637) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information (Unaudited) | 21. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Selected financial information for interim quarterly periods is presented below (in thousands, except share data). Earnings per common share of SEACOR Holdings Inc. are computed independently for each of the quarters presented and the sum of the quarterly earnings per share may not necessarily equal the total for the year. Three Months Ended Dec. 31, Sept. 30, June 30, March 31, 2019 Operating Revenues $ 192,761 $ 200,658 $ 197,023 $ 209,524 Operating Income 2,562 12,519 11,106 18,968 Net Income (Loss) (1,912) 5,861 17,001 13,068 Net Income (Loss) attributable to SEACOR Holdings Inc. (1,917) 6,405 14,553 7,733 Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (0.10) $ 0.33 $ 0.80 $ 0.42 Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (0.10) $ 0.32 $ 0.76 $ 0.41 2018 Operating Revenues $ 213,838 $ 220,257 $ 216,831 $ 184,824 Operating Income 25,250 34,047 12,014 14,688 Net Income 4,434 27,203 46,007 5,558 Net Income (Loss) attributable to SEACOR Holdings Inc. (4,686) 17,067 45,126 641 Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (0.26) $ 0.94 $ 2.50 $ 0.04 Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (0.26) $ 0.88 $ 2.14 $ 0.04 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | SEACOR HOLDINGS INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2019, 2018 and 2017 (in thousands) Description Balance Charges Deductions (1) Balance Year Ended December 31, 2019 Allowance for doubtful accounts (deducted from trade and notes receivable) $ 3,481 $ 2,021 $ (2,631) $ 2,871 Year Ended December 31, 2018 Allowance for doubtful accounts (deducted from trade and notes receivable) $ 2,390 $ 2,067 $ (976) $ 3,481 Year Ended December 31, 2017 Allowance for doubtful accounts (deducted from trade and notes receivable) $ 2,989 $ (175) $ (424) $ 2,390 ______________________ (1) Trade receivable amounts deemed uncollectible that were removed from accounts receivable and allowance for doubtful accounts. |
Nature Of Operations And Acco_2
Nature Of Operations And Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations and Segmentation | 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, risk management consultancy and other businesses. 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 bulk transportation, port and infrastructure, and logistics assets, including U.S. coastwise eligible vessels and vessels trading internationally. Ocean Services owns and operates U.S.-flag petroleum and chemical carriers servicing the U.S. coastwise crude oil, petroleum products and chemical trades. Ocean Services’ dry bulk vessels also operate in the U.S. coastwise trade. Ocean Services’ port and infrastructure services assist 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. Ocean Services’ logis tics services include 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 53%, 50% and 54% of the Company's consolidated operating revenues during the years ended December 31, 2019, 2018 and 2017, respectively. During the year ended December 31, 2019, one Ocean Services (U.S. Federal Government) customer accounted for $79.6 million, or 10%, of the Company's consolidated operating revenues. 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, primarily in the St. Louis, Memphis and Baton Rouge areas. Inland Services’ 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 inland river 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 Waterway in Brazil, Bolivia, Paraguay, Argentina and Uruguay primarily transporting agricultural and industrial commodities, a 63% interest in towboat operations on the U.S. Inland Waterways and a 50% interest in grain terminals/elevators along the U.S. Inland waterways. Inland Services contributed 33%, 34% and 38% of the Company's consolidated operating revenues during the years ended December 31, 2019, 2018 and 2017, respectively. Witt O’Brien’s. Witt O’Brien’s provides crisis and emergency management services for both the public and private sectors. These services strengthen clients’ resilience and assist their response to natural and man-made disasters by enhancing their ability to prepare for, respond to and recover from such disasters, while mitigating the impact of future disruptions on operations and helping communities build back stronger. Witt O’Brien’s contributed 13%, 16% and 8% of the Company's consolidated operating revenues during the years ended December 31, 2019, 2018 and 2017, respectively. Other. The Company’s Other business segment includes CLEANCOR Energy Solutions LLC (“Cleancor”), a full service provider that designs, develops and maintains alternative energy and power solutions for end users looking to displace legacy petroleum-based fuels and adopt energy supplies that have a favorable environmental footprint. Cleancor provides liquefied natural gas (“LNG”) and compressed natural gas (“CNG”) fuel supply and logistics to commercial, industrial, agricultural and transportation customers and provides natural gas during pipeline supply interruptions due to planned maintenance or other curtailments (see Note 2). Other also has activities that primarily include 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 and other commodities. |
Discontinued Operations | 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, by means of a dividend of all the issued and outstanding common stock of SEACOR Marine to SEACOR’s shareholders (the “Spin-off”). 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 results of operations and cash flows of SEACOR Marine as discontinued operations (see Note 19). 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 results of operations and cash flows of ICP as discontinued operations (see Note 19). |
Basis of Consolidation | 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 inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income 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 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 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. |
Acquisition of Noncontrolling Interest | Acquisition of Noncontrolling Interest. On August 2, 2019, the Company, through certain subsidiaries, became the sole owner of the SEA-Vista joint venture by acquiring the 49% interest (the “Remaining SEA-Vista Interest”) that had been owned by ACP III Tankers, LLC (the "Seller"), an affiliate of Avista Capital Partners. As consideration for the Remaining SEA-Vista Interest, SEACOR issued 1,500,000 shares of Common Stock to the Seller (the "Consideration Shares"), in a noncash transaction, and the Company paid $107.7 million in cash, inclusive of expenses related to the transaction (see Notes 12 and 13). |
Use of Estimates | 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. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards. On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Topic 842, Leases (“Topic 842”) using a modified prospective approach and implemented internal controls and systems to enable the preparation of financial information upon adoption. The Company elected the available practical expedients permitted under the guidance including the option to not separate lease and nonlease components in calculating the right-of-use assets and corresponding lease liabilities and to not apply the recognition requirements of Topic 842 to short-term leases (leases that have a duration of twelve months or less at lease inception). Generally, it was not possible for the Company to determine the interest rate implicit in each of its operating leases and therefore used its incremental borrowing rate in calculating operating lease right-of-use assets and lease liabilities. The Company assigned its leases to portfolios based on the remaining term at the time of adoption and applied a single rate to each portfolio of leases as the result was not materially different than using a specific discount rate for each individual lease. The Company included renewal options that were reasonably certain of being exercised in determining the lease term. Upon adoption, the Company recorded operating lease right-of-use assets and lease liabilities of $175.0 million for certain of its equipment, offices, real property and land leases (see Note 8). In addition, the Company recognized a cumulative-effect adjustment of $25.4 million, net of tax, to the opening balance of retained earnings primarily for previously deferred gains related to sale-leaseback transactions. On January 1, 2018, the Company adopted Financial Accounting Standard Board (“FASB”) Topic 606, Revenue from Contracts with Customers (“Topic 606”). As a consequence of adopting Topic 606, the Company now recognizes all of the operating revenues and expenses associated with the dry-cargo barge pools it manages along with additional operating expenses reflective of barge pool earnings attributable to third-party barge owners and not the Company in its capacity as manager. Under Topic 606, the Company determined it was a principal with respect to the third-party barge owners. Previously, the Company recognized operating revenues and expenses only for its proportionate share of the barge pools in which it participated, as it acted as an agent. All prior periods have been adjusted to reflect the retrospective adoption of Topic 606, which resulted in additional revenues and operating expenses of $73.0 million for the year ended December 31, 2017. The adoption of Topic 606 had no impact on previously reported balance sheets, operating income, net income or earnings (loss) per share. On January 1, 2018, the Company adopted ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which eliminates the deferral of the tax effects of intercompany asset sales other than inventory until the transferred assets are sold to a third party or recovered through use. As a result of the adoption of the standard, the deferred tax charges previously recognized from those sales resulted in a decrease in deferred tax assets and a cumulative adjustment to retained earnings of $2.5 million in the consolidated balance sheets and statements of changes in equity as of January 1, 2018. |
Revenue Recognition | Revenue Recognition. The Company earns revenues from contracts with customers and from lease contracts. Revenue from Contracts with Customers. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Costs to obtain or fulfill a contract are expensed as incurred. Ocean Services' revenues from contracts with customers primarily arise from voyage charters, contracts of affreightment, tariff based port and infrastructure services, unit freight logistics services, and technical ship management agreements with vessel owners (see Note 18). Ocean Services transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Voyage charters are contracts to carry cargoes on a single voyage basis for a predetermined price, 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. Tariff based port and infrastructure services typically include operating harbor tugs alongside oceangoing vessels to escort them to their berth, assisting with the docking and undocking of these oceangoing vessels and escorting them back out to sea. They are contracted using prevailing port tariff terms on a per-use basis. In the unit freight logistics trade, transportation services typically include transporting shipping containers, rail cars, project cargoes, automobiles and U.S. military vehicles and are generally contracted on a per unit basis for the specified cargo and destination, typically in accordance with a publicly available tariff rate or based on a negotiated rate when moving larger volumes over an extended period. Managed services include technical ship and crew management agreements whereby Ocean Services provides technical ship and crew management services to third-party customers for a predetermined price over a specified period of time, typically a year or more. Inland Services' revenues from contracts with customers primarily arise from contracts of affreightment, terminal operations, fleeting operations and repair and maintenance services (see Note 18). Inland Services transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Contracts of affreightment are contracts whereby customers are charged an established rate per ton to transport cargo from point-to-point. Terminal operations includes tank farms and dry bulk and container handling facilities that are marketed under contractual rates and terms driven by throughput volume. Fleeting operations includes fleeting services whereby barges are held in fleeting areas for an agreed-upon day rate and shifting services whereby harbor boats are used to pick up and drop off barges to assist in assembling tows and to move barges to and from the dock for loading and unloading at predetermined per-shift fees. Other operations primarily include a machine shop specializing in towboat and barge cleaning, repair and maintenance services that are charged on an hourly or a fixed fee basis depending on the scope and nature of the work. Witt O’Brien’s revenues from contracts with customers primarily arise from time and material and retainer contracts (see Note 18). Witt O’Brien’s transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Time and material contracts primarily relate to emergency response, debris management or consulting services that Witt O’Brien’s performs for a predetermined fee. Retainer contracts, which are nearly all with vessel services operators and oil companies, are contracted based on agreed-upon rates. The Company’s Other business segment includes Cleancor, which primarily earns revenues from the sale of liquefied natural gas (see Note 18). Under these arrangements, control of the goods are transferred to the customer and performance obligations are satisfied at a point in time, and therefore revenue is recognized upon delivery while any related costs are expensed as incurred. Contract liabilities from contracts with customers arise when the Company has received consideration prior to performance and are included in other current liabilities in the accompanying consolidated balance sheets. The Company’s contract liability activity for the years ended December 31, were as follows (in thousands): 2019 2018 Balance at beginning of period $ 968 $ 983 Previously deferred revenues recognized upon completion of performance obligations during the period (968) (983) Net contract liabilities arising during the period 794 968 Balance at end of period $ 794 $ 968 |
Lease Revenues | Lease Revenues. The Company’s lease revenues are primarily from time charters, bareboat charters and non-vessel rental agreements that are recognized ratably over the lease term as services are provided, typically on a per day basis. Under a time charter, the Company provides a vessel to a customer for a set term and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer for a set term and the customer assumes responsibility for all operating expenses and risks of operation. Under a non-vessel rental agreement, the Company provides non-vessel property or equipment to a customer for a set term and the customer assumes responsibility for all operating expenses and risks of operation. |
Cash Equivalents | 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 and Restricted Cash Equivalents | Restricted Cash and Restricted Cash Equivalents. Restricted cash and restricted cash equivalents primarily relates to cash collateral for letters of credit and banking facility requirements. |
Marketable Securities | Marketable Securities. Marketable equity securities and debt securities with readily determinable fair values are reported in the accompanying consolidated balance sheets as marketable securities. These investments are stated at fair value, as determined by their observable market prices, with both realized and unrealized gains and losses reported in the accompanying consolidated statements of income 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 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. |
Trade Receivables, Other Receivables | Trade Receivables. Customers of Ocean Services are primarily multinational oil companies, refining companies, oil trading companies, major gasoline retailers, 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 agricultural and feed companies, asphalt producers and municipalities and government agencies. 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 | 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 as derivative gains. 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 as derivative gains. Realized and unrealized gains and losses on derivatives designated as cash flow hedges are reported as a component of other |
Concentrations of Credit Risk | Concentrations of Credit Risk. The Company is exposed to concentrations of credit risk associated with its cash, cash equivalents, restricted cash and restricted 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. Inventories are stated at the lower of cost (using the first-in, first-out method) 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, 2019, 2018 and 2017, the Company had no market write-downs of inventory. |
Property and Equipment | 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 their useful life as set forth in 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, 2019, 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 Bulk carriers - U.S.-flag 25 Harbor and offshore tugs 25 Ocean liquid tank barges 25 Short-sea container/RORO (1) vessels 20 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 Net Book 2019 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 649,795 $ (267,894) $ 381,901 Harbor and offshore tugs - U.S.-flag 133,419 (47,637) 85,782 Harbor tugs - Foreign-flag 45,379 (16,067) 29,312 Ocean liquid tank barges - U.S.-flag 39,238 (16,171) 23,067 Short-sea container/RORO - Foreign-flag 27,073 (11,990) 15,083 Bulk carriers - U.S.-flag 13,000 (9,800) 3,200 Other (2) 21,516 (10,994) 10,522 Construction in Progress 2,847 — 2,847 932,267 (380,553) 551,714 Inland Services: Dry-cargo barges 225,278 (118,615) 106,663 Specialty barges 3,828 (2,344) 1,484 Liquid tank barges 19,784 (3,684) 16,100 Towboats 62,207 (4,981) 57,226 Harbor boats 19,296 (9,324) 9,972 Terminal and fleeting facilities 103,455 (65,960) 37,495 Other (2) 27,536 (11,388) 16,148 Construction in Progress 7,736 — 7,736 469,120 (216,296) 252,824 Witt O’Brien’s: Other (2) 1,134 (993) 141 Other: Other (3) 8,897 (2,450) 6,447 Corporate and Eliminations: Other (2) 30,964 (23,732) 7,232 $ 1,442,382 $ (624,024) $ 818,358 ______________________ (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. (3) Includes LNG Equipment and other property and equipment. Historical Cost (1) Accumulated Net Book 2018 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 649,795 $ (241,604) $ 408,191 Harbor and offshore tugs - U.S.-flag 132,697 (41,764) 90,933 Harbor tugs - Foreign-flag 45,379 (13,822) 31,557 Ocean liquid tank barges - U.S.-flag 39,238 (14,649) 24,589 Short-sea container/RORO - Foreign-flag 29,846 (10,644) 19,202 Bulk carriers - U.S.-flag 13,000 (9,800) 3,200 Other (2) 20,073 (9,716) 10,357 Construction in Progress 202 — 202 930,230 (341,999) 588,231 Inland Services: Dry-cargo barges 222,539 (106,157) 116,382 Specialty barges 3,828 (1,904) 1,924 Liquid tank barges 20,011 (3,054) 16,957 Towboats 43,998 (3,294) 40,704 Harbor boats 18,695 (8,047) 10,648 Terminal and fleeting facilities 99,696 (62,274) 37,422 Other (2) 22,213 (10,364) 11,849 Construction in Progress 7,868 — 7,868 438,848 (195,094) 243,754 Witt O’Brien’s: Other (2) 1,227 (1,031) 196 Other: Other (3) 6,892 (490) 6,402 Corporate and Eliminations: Other (2) 30,132 (22,205) 7,927 $ 1,407,329 $ (560,819) $ 846,510 ______________________ (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. (3) Includes LNG Equipment and other property and equipment. During the years ended December 31, 2019, 2018 and 2017, depreciation expense totaled $65.0 million, $69.9 million and $72.1 million, 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. During the years ended December 31, 2019, 2018 and 2017, capitalized interest totaled $0.1 million, $0.2 million and $2.7 million, respectively. As of December 31, 2019, the Company’s construction in progress totaling $12.5 million primarily consisted of the construction of harbor tugs, inland river towboats and other Inland Services equipment, and is included in historical cost in the accompanying consolidated balance sheets. |
Intangible Assets | Intangible Assets. The Company’s intangible assets primarily arose from business acquisitions (see Note 2) and consist of trademarks and tradenames, customer relationships and acquired contractual rights. These intangible assets are amortized over their estimated useful lives generally ranging from one The Company’s intangible assets by type were as follows (in thousands): Trademark/ Customer Acquired Total Gross Carrying Value Year Ended December 31, 2017 $ 3,324 $ 15,365 $ 18,358 $ 37,047 Acquired intangible assets — 1,120 — 1,120 Fully amortized intangible assets — (1,120) — (1,120) Year Ended December 31, 2018 3,324 15,365 18,358 37,047 Acquired intangible assets — — — — Year Ended December 31, 2019 $ 3,324 $ 15,365 $ 18,358 $ 37,047 Accumulated Amortization Year Ended December 31, 2017 $ (1,980) $ (5,146) $ (1,815) $ (8,941) Amortization expense (332) (2,402) (1,941) (4,675) Fully amortized intangible assets — 1,120 — 1,120 Year Ended December 31, 2018 (2,312) (6,428) (3,756) (12,496) Amortization expense (332) (1,282) (1,941) (3,555) Year Ended December 31, 2019 $ (2,644) $ (7,710) $ (5,697) $ (16,051) Weighted average remaining contractual life, in years 2.0 7.1 7.1 6.9 Future amortization expense of intangible assets for each of the years ended December 31, is as follows (in thousands): 2020 $ 3,555 2021 3,571 2022 2,866 2023 2,852 2024 2,833 Years subsequent to 2024 5,319 $ 20,996 |
Impairment of Long-Lived Assets | 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, 2019 and 2018, the Company did not recognize any impairment charges related to its property and equipment held for use. During the year ended December 31, 2017, the Company recognized impairment charges of $0.4 million related to property and equipment held for use, which are included in gains (losses) on asset dispositions and impairments, net in the accompanying consolidated statements of income. |
Impairment of 50% or Less Owned Companies | 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. Generally, fair value is determined using valuation techniques, such as expected discounted cash flows or appraisals, as appropriate. 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, 2019, the Company did not recognize any impairment charges related to its 50% or less owned companies. During the years ended December 31, 2018 and |
Goodwill | 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, 2019, 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 of the reporting unit, the Company may use various approaches including an asset or cost approach, market approach or income approach or any combination thereof. These approaches may require the Company to make certain estimates and assumptions including projections of future cash flows, revenues and expenses. These estimates and assumptions are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Company’s routine business planning and forecasting process. Although the Company believes its assumptions and estimates are reasonable, the Company’s actual performance against its estimates could produce different results and lead to impairment charges in future periods. During the years ended December 31, 2019, 2018 and 2017, the Company did not recognize any impairment charges related to its goodwill. |
Business Combinations | Business Combinations. The Company recognizes 100% of the fair value of assets acquired, liabilities assumed, and noncontrolling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Any in-process research and development assets acquired are capitalized as are certain acquisition-related restructuring costs if the criteria related to exit or disposal cost obligations are met as of the acquisition date. Acquisition-related transaction costs are expensed as incurred and any changes in income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense (benefit). The operating results of entities acquired are included in the accompanying consolidated statements of income from the date of acquisition (see Note 2). |
Debt Discount and Issuance Costs | Debt Discount and Issuance Costs. Debt discounts and costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight line method for revolving credit facilities and is included in interest expense in the accompanying consolidated statements of income. |
Self-insurance Liabilities | Self-insurance Liabilities. The Company maintains hull, liability and war risk, general liability, workers compensation and other insurance customary in the industries in which it operates. Certain excess and property insurance policies are obtained through SEACOR sponsored programs, with premiums charged to participating businesses based on management’s risk assessment or insured asset values. The marine hull and liability policies have significant annual aggregate deductibles that are accrued based on actual claims incurred. The Company also maintains self-insured health benefit plans for its participating employees. Exposure to the health benefit plans are limited by maintaining stop-loss and aggregate liability coverage. To the extent that estimated self-insurance losses, including the accrual of annual aggregate deductibles, differ from actual losses realized, the Company’s insurance reserves could differ significantly and may result in either higher or lower insurance expense in future periods. |
Income Taxes | Income Taxes. Deferred income tax assets and liabilities have been provided in recognition of the income tax effect attributable to the book and tax basis differences of assets and liabilities reported in the accompanying consolidated financial statements. Deferred tax assets or liabilities are provided using the enacted tax rates expected to apply to taxable income in the periods in which they are expected to be settled or realized. Interest and penalties relating to uncertain tax positions are recognized in interest expense and administrative and general, respectively, in the accompanying consolidated statements of income. The Company records a valuation allowance to reduce its deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company records any liability associated with global intangible low-taxed income (GILTI) in the period it is incurred. In the normal course of business, the Company may be subject to challenges from tax authorities regarding the amount of taxes due. These challenges may alter the timing or amount of taxable income or deductions. As part of the calculation of income tax expense (benefit), the Company determines whether the benefits of its tax positions are at least more likely than not of being sustained based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained, the Company accrues the largest amount of the tax benefit that is more likely than not of being sustained. Such accruals require management to make estimates and judgments with respect to the ultimate outcome of its tax benefits and actual results could vary materially from these estimates. |
Deferred Gains | Deferred Gains – Equipment Sale-Leaseback Transactions and Financed Equipment Sales. From time to time, the Company enters into equipment sale-leaseback transactions with finance companies or provides seller financing on sales of its equipment to third parties or 50% or less owned companies. A portion of the gains realized from these transactions is not immediately recognized in income and has been recorded in the accompanying consolidated balance sheets in deferred gains and other liabilities. In sale-leaseback transactions (see Note 3), gains are deferred to the extent of the present value of future minimum lease payments and are amortized as reductions to rental expense over the applicable lease terms. In financed equipment sales (see Note 3), gains are deferred to the extent that the repayment of purchase notes is dependent on the future operations of the sold equipment and are amortized based on cash received from the buyers. Deferred gain activity related to these transactions for the years ended December 31, was as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 39,102 $ 66,519 $ 74,774 Impact of adoption of accounting principle (1) (29,207) — — Deferred gains arising from equipment sales — — 13,336 Amortization of deferred gains included in operating expenses as a reduction to rental expense — (12,774) (15,035) Amortization of deferred gains included in gains on asset dispositions and impairments, net (1,127) (11,591) (602) Reclassification of deferred gains into historical cost on reacquired property and equipment — (3,052) (5,954) Balance at end of year $ 8,768 $ 39,102 $ 66,519 ______________________ (1) On January 1, 2019 the Company adopted Topic 842 and reduced deferred gains associated with sale-leaseback transactions through a beginning period retained earnings adjustment. Deferred Gains – Equipment Sales to the Company’s 50% or Less Owned Companies. A portion of the gains realized from non-financed sales of the Company’s vessels and barges to its 50% or less owned companies is not immediately recognized in income and has been recorded in the accompanying consolidated balance sheets in deferred gains and other liabilities. Effective January 1, 2009, the Company adopted new accounting rules related to the sale of its vessels and barges to its 50% or less owned companies. In most instances, these sale transactions are now considered a sale of a business in which the Company relinquishes control to its 50% or less owned companies. Subsequent to the adoption of the new accounting rules, gains are deferred only to the extent of the Company’s uncalled capital commitments and are amortized as those commitments lapse or funded amounts are returned. For transactions occurring prior to the adoption of the new accounting rules, gains were deferred and are being amortized based on the Company’s ownership interest, cash received and the applicable equipment’s useful lives. Deferred gain activity related to these transactions for the years ended December 31, was as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 4,562 $ 5,934 $ 7,649 Amortization of deferred gains included in gains on asset dispositions and impairments, net (1,322) (1,372) (1,715) Balance at end of year $ 3,240 $ 4,562 $ 5,934 |
Stock Based Compensation | Stock Based Compensation. Stock based compensation is amortized to compensation expense on a straight line basis over the requisite service period of the grants using the Black-Scholes valuation model. The Company does not estimate forfeitures in its expense calculations as forfeiture history has been minor. The Company presents the excess tax benefits from the exercise of stock options as a financing cash flow in the accompanying consolidated statements of cash flows. |
Foreign Currency Translation and Transactions | Foreign Currency Translation. The assets, liabilities and results of operations of certain SEACOR subsidiaries are measured using their functional currency, which is the currency of the primary foreign economic environment in which they operate. Upon consolidating these subsidiaries with SEACOR, their assets and liabilities are translated to U.S. dollars at currency exchange rates as of the balance sheet dates and their revenues and expenses are translated at the weighted average currency exchange rates during the applicable reporting periods. Translation adjustments resulting from the process of translating these subsidiaries’ financial statements are reported in other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income. Foreign Currency Transactions. Certain SEACOR subsidiaries enter into transactions denominated in currencies other than their functional currency. Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency gains (losses), net in the accompanying consolidated statements of income in the period in which the currency exchange rates change. |
Earnings Per Share | Earnings Per Share. Basic earnings per common share of SEACOR are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of SEACOR are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the treasury stock and if-converted methods. Dilutive securities for this purpose assumes restricted stock grants have vested, common shares have been issued pursuant to the exercise of outstanding stock options and common shares have been issued pursuant to the conversion of all outstanding convertible notes. Computations of basic and diluted earnings per common share of SEACOR for the years ended December 31, were as follows (in thousands, except share data): Net Income Average o/s Shares Per Share 2019 Basic Weighted Average Common Shares Outstanding $ 26,774 18,949,981 $ 1.41 Effect of Dilutive Securities: Options and Restricted Stock (1) — 129,250 Convertible Securities (2)(3) 1,273 1,227,101 Diluted Weighted Average Common Shares Outstanding $ 28,047 20,306,332 $ 1.38 2018 Basic Weighted Average Common Shares Outstanding $ 58,148 18,080,778 $ 3.22 Effect of Dilutive Securities: Options and Restricted Stock (1) — 267,810 Convertible Securities (2)(3) 1,273 1,227,101 Diluted Weighted Average Common Shares Outstanding $ 59,421 19,575,689 $ 3.04 2017 Basic Weighted Average Common Shares Outstanding $ 61,643 17,368,081 $ 3.55 Effect of Dilutive Securities: Options and Restricted Stock (1) — 308,012 Convertible Securities 14,346 5,258,065 Diluted Weighted Average Common Shares Outstanding $ 75,989 22,934,158 $ 3.31 ______________________ (1) For the years ended December 31, 2019, 2018 and 2017, diluted earnings per common share of SEACOR excluded 827,222, 333,510 and 1,924,217, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. (2) For the years ended December 31, 2019 and 2018 diluted earnings per common share of SEACOR excluded 928,464 and 1,946,917 shares, respectively, issuable pursuant to the Company’s 3.0% Convertible Senior Notes (see Note 7) as the effect of their inclusion in the computation would be anti-dilutive. (3) For the years ended December 31, 2019 and 2018 diluted earnings per share of SEACOR excluded 1,553,780 and 983,351 shares, respectively, issuable pursuant to the Company’s 3.25% Convertible Senior Notes (see Note 7) as the effect of their inclusion in the computation would be anti-dilutive. |
New Accounting Pronouncements | New Accounting Pronouncements. On June 16, 2016, the FASB issued an amendment to the accounting standards, which replaces the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. The new standard is effective for interim and annual periods beginning after December 15, 2019. The Company does not expect the adoption of the new standard will have a material impact on its consolidated financial position, results of operations or cash flows. On January 26, 2017, the FASB issued an amendment to the accounting standards, which simplified wording and removed step two of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The FASB also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform step two of the goodwill test. The new standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2020, with early adoption permitted for interim or annual goodwill impairment tests on testing dates after January 1, 2017. 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 August 29, 2018, the FASB issued an amendment to the accounting standards, which requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customers in a software licensing arrangement. The guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company does not expect the new standard to have a material impact on its consolidated financial position, results of operations or cash flows. On December 18, 2019, the FASB issued an amendment to the accounting standards, which enhances and simplifies various aspects of the income tax accounting guidance including the elimination of certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption 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 . |
Nature Of Operations And Acco_3
Nature Of Operations And Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Contract with Customer, Asset and Liability | The Company’s contract liability activity for the years ended December 31, were as follows (in thousands): 2019 2018 Balance at beginning of period $ 968 $ 983 Previously deferred revenues recognized upon completion of performance obligations during the period (968) (983) Net contract liabilities arising during the period 794 968 Balance at end of period $ 794 $ 968 |
Schedule of Property, Plant and Equipment | As of December 31, 2019, 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 Bulk carriers - U.S.-flag 25 Harbor and offshore tugs 25 Ocean liquid tank barges 25 Short-sea container/RORO (1) vessels 20 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 Net Book 2019 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 649,795 $ (267,894) $ 381,901 Harbor and offshore tugs - U.S.-flag 133,419 (47,637) 85,782 Harbor tugs - Foreign-flag 45,379 (16,067) 29,312 Ocean liquid tank barges - U.S.-flag 39,238 (16,171) 23,067 Short-sea container/RORO - Foreign-flag 27,073 (11,990) 15,083 Bulk carriers - U.S.-flag 13,000 (9,800) 3,200 Other (2) 21,516 (10,994) 10,522 Construction in Progress 2,847 — 2,847 932,267 (380,553) 551,714 Inland Services: Dry-cargo barges 225,278 (118,615) 106,663 Specialty barges 3,828 (2,344) 1,484 Liquid tank barges 19,784 (3,684) 16,100 Towboats 62,207 (4,981) 57,226 Harbor boats 19,296 (9,324) 9,972 Terminal and fleeting facilities 103,455 (65,960) 37,495 Other (2) 27,536 (11,388) 16,148 Construction in Progress 7,736 — 7,736 469,120 (216,296) 252,824 Witt O’Brien’s: Other (2) 1,134 (993) 141 Other: Other (3) 8,897 (2,450) 6,447 Corporate and Eliminations: Other (2) 30,964 (23,732) 7,232 $ 1,442,382 $ (624,024) $ 818,358 ______________________ (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. (3) Includes LNG Equipment and other property and equipment. Historical Cost (1) Accumulated Net Book 2018 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 649,795 $ (241,604) $ 408,191 Harbor and offshore tugs - U.S.-flag 132,697 (41,764) 90,933 Harbor tugs - Foreign-flag 45,379 (13,822) 31,557 Ocean liquid tank barges - U.S.-flag 39,238 (14,649) 24,589 Short-sea container/RORO - Foreign-flag 29,846 (10,644) 19,202 Bulk carriers - U.S.-flag 13,000 (9,800) 3,200 Other (2) 20,073 (9,716) 10,357 Construction in Progress 202 — 202 930,230 (341,999) 588,231 Inland Services: Dry-cargo barges 222,539 (106,157) 116,382 Specialty barges 3,828 (1,904) 1,924 Liquid tank barges 20,011 (3,054) 16,957 Towboats 43,998 (3,294) 40,704 Harbor boats 18,695 (8,047) 10,648 Terminal and fleeting facilities 99,696 (62,274) 37,422 Other (2) 22,213 (10,364) 11,849 Construction in Progress 7,868 — 7,868 438,848 (195,094) 243,754 Witt O’Brien’s: Other (2) 1,227 (1,031) 196 Other: Other (3) 6,892 (490) 6,402 Corporate and Eliminations: Other (2) 30,132 (22,205) 7,927 $ 1,407,329 $ (560,819) $ 846,510 ______________________ (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. (3) Includes LNG Equipment and other property and equipment. |
Schedule of Intangible Assets | The Company’s intangible assets by type were as follows (in thousands): Trademark/ Customer Acquired Total Gross Carrying Value Year Ended December 31, 2017 $ 3,324 $ 15,365 $ 18,358 $ 37,047 Acquired intangible assets — 1,120 — 1,120 Fully amortized intangible assets — (1,120) — (1,120) Year Ended December 31, 2018 3,324 15,365 18,358 37,047 Acquired intangible assets — — — — Year Ended December 31, 2019 $ 3,324 $ 15,365 $ 18,358 $ 37,047 Accumulated Amortization Year Ended December 31, 2017 $ (1,980) $ (5,146) $ (1,815) $ (8,941) Amortization expense (332) (2,402) (1,941) (4,675) Fully amortized intangible assets — 1,120 — 1,120 Year Ended December 31, 2018 (2,312) (6,428) (3,756) (12,496) Amortization expense (332) (1,282) (1,941) (3,555) Year Ended December 31, 2019 $ (2,644) $ (7,710) $ (5,697) $ (16,051) Weighted average remaining contractual life, in years 2.0 7.1 7.1 6.9 |
Schedule of Future Amortization Expense of Intangible Assets | Future amortization expense of intangible assets for each of the years ended December 31, is as follows (in thousands): 2020 $ 3,555 2021 3,571 2022 2,866 2023 2,852 2024 2,833 Years subsequent to 2024 5,319 $ 20,996 |
Schedule of Deferred Gains | Deferred gain activity related to these transactions for the years ended December 31, was as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 39,102 $ 66,519 $ 74,774 Impact of adoption of accounting principle (1) (29,207) — — Deferred gains arising from equipment sales — — 13,336 Amortization of deferred gains included in operating expenses as a reduction to rental expense — (12,774) (15,035) Amortization of deferred gains included in gains on asset dispositions and impairments, net (1,127) (11,591) (602) Reclassification of deferred gains into historical cost on reacquired property and equipment — (3,052) (5,954) Balance at end of year $ 8,768 $ 39,102 $ 66,519 ______________________ (1) On January 1, 2019 the Company adopted Topic 842 and reduced deferred gains associated with sale-leaseback transactions through a beginning period retained earnings adjustment. 2019 2018 2017 Balance at beginning of year $ 4,562 $ 5,934 $ 7,649 Amortization of deferred gains included in gains on asset dispositions and impairments, net (1,322) (1,372) (1,715) Balance at end of year $ 3,240 $ 4,562 $ 5,934 |
Schedule of 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 Foreign Derivative Gains Other Total Foreign Derivative Other Other Year ended December 31, 2016 $ (11,593) $ 75 $ 4 $ (11,514) $ (1,613) $ (17) $ 3 Discontinued Operations 10,031 94 — 10,125 1,460 4 2 Other comprehensive income (loss) 1,812 (260) (6) 1,546 153 13 (5) $ 1,707 Income tax (expense) benefit (795) 91 2 (702) — — — (702) Year ended December 31, 2017 (545) — — (545) — — — $ 1,005 Other comprehensive loss (391) — — (391) — — — $ (391) Income tax benefit 22 — — 22 — — — 22 Year ended December 31, 2018 (914) — — (914) — — — $ (369) Other comprehensive income (loss) (83) 67 — (16) — — — $ (16) Income tax expense (68) — — (68) — — — (68) Year ended December 31, 2019 $ (1,065) $ 67 $ — $ (998) $ — $ — $ — $ (84) |
Schedule of Earnings Per Share | Computations of basic and diluted earnings per common share of SEACOR for the years ended December 31, were as follows (in thousands, except share data): Net Income Average o/s Shares Per Share 2019 Basic Weighted Average Common Shares Outstanding $ 26,774 18,949,981 $ 1.41 Effect of Dilutive Securities: Options and Restricted Stock (1) — 129,250 Convertible Securities (2)(3) 1,273 1,227,101 Diluted Weighted Average Common Shares Outstanding $ 28,047 20,306,332 $ 1.38 2018 Basic Weighted Average Common Shares Outstanding $ 58,148 18,080,778 $ 3.22 Effect of Dilutive Securities: Options and Restricted Stock (1) — 267,810 Convertible Securities (2)(3) 1,273 1,227,101 Diluted Weighted Average Common Shares Outstanding $ 59,421 19,575,689 $ 3.04 2017 Basic Weighted Average Common Shares Outstanding $ 61,643 17,368,081 $ 3.55 Effect of Dilutive Securities: Options and Restricted Stock (1) — 308,012 Convertible Securities 14,346 5,258,065 Diluted Weighted Average Common Shares Outstanding $ 75,989 22,934,158 $ 3.31 ______________________ (1) For the years ended December 31, 2019, 2018 and 2017, diluted earnings per common share of SEACOR excluded 827,222, 333,510 and 1,924,217, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive. (2) For the years ended December 31, 2019 and 2018 diluted earnings per common share of SEACOR excluded 928,464 and 1,946,917 shares, respectively, issuable pursuant to the Company’s 3.0% Convertible Senior Notes (see Note 7) as the effect of their inclusion in the computation would be anti-dilutive. (3) For the years ended December 31, 2019 and 2018 diluted earnings per share of SEACOR excluded 1,553,780 and 983,351 shares, respectively, issuable pursuant to the Company’s 3.25% Convertible Senior Notes (see Note 7) as the effect of their inclusion in the computation would be anti-dilutive. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Purchase Price Allocation. The allocation of the purchase price for the Company’s acquisitions for the years ended December 31, was as follows (in thousands): 2018 2017 Restricted cash and restricted cash equivalents $ — $ 13 Trade and other receivables 1,264 15,823 Other current assets 170 2,054 Investments, at Equity, and Advances to 50% or Less Owned Companies (5,123) 10,000 Property and Equipment 4,382 15,190 Intangible Assets 1,120 10,957 Other Assets (1) 7 (17,863) Accounts payable and other accrued liabilities (2) (1,609) — Other current liabilities (439) (17,214) Long-Term Debt — (28,725) Deferred Income Taxes — 3,939 Other Liabilities — (42) Noncontrolling interests in subsidiaries (82) — Purchase price (3) $ (310) $ (5,868) ______________________ (1) Net of debtor-in-possession financing converted into equity of $18.1 million, in 2017. (2) Includes $1.5 million of consideration to be paid in two installments. (3) Purchase price is net of cash acquired totaling $3.6 million and $16.4 million in 2018 and 2017, respectively. |
Equipment Acquisitions And Di_2
Equipment Acquisitions And Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Additions of Property, Plant and Equipment | Major owned equipment placed in service for the years ended December 31, were as follows: 2019 2018 2017 (1) Petroleum and chemical carriers - U.S.-flag — — 3 Harbor tugs - U.S.-flag 1 5 1 Harbor tugs - Foreign-flag — — 2 Short-sea container/RORO - Foreign-flag — 2 — Inland river liquid tank barges — — 2 Inland river towboats 2 — 3 ______________________ (1) Excludes two U.S.-flag bulk carriers acquired in the ISH acquisition (see Note 2). |
Dispositions of Property, Plant and Equipment | Major equipment dispositions for the years ended December 31, were as follows: 2019 2018 2017 Petroleum and chemical carriers - U.S.-flag — 1 1 Harbor tugs - U.S.-flag — 1 — Short-sea container/RORO - Foreign-flag 1 — — Inland river dry-cargo barges — 32 50 Inland river specialty barges — 2 2 Inland river towboats — — 2 |
Investments, At Equity, And A_2
Investments, At Equity, And Advances To 50% Or Less Owned Companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Summarized Financial Information For The Company's Investments, At Equity | Investments, at equity, and advances to 50% or less owned companies as of December 31, were as follows (in thousands): Ownership 2019 2018 Ocean Services: Trailer Bridge (1) 55.3% $ 56,770 $ 56,364 RF Vessel Holdings 50.0% 15,878 10,826 Golfo de Mexico 50.0% 3,485 5,272 KSM 50.0% 1,916 1,478 78,049 73,940 Inland Services: SCFCo 50.0% 33,705 37,219 Bunge-SCF Grain 50.0% 15,112 14,738 SCF Bunge Marine (1) 62.5% 3,990 3,144 Other 50.0% 2,285 2,796 55,092 57,897 Witt O’Brien’s: O’Brien’s do Brazil 50.0% 1,274 472 Other: VA&E 23.8% 10,448 13,073 Avion 39.1% 10,706 10,290 Other 40.0% – 47.5% 1,539 1,214 22,693 24,577 $ 157,108 $ 156,886 ______________________ (1) The Company’s ownership percentage represents its economic interest in the 50% or less owned company. Combined Condensed Financial Information. Summarized financial information for the Company’s investments, at equity, excluding SCFCo and Trailer Bridge, as of and for the years ended December 31, was as follows (in thousands): 2019 2018 Current assets $ 228,420 $ 184,704 Noncurrent assets 101,292 77,929 Current liabilities 160,688 113,784 Noncurrent liabilities 58,413 46,503 2019 2018 2017 Operating Revenues $ 1,015,627 $ 786,717 $ 1,068,190 Costs and Expenses: Operating and administrative 1,005,757 771,324 1,035,952 Depreciation 4,968 7,216 11,810 1,010,725 778,540 1,047,762 Gains on Asset Dispositions and Impairments, Net — 38 16,115 Operating Income $ 4,902 $ 8,215 $ 36,543 Net Income $ 2,922 $ 3,967 $ 23,383 Summarized financial information for SCFCo as of and for the years ended December 31, was as follows (in thousands): 2019 2018 Current assets $ 5,878 $ 8,322 Noncurrent assets 113,638 121,001 Current liabilities 11,077 12,958 Noncurrent liabilities 59,717 56,078 2019 2018 2017 Operating Revenues $ 45,049 $ 54,486 $ 44,177 Costs and Expenses: Operating and administrative 39,375 45,911 40,106 Depreciation 10,027 17,901 17,803 49,402 63,812 57,909 Operating Loss (4,353) (9,326) (13,732) Interest expense (6,971) (6,573) (6,120) Other expense, net (241) (2,229) (961) Net Loss $ (11,565) $ (18,128) $ (20,813) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Long-Term Debt Maturities | The Company’s contractual long-term debt maturities for the years ended December 31, are as follows (in thousands): 2020 (1) $ 60,630 2021 10,499 2022 10,503 2023 10,368 2024 60,244 Years subsequent to 2024 187,991 $ 340,235 ______________________ (1) Includes the aggregate principal amount outstanding of the Company's 3.0% Convertible Senior Notes with a contractual maturity date of November 15, 2028 as the holders may require the Company to repurchase the notes on November 19, 2020. |
Schedule Of Company's Borrowings | The Company’s borrowings as of December 31, were as follows (in thousands): 2019 2018 3.0% Convertible Senior Notes (1) $ 50,041 $ 107,284 2.5% Convertible Senior Notes 64,455 64,455 3.25% Convertible Senior Notes (2) 117,782 117,782 SEA-Vista 2015 Credit Facility (3) — 87,977 SEA-Vista 2019 Credit Facility (4) 100,000 — Other (5) 7,957 8,561 340,235 386,059 Portion due within one year, net of unamortized discount and issue costs (58,854) (8,497) Debt discount included in long-term debt (19,990) (28,334) Debt issuance costs included in long-term debt (5,779) (3,100) $ 255,612 $ 346,128 ______________________ (1) Excludes unamortized discount and unamortized issue costs of $1.6 million and $0.2 million, respectively, as of December 31, 2019 and $7.2 million and $0.7 million, respectively, as of December 31, 2018. (2) Excludes unamortized discount and unamortized issue costs of $18.4 million and $1.6 million, respectively, as of December 31, 2019 and $21.1 million and $1.9 million, respectively, as of December 31, 2018. (3) Excludes unamortized issue costs of $0.4 million as of December 31, 2018. (4) Excludes unamortized issue costs of $2.1 million as of December 31, 2019. (5) Excludes unamortized issue costs of $0.1 million and $0.1 million as of December 31, 2019 and December 31, 2018, respectively. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | For operating leases as of December 31, 2019, the future minimum payments in the years ended December 31, were as follows (in thousands): 2020 $ 41,914 2021 37,711 2022 27,460 2023 15,531 2024 13,603 Years subsequent to 2024 27,066 163,285 Interest component (18,979) 144,306 Current portion of long-term operating lease liabilities (36,011) Long-term operating lease liabilities $ 108,295 |
Lease, Cost | The components of lease expense for the year ended December 31, were as follows (in thousands): 2019 Operating lease expense $ 42,863 Short-term lease expense (lease duration of twelve months or less at lease commencement) 22,992 Sublease income (33,428) $ 32,427 |
Operating Leases Other Information | Other information related to operating leases for the year ended December 31, was as follows (in thousands except weighted average data): 2019 Operating cash outflows from operating leases $ 43,096 Right-of-use assets obtained in exchange for operating lease liabilities $ 179,944 Weighted average remaining lease term, in years 5.2 Weighted average discount rate 4.9 % |
Schedule of Future Minimum Lease Revenues for Operating Leases | Future minimum lease revenues from these arrangements for the years ended December 31, were as follows (in thousands): Total Minimum Lease Revenues Leased-in Obligations (1) Net Minimum Lease Income 2020 $ 160,324 $ (31,572) $ 128,752 2021 114,395 (29,683) 84,712 2022 55,990 (22,942) 33,048 2023 34,701 (11,315) 23,386 2024 27,205 (11,346) 15,859 Years subsequent to 2024 55,102 (18,662) 36,440 ____________________ (1) The total payments to be made under existing non-cancelable leases for the property and equipment subject to these future minimum lease revenues. |
Major Classes of Property and Equipment Earning Lease Revenues | The major classes of owned property and equipment earning lease revenues as of December 31, were as follows (in thousands): Historical Accumulated Net Book 2019 Ocean Services: Petroleum and chemical carriers - U.S.-flag $ 544,549 $ (258,153) $ 286,396 Harbor and offshore tugs - U.S.-flag & foreign-flag 51,129 (17,363) 33,766 Ocean liquid tank barges - U.S.-flag 39,238 (16,171) 23,067 634,916 (291,687) 343,229 Inland Services: Towboats 50,615 (3,498) 47,117 $ 685,531 $ (295,185) $ 390,346 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Before Income Tax, Domestic and Foreign | Income before income tax expense (benefit) and equity in earnings (losses) of 50% or less owned companies derived from U.S. and foreign companies for the years ended December 31, were as follows (in thousands): 2019 2018 2017 United States $ 41,398 $ 33,563 $ 28,546 Foreign 6,182 56,558 4,748 Eliminations and other 1,517 1,568 1,911 $ 49,097 $ 91,689 $ 35,205 |
Components Of Income Tax Expense (Benefit) | The Company files a consolidated U.S. federal tax return. The components of income tax expense (benefit) for the years ended December 31, were as follows (in thousands): 2019 2018 2017 Current: State $ 739 $ 253 $ 1,136 Federal (244) 20,776 (17,181) Foreign 1,165 2,899 333 1,660 23,928 (15,712) Deferred: State 404 (3,001) 12 Federal 7,765 (12,512) (51,489) 8,169 (15,513) (51,477) $ 9,829 $ 8,415 $ (67,189) |
Components Of Effective Income Tax Rate Reconciliation | The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31,: 2019 2018 2017 Statutory rate 21.0 % 21.0 % 35.0 % Income subject to tonnage tax (2.3) % (1.3) % (5.9) % Dorian distribution — % — % 22.8 % Reversal of uncertain tax position — % — % (28.7) % U.S. federal income tax statutory changes — % — % (190.2) % Non-deductible expenses 1.6 % 0.2 % 0.8 % Noncontrolling interests (3.1) % (5.7) % (22.4) % Foreign earnings not subject to U.S. income tax (4.1) % (16.2) % — % Foreign taxes not creditable against U.S. income tax 1.4 % 3.2 % — % Losses of foreign subsidiaries not benefited — % — % (6.6) % Subpart F income 1.5 % 12.1 % — % State taxes 2.0 % (3.1) % 1.2 % Share award plans 0.6 % (0.3) % 2.0 % Other 1.4 % (0.7) % 1.1 % 20.0 % 9.2 % (190.9) % |
Components Of Net Deferred Income Tax Liabilities | The components of the net deferred income tax liabilities for the years ended December 31, were as follows (in thousands): 2019 2018 Deferred tax liabilities: Property and equipment $ 121,840 $ 93,049 Long-term debt 15,395 18,355 Gains on marketable securities 459 — Investments in 50% or less owned companies 1,541 1,934 Intangible assets 706 614 Deductible goodwill 1,002 344 Other — 31 Total deferred tax liabilities 140,943 114,327 Deferred tax assets: Net operating loss carryforwards 21,385 — Capital loss carryforwards 5,192 — Share award plans 3,686 3,711 Losses on marketable securities — 8,596 Debt and equity issuance costs 515 379 Other 8,721 11,178 Total deferred tax assets 39,499 23,864 Valuation allowance (4,217) (3,957) Net deferred tax assets 35,282 19,907 Net deferred tax liabilities $ 105,661 $ 94,420 |
Derivative Instruments And He_2
Derivative Instruments And Hedging Strategies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Recognized Gains (Losses) On Derivative Instruments Not Designated As Hedging Instruments | The Company recognized gains on derivative instruments not designated as hedging instruments for the years ended December 31, as follows (in thousands): Derivative gains 2017 Exchange option liability on subsidiary convertible senior notes $ 19,436 Forward currency exchange, option and future contracts 291 $ 19,727 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s financial assets and liabilities as of December 31, that are measured at fair value on a recurring basis were as follows (in thousands): Level 1 Level 2 Level 3 2019 ASSETS Cash, cash equivalents, restricted cash and restricted cash equivalents $ 78,444 $ — $ — Marketable securities (1) 7,936 — — 2018 ASSETS Cash, cash equivalents, restricted cash and restricted cash equivalents $ 147,212 $ — $ — Marketable securities (1) 30,316 — — Construction reserve funds 3,908 — — ______________________ (1) Marketable security gains (losses), net include gains of $2.2 million for the year ended December 31, 2019 related to marketable security positions held by the Company as of December 31, 2019. Marketable security gains (losses), net include losses of $12.4 million and gains of $0.1 million for the years ended December 31, 2018 and 2017, respectively, related to marketable security positions held by the Company as of December 31, 2018. |
Estimated Fair Value of Other Financial Assets and Liabilities | The estimated fair value of the Company’s other financial assets and liabilities as of December 31, were as follows (in thousands): Carrying Level 1 Level 2 Level 3 2019 ASSETS Notes receivable from third parties (included in other receivables and other assets) $ 1,119 $ — $ 1,082 $ — Investments, at cost, in 50% or less owned companies (included in other assets) 4,201 see below LIABILITIES Long-term debt, including current portion (1) 314,466 — 330,088 — 2018 ASSETS Notes receivable from third parties (included in other receivables and other assets) $ 2,182 $ — $ 2,159 $ — Investments, at cost, in 50% or less owned companies (included in other assets) 4,300 see below LIABILITIES Long-term debt, including current portion (1) 354,625 — 353,929 — ______________________ (1) The estimated fair value includes the embedded conversion options on the Company’s 3.0% and 3.25% Convertible Senior Notes. |
Non-Financial Assets and Liabilities Measured at Fair Value | The Company’s non-financial assets that were measured at fair value during the years ended December 31, were as follows (in thousands): Level 1 Level 2 Level 3 2018 ASSETS Investments, at equity, and advances in 50% or less owned companies $ — $ 3,219 $ — |
Noncontrolling Interests in S_2
Noncontrolling Interests in Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling interests in the Company’s consolidated subsidiaries as of December 31, were as follows (in thousands): Noncontrolling Interests 2019 2018 Ocean Services: SEA-Vista 49.0% $ — $ 148,665 Inland Services: Other 3.0 % – 51.8% 785 862 Other 5.0% 3 161 $ 788 $ 149,688 |
Savings, Multi-Employer And D_2
Savings, Multi-Employer And Defined Benefit Pension Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Compensation Arrangements [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The funded status of the ISH Retirement Plan as of December 31, was as follows (in thousands): 2019 2018 Fair Value of Assets $ 37,723 $ 34,923 Projected Benefit Obligation (37,583) (34,299) Funded Status (1) $ 140 $ 624 _____________________ (1) Included in other assets in the accompanying consolidated balance sheets. |
Schedule of Assumptions Used | The significant assumptions used in determining the projected benefit obligation as of December 31, and pension expense for the years ended December 31, were as follows: 2019 2018 Discount rate 3.10 % 4.05 % Rate of increase in compensations levels (1) N/A N/A CPI 2.25 % 2.25 % Cash balance interest credits (compounded annually) 4.00 % 4.00 % Expected long-term rate of return on plan assets 6.00 % 6.75 % _____________________ (1) Retirement benefits were frozen as of August 31, 2017. |
Schedule of Expected Benefit Payments | The future benefit payments expected to be paid in each of the next five fiscal years are as follows (in thousands): 2020 2,250 2021 2,120 2022 2,200 2023 2,180 2024 2,160 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation Plans | Share Award Transactions. The following transactions have occurred in connection with the Company’s share based compensation plans during the years ended December 31,: 2019 2018 2017 Restricted stock awards granted 149,950 121,850 153,100 Restricted stock awards forfeited (4,230) — (2,444) Director stock awards granted 2,125 2,875 1,750 Stock Option Activities: Outstanding as of the beginning of year 1,467,391 1,546,014 1,639,865 Granted (1) 165,650 142,550 1,013,893 Exercised (165,893) (220,694) (562,587) Forfeited (5,200) — (3,374) Expired (7,874) (479) (541,783) Outstanding as of the end of year 1,454,074 1,467,391 1,546,014 Employee Stock Purchase Plans shares issued 44,383 45,251 36,552 Shares available for issuance under Share Incentive and Employee Stock Purchase Plans as of the end of year (2) 539,414 884,218 896,265 ______________________ (1) On June 2, 2017, the Company granted 846,353 stock options to existing option holders under make-whole provisions upon the Spin-off. (2) Shares available for future grants and ESPP purchases were adjusted on June 2, 2017 to reflect the Spin-off in accordance with make-whole provisions of the plans. |
Schedule of Share-based Compensation, Restricted Stock Activity | During the year ended December 31, 2019, the number of shares and the weighted average grant price of restricted stock transactions were as follows: Restricted Stock Number of Weighted Nonvested as of December 31, 2018 121,850 $ 46.66 Granted 149,950 $ 43.20 Vested (26,390) $ 46.58 Forfeited (4,230) $ 44.66 Nonvested as of December 31, 2019 241,180 $ 44.55 |
Schedule of Share-based Compensation, Stock Options Activity | During the year ended December 31, 2019, the number of shares and the weighted average exercise price on stock option transactions were as follows: Total Options Number of Weighted Outstanding, as of December 31, 2018 1,467,391 $ 41.72 Granted 165,650 $ 43.77 Exercised (165,893) $ 31.61 Forfeited (5,200) $ 43.47 Expired (7,874) $ 48.84 Outstanding, as of December 31, 2019 1,454,074 $ 43.19 Outstanding and Exercisable, as of December 31, 2019 1,013,705 $ 43.60 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure | The Company's capital commitments as of December 31, 2019 by year of expected payment were as follows (in thousands): 2020 2021 2022 Total Ocean Services $ 22,394 $ 30,965 $ 2,636 $ 55,995 Inland Services 5,663 — — 5,663 Other 582 — — 582 $ 28,639 $ 30,965 $ 2,636 $ 62,240 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by segment | The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments. Ocean Inland Witt Other Corporate Total For the year ended December 31, 2019 Operating Revenues: External customers 423,288 267,334 101,663 7,681 — 799,966 Intersegment — — 120 — (120) — 423,288 267,334 101,783 7,681 (120) 799,966 Costs and Expenses: Operating 280,809 229,418 68,052 5,464 (110) 583,633 Administrative and general 40,215 13,140 25,959 3,489 22,714 105,517 Depreciation and amortization 40,986 23,262 835 1,982 1,506 68,571 362,010 265,820 94,846 10,935 24,110 757,721 Gains (Losses) on Asset Dispositions, Net 1,291 1,602 18 32 (33) 2,910 Operating Income (Loss) 62,569 3,116 6,955 (3,222) (24,263) 45,155 Other Income (Expense): Foreign currency losses, net (98) (212) (1) — (1) (312) Other, net (112) — (463) 431 10 (134) Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (669) (6,520) 902 1,037 — (5,250) Segment Profit (Loss) 61,690 (3,616) 7,393 (1,754) Other Income (Expense) not included in Segment Profit 4,388 Plus Equity in Losses included in Segment Profit 5,250 Income Before Taxes and Equity in Losses 49,097 Capital Expenditures 4,859 30,040 47 1,997 843 37,786 As of December 31, 2019 Property and Equipment: Historical cost 932,267 469,120 1,134 8,897 30,964 1,442,382 Accumulated depreciation (380,553) (216,296) (993) (2,450) (23,732) (624,024) Net property and equipment 551,714 252,824 141 6,447 7,232 818,358 Operating Lease Right-of-Use Assets 109,460 31,338 3,045 — 696 144,539 Investments, at Equity, and Advances to 50% or Less Owned Companies 78,049 55,092 1,274 22,693 — 157,108 Inventories 2,233 2,510 266 246 — 5,255 Goodwill 1,852 2,343 28,506 — — 32,701 Intangible Assets 7,637 7,497 5,862 — — 20,996 Other current and long-term assets, excluding cash and near cash assets (1) 54,842 71,043 108,373 4,760 8,617 247,635 Segment Assets 805,787 422,647 147,467 34,146 Cash and near cash assets (1) 86,380 Total Assets 1,512,972 ______________________ (1) Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities Ocean Inland Witt Other Corporate Total For the year ended December 31, 2018 Operating Revenues: External customers 414,844 285,688 131,629 3,589 — 835,750 Intersegment — — 80 — (80) — 414,844 285,688 131,709 3,589 (80) 835,750 Costs and Expenses: Operating 269,294 237,010 83,203 2,455 (114) 591,848 Administrative and general 40,179 13,139 24,772 1,841 22,976 102,907 Depreciation and amortization 46,270 24,164 1,944 501 1,700 74,579 355,743 274,313 109,919 4,797 24,562 769,334 Gains on Asset Dispositions 12,887 6,659 — 37 — 19,583 Operating Income (Loss) 71,988 18,034 21,790 (1,171) (24,642) 85,999 Other Income (Expense): Foreign currency losses, net (168) (2,002) (28) (3) (63) (2,264) Other, net 570 51 — 54,249 94 54,964 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 3,632 (5,686) 203 1,779 — (72) Segment Profit 76,022 10,397 21,965 54,854 Other Income (Expense) not included in Segment Profit (47,010) Plus Equity in Losses included in Segment Profit 72 Income Before Taxes and Equity in Losses 91,689 Capital Expenditures 39,207 8,298 — 2,639 128 50,272 As of December 31, 2018 Property and Equipment: Historical cost 930,230 438,848 1,227 6,892 30,132 1,407,329 Accumulated depreciation (341,999) (195,094) (1,031) (490) (22,205) (560,819) Net property and equipment 588,231 243,754 196 6,402 7,927 846,510 Investments, at Equity, and Advances to 50% or Less Owned Companies 73,939 57,899 471 24,577 — 156,886 Inventories 2,196 1,997 179 158 — 4,530 Goodwill 1,852 2,350 28,506 — — 32,708 Intangible Assets 8,965 8,991 6,595 — — 24,551 Other current and long-term assets, excluding cash and near cash assets (1) 48,770 78,903 81,410 2,142 13,178 224,403 Segment Assets 723,953 393,894 117,357 33,279 Cash and near cash assets (1) 181,436 Total Assets 1,471,024 ______________________ (1) Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds. Ocean Inland Witt Other Corporate Total As Adjusted As Adjusted For the year ended December 31, 2017 Operating Revenues: External customers 352,876 248,452 49,055 464 — 650,847 Intersegment — — 101 — (101) — 352,876 248,452 49,156 464 (101) 650,847 Costs and Expenses: Operating 195,285 206,836 32,017 — (301) 433,837 Administrative and general 36,548 16,558 13,438 831 35,731 103,106 Depreciation and amortization 46,073 25,852 819 — 2,314 75,058 277,906 249,246 46,274 831 37,744 612,001 Gains (Losses) on Asset Dispositions and Impairments, Net (323) 11,960 — — — 11,637 Operating Income (Loss) 74,647 11,166 2,882 (367) (37,845) 50,483 Other Income (Expense): Derivative gains, net — — — — 19,727 19,727 Foreign currency gains (losses), net (130) 272 50 6 125 323 Other, net 327 — — (301) 230 256 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 7,664 (5,191) 174 305 — 2,952 Segment Profit (Loss) 82,508 6,247 3,106 (357) Other Income (Expense) not included in Segment Profit (35,584) Less Equity in Earnings included in Segment Profit (2,952) Income Before Taxes and Equity in Earnings 35,205 Capital Expenditures 80,006 34,322 60 — 207 114,595 As of December 31, 2017 Property and Equipment: Historical cost 901,076 448,035 1,227 — 30,131 1,380,469 Accumulated depreciation (299,528) (181,573) (938) — (20,505) (502,544) Net property and equipment 601,548 266,462 289 — 9,626 877,925 Investments, at Equity, and Advances to 50% or Less Owned Companies 52,003 66,479 777 54,182 — 173,441 Inventories 2,352 1,934 91 — — 4,377 Goodwill 1,852 2,403 28,506 — — 32,761 Intangible Assets 10,293 10,486 7,327 — — 28,106 Other current and long-term assets, excluding cash and near cash assets (1) 49,498 71,500 28,398 1,391 9,611 160,398 Segment Assets 717,546 419,264 65,388 55,573 Cash and near cash assets (1) 336,328 Total Assets 1,613,336 ______________________ (1) Cash and near cash assets includes cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds. |
Disaggregation of Revenue | Ocean Inland Witt Other Corporate Total For the year ended December 31, 2019 Revenues from Contracts with Customers: Voyage charters 46,381 — — — — 46,381 Contracts of affreightment 24,540 202,317 — — — 226,857 Tariff 79,757 — — — — 79,757 Unit freight 63,420 — — — — 63,420 Terminal operations — 16,562 — — — 16,562 Fleeting operations — 17,264 — — — 17,264 Logistics services — 15,155 — — — 15,155 Time and material contracts — — 87,167 — — 87,167 Retainer contracts — — 9,874 — — 9,874 Product sales (1) — — — 5,555 — 5,555 Other 3,844 5,134 4,742 1,144 (120) 14,744 Lease Revenues: Time charter, bareboat charter and rental income 205,346 10,902 — 982 — 217,230 423,288 267,334 101,783 7,681 (120) 799,966 ______________________ (1) Costs of goods sold related to product sales was $4.5 million. Ocean Inland Witt Other Corporate Total For the year ended December 31, 2018 Revenues from Contracts with Customers: Voyage charters 73,979 — — — — 73,979 Contracts of affreightment 11,872 219,375 — — — 231,247 Tariff 74,157 — — — — 74,157 Unit freight 58,326 — — — — 58,326 Terminal operations — 21,501 — — — 21,501 Fleeting operations — 17,888 — — — 17,888 Logistics services — 14,309 — — — 14,309 Time and material contracts — — 119,196 — — 119,196 Retainer contracts — — 10,124 — — 10,124 Product sales (1) — — — 2,686 — 2,686 Other 3,268 5,223 2,389 425 (80) 11,225 Lease Revenues: Time charter, bareboat charter and rental income 193,242 7,392 — 478 — 201,112 414,844 285,688 131,709 3,589 (80) 835,750 ______________________ Ocean Inland Witt Other Corporate Total As Adjusted As Adjusted For the year ended December 31, 2017 Revenues from Contracts with Customers: Voyage charters 33,623 — — — — 33,623 Contracts of affreightment 15,181 189,080 — — — 204,261 Tariff 68,266 — — — — 68,266 Unit freight 50,693 — — — — 50,693 Terminal operations — 21,488 — — — 21,488 Fleeting operations — 15,561 — — — 15,561 Logistics services — 8,868 — — — 8,868 Time and material contracts — — 33,352 — — 33,352 Retainer contracts — — 10,192 — — 10,192 Other 1,879 5,163 5,612 464 (101) 13,017 Lease Revenues: Time charter, bareboat charter and rental income 183,234 8,292 — — — 191,526 352,876 248,452 49,156 464 (101) 650,847 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Summarized selected operating results of the Company’s discontinued operations for the years ended December 31, were as follows (in thousands): 2017 SEACOR Marine Operating Revenues $ 62,291 Costs and Expenses: Operating 65,888 Administrative and general 29,682 Depreciation and amortization 22,181 117,751 Gains on Asset Dispositions, Net 4,219 Operating Loss (51,241) Other Income, Net 1,780 Income Tax Benefit (12,931) Equity in Earnings of 50% or Less Owned Companies, Net of Tax 1,663 Net Loss $ (34,867) Net Loss Attributable to Noncontrolling Interests $ (1,892) ICP Operating Revenues $ 78,061 Costs and Expenses: Operating 76,306 Administrative and general 2,140 Depreciation and amortization 2,354 80,800 Operating Loss (2,739) Other Income, Net (including gain on sale of business) 20,557 Income Tax Expense 7,818 Net Income $ 10,000 Net Loss Attributable to Noncontrolling Interests $ (539) Eliminations Operating Revenues $ (1,176) Costs and Expenses: Operating (1,289) Administrative and general (42) (1,331) Operating Income 155 Other Income, Net 1,738 Income Tax Expense 663 Net Income $ 1,230 Loss from Discontinued Operations, Net of Tax $ (23,637) |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | Three Months Ended Dec. 31, Sept. 30, June 30, March 31, 2019 Operating Revenues $ 192,761 $ 200,658 $ 197,023 $ 209,524 Operating Income 2,562 12,519 11,106 18,968 Net Income (Loss) (1,912) 5,861 17,001 13,068 Net Income (Loss) attributable to SEACOR Holdings Inc. (1,917) 6,405 14,553 7,733 Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (0.10) $ 0.33 $ 0.80 $ 0.42 Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (0.10) $ 0.32 $ 0.76 $ 0.41 2018 Operating Revenues $ 213,838 $ 220,257 $ 216,831 $ 184,824 Operating Income 25,250 34,047 12,014 14,688 Net Income 4,434 27,203 46,007 5,558 Net Income (Loss) attributable to SEACOR Holdings Inc. (4,686) 17,067 45,126 641 Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (0.26) $ 0.94 $ 2.50 $ 0.04 Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. $ (0.26) $ 0.88 $ 2.14 $ 0.04 |
Nature Of Operations And Acco_4
Nature Of Operations And Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Aug. 02, 2019 | Jul. 03, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 |
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Operating revenues | $ 192,761 | $ 200,658 | $ 197,023 | $ 209,524 | $ 213,838 | $ 220,257 | $ 216,831 | $ 184,824 | $ 799,966 | $ 835,750 | $ 650,847 | ||||
(Increase) decrease in receivables | 30,385 | 63,764 | (2,195) | ||||||||||||
Payments to noncontrolling interests | 107,692 | 29 | 0 | ||||||||||||
Cumulative effect of new accounting principle | $ 25,359 | $ (2,467) | |||||||||||||
Depreciation | 65,000 | 69,900 | 72,100 | ||||||||||||
Capitalized interest | 100 | 200 | 2,700 | ||||||||||||
Construction in progress, gross | $ 12,500 | 12,500 | |||||||||||||
Amortization expense | $ 3,555 | 4,675 | 2,900 | ||||||||||||
Impairment of long-lived assets held-for-use | 400 | ||||||||||||||
Equity method investment, other than temporary impairment | $ 100 | 900 | |||||||||||||
Minimum | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Finite-lived intangible asset, useful life | 1 year | ||||||||||||||
Maximum | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Finite-lived intangible asset, useful life | 15 years | ||||||||||||||
Accounting Standards Update 2016-02 | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Cumulative effect of new accounting principle | 175,000 | ||||||||||||||
Accounting Standards Update 2016-02 | Retained Earnings | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Cumulative effect of new accounting principle | 15,523 | ||||||||||||||
Accounting Standards Update 2016-02 | Retained Earnings | Sale Leaseback | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Cumulative effect of new accounting principle | $ 25,400 | ||||||||||||||
Accounting Standards Update 2014-09 | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Effect of adoption of new accounting pronouncement | $ 73,000 | ||||||||||||||
Accounting Standards Update 2016-16 | Retained Earnings | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Cumulative effect of new accounting principle | $ (2,467) | ||||||||||||||
SEA-Vista | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Stock issued during period, shares, acquisitions | 1,500,000 | ||||||||||||||
Payments to noncontrolling interests | $ 107,700 | ||||||||||||||
Illinois Corn Processing LLC | Discontinued Operations, Disposed of by Sale | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Proceeds from divestiture of businesses | $ 21,000 | ||||||||||||||
(Increase) decrease in receivables | 32,800 | ||||||||||||||
Gain (loss) on disposal of discontinued operation | $ 10,900 | ||||||||||||||
Dry-Cargo Barge Operations | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Noncontrolling interest, ownership percentage by parent | 50.00% | 50.00% | |||||||||||||
Inland River Towboat Operations | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Noncontrolling interest, ownership percentage by parent | 63.00% | 63.00% | |||||||||||||
Inland Grain Terminals/Elevators | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Noncontrolling interest, ownership percentage by parent | 50.00% | 50.00% | |||||||||||||
Illinois Corn Processing LLC | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Noncontrolling interest, ownership percentage by parent | 70.00% | ||||||||||||||
SEA-Vista | SEA-Vista | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 49.00% | ||||||||||||||
U.S. Federal Government | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Operating revenues | $ 79,600 | ||||||||||||||
U.S. Federal Government | Customer Concentration Risk | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Percentage of operating revenues | 10.00% | ||||||||||||||
Ocean Services | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Percentage of operating revenues | 53.00% | 50.00% | 54.00% | ||||||||||||
Operating revenues | $ 423,288 | $ 414,844 | $ 352,876 | ||||||||||||
Ocean Services | SEA-Vista | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 49.00% | 49.00% | |||||||||||||
Inland Services | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Percentage of operating revenues | 33.00% | 34.00% | 38.00% | ||||||||||||
Operating revenues | $ 267,334 | $ 285,688 | $ 248,452 | ||||||||||||
Witt O'Brien's LLC | |||||||||||||||
Nature of Operations and Accounting Policies [Line Items] | |||||||||||||||
Percentage of operating revenues | 13.00% | 16.00% | 8.00% | ||||||||||||
Operating revenues | $ 101,663 | $ 131,629 | $ 49,055 |
Nature of Operations And Acco_5
Nature of Operations And Accounting Policies (Summary of Contract Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Contract with Customer, Liability [Roll Forward] | ||
Balance at beginning of period | $ 968 | $ 983 |
Previously deferred revenues recognized upon completion of performance obligations during the period | (968) | (983) |
Net contract liabilities arising during the period | 794 | 968 |
Balance at end of period | $ 794 | $ 968 |
Nature Of Operations And Acco_6
Nature Of Operations And Accounting Policies (Estimated Useful life Of Major Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Petroleum and chemical carriers - U.S.-flag | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Bulk carriers - U.S.-flag | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Harbor and offshore tugs | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Ocean liquid tank barges | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Short-sea container/RORO vessels | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 20 years |
Inland river dry-cargo and specialty barges | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 20 years |
Inland river liquid tank barges | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Inland river towboats and harbor boats | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Terminal and fleeting facilities | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 20 years |
Nature Of Operations And Acco_7
Nature Of Operations And Accounting Policies (Schedule Of Property And Equipment By Major Classes) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||
Historical cost | $ 1,442,382 | $ 1,407,329 | $ 1,380,469 |
Accumulated depreciation | (624,024) | (560,819) | (502,544) |
Net property and equipment | 818,358 | 846,510 | 877,925 |
Operating Segments | Ocean Services | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 932,267 | 930,230 | 901,076 |
Accumulated depreciation | (380,553) | (341,999) | (299,528) |
Net property and equipment | 551,714 | 588,231 | 601,548 |
Operating Segments | Ocean Services | Petroleum and chemical carriers - U.S.-flag | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 649,795 | 649,795 | |
Accumulated depreciation | (267,894) | (241,604) | |
Net property and equipment | 381,901 | 408,191 | |
Operating Segments | Ocean Services | Harbor and offshore tugs - U.S.-flag | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 133,419 | 132,697 | |
Accumulated depreciation | (47,637) | (41,764) | |
Net property and equipment | 85,782 | 90,933 | |
Operating Segments | Ocean Services | Harbor tugs - Foreign-flag | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 45,379 | 45,379 | |
Accumulated depreciation | (16,067) | (13,822) | |
Net property and equipment | 29,312 | 31,557 | |
Operating Segments | Ocean Services | Ocean liquid tank barges - U.S.-flag | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 39,238 | 39,238 | |
Accumulated depreciation | (16,171) | (14,649) | |
Net property and equipment | 23,067 | 24,589 | |
Operating Segments | Ocean Services | Short-sea container/RORO vessels - Foreign-flag | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 27,073 | 29,846 | |
Accumulated depreciation | (11,990) | (10,644) | |
Net property and equipment | 15,083 | 19,202 | |
Operating Segments | Ocean Services | Bulk carriers - U.S.-flag | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 13,000 | 13,000 | |
Accumulated depreciation | (9,800) | (9,800) | |
Net property and equipment | 3,200 | 3,200 | |
Operating Segments | Ocean Services | Other | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 21,516 | 20,073 | |
Accumulated depreciation | (10,994) | (9,716) | |
Net property and equipment | 10,522 | 10,357 | |
Operating Segments | Ocean Services | Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 2,847 | 202 | |
Operating Segments | Inland Services | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 469,120 | 438,848 | 448,035 |
Accumulated depreciation | (216,296) | (195,094) | (181,573) |
Net property and equipment | 252,824 | 243,754 | 266,462 |
Operating Segments | Inland Services | Other | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 27,536 | 22,213 | |
Accumulated depreciation | (11,388) | (10,364) | |
Net property and equipment | 16,148 | 11,849 | |
Operating Segments | Inland Services | Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 7,736 | 7,868 | |
Operating Segments | Inland Services | Inland river dry-cargo barges | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 225,278 | 222,539 | |
Accumulated depreciation | (118,615) | (106,157) | |
Net property and equipment | 106,663 | 116,382 | |
Operating Segments | Inland Services | Inland river specialty barges | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 3,828 | 3,828 | |
Accumulated depreciation | (2,344) | (1,904) | |
Net property and equipment | 1,484 | 1,924 | |
Operating Segments | Inland Services | Inland river liquid tank barges | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 19,784 | 20,011 | |
Accumulated depreciation | (3,684) | (3,054) | |
Net property and equipment | 16,100 | 16,957 | |
Operating Segments | Inland Services | Inland river towboats | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 62,207 | 43,998 | |
Accumulated depreciation | (4,981) | (3,294) | |
Net property and equipment | 57,226 | 40,704 | |
Operating Segments | Inland Services | Inland river harbor boats | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 19,296 | 18,695 | |
Accumulated depreciation | (9,324) | (8,047) | |
Net property and equipment | 9,972 | 10,648 | |
Operating Segments | Inland Services | Terminal and fleeting facilities | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 103,455 | 99,696 | |
Accumulated depreciation | (65,960) | (62,274) | |
Net property and equipment | 37,495 | 37,422 | |
Operating Segments | Witt O'Brien's LLC | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 1,134 | 1,227 | 1,227 |
Accumulated depreciation | (993) | (1,031) | (938) |
Net property and equipment | 141 | 196 | 289 |
Operating Segments | Witt O'Brien's LLC | Other | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 1,134 | 1,227 | |
Accumulated depreciation | (993) | (1,031) | |
Net property and equipment | 141 | 196 | |
Operating Segments | Other | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 8,897 | 6,892 | 0 |
Accumulated depreciation | (2,450) | (490) | 0 |
Net property and equipment | 6,447 | 6,402 | 0 |
Operating Segments | Other | Other | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 8,897 | 6,892 | |
Accumulated depreciation | (2,450) | (490) | |
Net property and equipment | 6,447 | 6,402 | |
Corporate And Eliminations | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 30,964 | 30,132 | 30,131 |
Accumulated depreciation | (23,732) | (22,205) | (20,505) |
Net property and equipment | 7,232 | 7,927 | $ 9,626 |
Corporate And Eliminations | Other | |||
Property, Plant and Equipment [Line Items] | |||
Historical cost | 30,964 | 30,132 | |
Accumulated depreciation | (23,732) | (22,205) | |
Net property and equipment | $ 7,232 | $ 7,927 |
Nature Of Operations And Acco_8
Nature Of Operations And Accounting Policies (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets, beginning balance | $ 37,047 | $ 37,047 | |
Acquired intangible assets | 0 | 1,120 | |
Fully amortized intangible assets | (1,120) | ||
Intangible assets, ending balance | 37,047 | 37,047 | $ 37,047 |
Changes in Accumulated Amortization [Roll Forward] | |||
Accumulated amortization, beginning balance | (12,496) | (8,941) | |
Amortization expense | (3,555) | (4,675) | (2,900) |
Fully amortized intangible assets | 1,120 | ||
Accumulated amortization, ending balance | $ (16,051) | (12,496) | (8,941) |
Weighted average remaining contractual life, in years | 6 years 10 months 24 days | ||
Trademark/ Tradenames | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets, beginning balance | $ 3,324 | 3,324 | |
Acquired intangible assets | 0 | 0 | |
Fully amortized intangible assets | 0 | ||
Intangible assets, ending balance | 3,324 | 3,324 | 3,324 |
Changes in Accumulated Amortization [Roll Forward] | |||
Accumulated amortization, beginning balance | (2,312) | (1,980) | |
Amortization expense | (332) | (332) | |
Fully amortized intangible assets | 0 | ||
Accumulated amortization, ending balance | $ (2,644) | (2,312) | (1,980) |
Weighted average remaining contractual life, in years | 2 years | ||
Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets, beginning balance | $ 15,365 | 15,365 | |
Acquired intangible assets | 0 | 1,120 | |
Fully amortized intangible assets | (1,120) | ||
Intangible assets, ending balance | 15,365 | 15,365 | 15,365 |
Changes in Accumulated Amortization [Roll Forward] | |||
Accumulated amortization, beginning balance | (6,428) | (5,146) | |
Amortization expense | (1,282) | (2,402) | |
Fully amortized intangible assets | 1,120 | ||
Accumulated amortization, ending balance | $ (7,710) | (6,428) | (5,146) |
Weighted average remaining contractual life, in years | 7 years 1 month 6 days | ||
Acquired Contractual Rights | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets, beginning balance | $ 18,358 | 18,358 | |
Acquired intangible assets | 0 | 0 | |
Fully amortized intangible assets | 0 | ||
Intangible assets, ending balance | 18,358 | 18,358 | 18,358 |
Changes in Accumulated Amortization [Roll Forward] | |||
Accumulated amortization, beginning balance | (3,756) | (1,815) | |
Amortization expense | (1,941) | (1,941) | |
Fully amortized intangible assets | 0 | ||
Accumulated amortization, ending balance | $ (5,697) | $ (3,756) | $ (1,815) |
Weighted average remaining contractual life, in years | 7 years 1 month 6 days |
Nature Of Operations And Acco_9
Nature Of Operations And Accounting Policies (Schedule Of Future Amortization Expense Of Intangible Assets) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
2020 | $ 3,555 |
2021 | 3,571 |
2022 | 2,866 |
2023 | 2,852 |
2024 | 2,833 |
Years subsequent to 2024 | 5,319 |
Total | $ 20,996 |
Nature Of Operations And Acc_10
Nature Of Operations And Accounting Policies (Schedule Of Deferred Gain Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Amortization of deferred gains on sale leaseback transactions | $ 0 | $ (12,774) | $ (15,035) | |
Operating Expense | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Amortization of deferred gains on sale leaseback transactions | 0 | (12,774) | (15,035) | |
Gains on Asset Dispositions and Impairments, Net | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Amortization of deferred gains on sale of property, financed equipment sales | (1,127) | (11,591) | (602) | |
Amortization of deferred gains on sale of property, equipment sales to 50% or less owned companies | (1,322) | (1,372) | (1,715) | |
Sale Leaseback and Financed Equipment Sales | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Balance at beginning of year | 39,102 | 66,519 | 74,774 | |
Deferred gains arising from equipment sales | 0 | 0 | 13,336 | |
Reclassification of deferred gains into historical cost on reacquired property and equipment | 0 | (3,052) | (5,954) | |
Balance at end of year | 8,768 | 39,102 | 66,519 | |
Fifty Percent or Less Owned Subsidiaries | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Balance at beginning of year | 4,562 | 5,934 | 7,649 | |
Balance at end of year | $ 3,240 | $ 4,562 | $ 5,934 | |
Sale Leaseback | Retained Earnings | Accounting Standards Update 2016-02 | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Impact of adoption of accounting principle | $ 29,207 |
Nature Of Operations And Acc_11
Nature Of Operations And Accounting Policies (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | $ 853,842 | $ 753,361 | $ 1,196,268 |
Discontinued Operations | (527,691) | ||
Other comprehensive income (loss) | (16) | (391) | 1,707 |
Income tax (expense) benefit | (68) | 22 | (702) |
Total equity, ending balance | 812,514 | 853,842 | 753,361 |
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | (914) | (545) | (11,593) |
Discontinued Operations | 10,031 | ||
Other comprehensive income (loss) | (83) | (391) | 1,812 |
Income tax (expense) benefit | (68) | 22 | (795) |
Total equity, ending balance | (1,065) | (914) | (545) |
Derivative Gains (Losses) on Cash Flow Hedges, net | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | 0 | 0 | 75 |
Discontinued Operations | 94 | ||
Other comprehensive income (loss) | 67 | 0 | (260) |
Income tax (expense) benefit | 0 | 0 | 91 |
Total equity, ending balance | 67 | 0 | 0 |
Other | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | 0 | 0 | 4 |
Discontinued Operations | 0 | ||
Other comprehensive income (loss) | 0 | 0 | (6) |
Income tax (expense) benefit | 0 | 0 | 2 |
Total equity, ending balance | 0 | 0 | 0 |
Accumulated Other Comprehensive Loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | (914) | (545) | (11,514) |
Discontinued Operations | 10,125 | ||
Other comprehensive income (loss) | (16) | (391) | 1,546 |
Income tax (expense) benefit | (68) | 22 | (702) |
Total equity, ending balance | (998) | (914) | (545) |
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | 0 | 0 | (1,613) |
Discontinued Operations | 1,460 | ||
Other comprehensive income (loss) | 0 | 0 | 153 |
Income tax (expense) benefit | 0 | 0 | 0 |
Total equity, ending balance | 0 | 0 | 0 |
Derivative Losses on Cash Flow Hedges, net | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | 0 | 0 | (17) |
Discontinued Operations | 4 | ||
Other comprehensive income (loss) | 0 | 0 | 13 |
Income tax (expense) benefit | 0 | 0 | 0 |
Total equity, ending balance | 0 | 0 | 0 |
Other | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | 0 | 0 | 3 |
Discontinued Operations | 2 | ||
Other comprehensive income (loss) | 0 | 0 | (5) |
Income tax (expense) benefit | 0 | 0 | 0 |
Total equity, ending balance | 0 | 0 | 0 |
Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total equity, beginning balance | (369) | 1,005 | |
Total equity, ending balance | $ (84) | $ (369) | $ 1,005 |
Nature Of Operations And Acc_12
Nature Of Operations And Accounting Policies (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net Income | $ (1,917) | $ 6,405 | $ 14,553 | $ 7,733 | $ (4,686) | $ 17,067 | $ 45,126 | $ 641 | $ 26,774 | $ 58,148 | $ 61,643 |
Basic Weighted Average Common Shares Outstanding | |||||||||||
Options and Restricted Stock | 0 | 0 | 0 | ||||||||
Convertible Securities | 1,273 | 1,273 | 14,346 | ||||||||
Net income, diluted | $ 28,047 | $ 59,421 | $ 75,989 | ||||||||
Weighted average number of shares outstanding, basic (in shares) | 18,949,981 | 18,080,778 | 17,368,081 | ||||||||
Effect of Dilutive Securities: | |||||||||||
Options and Restricted Stock (in shares) | 129,250 | 267,810 | 308,012 | ||||||||
Convertible Securities (in shares) | 1,227,101 | 1,227,101 | 5,258,065 | ||||||||
Weighted average number of shares outstanding, diluted (in shares) | 20,306,332 | 19,575,689 | 22,934,158 | ||||||||
Basic earnings per common share (in dollars per share) | $ (0.10) | $ 0.33 | $ 0.80 | $ 0.42 | $ (0.26) | $ 0.94 | $ 2.50 | $ 0.04 | $ 1.41 | $ 3.22 | $ 3.55 |
Diluted earnings per common share (in dollars per share) | $ (0.10) | $ 0.32 | $ 0.76 | $ 0.41 | $ (0.26) | $ 0.88 | $ 2.14 | $ 0.04 | $ 1.38 | $ 3.04 | $ 3.31 |
3.0% Convertible Senior Notes | |||||||||||
Effect of Dilutive Securities: | |||||||||||
Debt instrument, stated percentage | 3.00% | 3.00% | |||||||||
3.25% Convertible Senior Notes | |||||||||||
Effect of Dilutive Securities: | |||||||||||
Debt instrument, stated percentage | 3.25% | 3.25% | |||||||||
Stock Compensation Plan | |||||||||||
Effect of Dilutive Securities: | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 827,222 | 333,510 | 1,924,217 | ||||||||
Convertible Debt Securities | 3.0% Convertible Senior Notes | |||||||||||
Effect of Dilutive Securities: | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 928,464 | 1,946,917 | |||||||||
Convertible Debt Securities | 3.25% Convertible Senior Notes | |||||||||||
Effect of Dilutive Securities: | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,553,780 | 983,351 |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) $ in Thousands | Jun. 01, 2018USD ($) | Mar. 01, 2018USD ($)numberOfInstallments | Jul. 03, 2017USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||
Business combination, long-term debt assumed | $ 0 | $ 28,725 | |||
Cleancor | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 50.00% | ||||
Payments to acquire businesses, gross | $ 3,200 | ||||
Partners' capital account, contributions | $ 1,900 | ||||
SCA | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses, gross | $ 1,500 | ||||
Business combination, number of installments | numberOfInstallments | 2 | ||||
Business combination, contingent consideration | $ 900 | ||||
ISH | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses, gross | $ 10,500 | ||||
Business combination, note receivable contributed | 18,100 | ||||
Business combination, long-term debt assumed | $ 28,700 | ||||
PCTC's | ISH | |||||
Business Acquisition [Line Items] | |||||
Number of equipment acquired | vessel | 4 | ||||
Bulk carriers - U.S.-flag | ISH | |||||
Business Acquisition [Line Items] | |||||
Number of equipment acquired | vessel | 2 | 2 | |||
Rail ferries - Foreign-flag | ISH | |||||
Business Acquisition [Line Items] | |||||
Number of equipment acquired | vessel | 2 |
Business Acquisitions - Purchas
Business Acquisitions - Purchase Price Allocation (Details) $ in Thousands | Mar. 01, 2018USD ($)numberOfInstallments | Jul. 03, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Combinations [Abstract] | ||||
Restricted cash and restricted cash equivalents | $ 0 | $ 13 | ||
Trade and other receivables | 1,264 | 15,823 | ||
Other current assets | 170 | 2,054 | ||
Investments, at Equity, and Advances to 50% or Less Owned Companies | (5,123) | 10,000 | ||
Property and Equipment | 4,382 | 15,190 | ||
Intangible Assets | 1,120 | 10,957 | ||
Other Assets | 7 | (17,863) | ||
Accounts payable and other accrued liabilities | (1,609) | 0 | ||
Other current liabilities | (439) | (17,214) | ||
Long-Term Debt | 0 | (28,725) | ||
Deferred Income Taxes | 0 | 3,939 | ||
Other Liabilities | 0 | (42) | ||
Noncontrolling interests in subsidiaries | (82) | 0 | ||
Purchase price | (310) | (5,868) | ||
Business Acquisition [Line Items] | ||||
Cash Acquired | $ 3,600 | $ 16,400 | ||
ISH | ||||
Business Combinations [Abstract] | ||||
Long-Term Debt | $ (28,700) | |||
Business Acquisition [Line Items] | ||||
Business combination, note receivable contributed | 18,100 | |||
Payments to acquire businesses, gross | $ 10,500 | |||
SCA | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, gross | $ 1,500 | |||
Business combination, number of installments | numberOfInstallments | 2 |
Equipment Acquisitions And Di_3
Equipment Acquisitions And Dispositions (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)equipment | Dec. 31, 2018USD ($)equipment | Dec. 31, 2017USD ($)vesselequipment | |
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | $ 37,786 | $ 50,272 | $ 114,595 |
Sales price of equipment | 2,500 | 16,100 | 164,800 |
Gain (loss) on disposition of property plant equipment | $ 500 | $ 6,600 | 23,300 |
Gain (loss) on sale of property, plant and equipment, recognized | 10,000 | ||
Gain (loss) on sale of property, plant and equipment, deferred | 13,300 | ||
Sale Leaseback | |||
Property, Plant and Equipment [Line Items] | |||
Gain (loss) on sale of property, plant and equipment, deferred | $ 13,300 | ||
Petroleum and chemical carriers - U.S.-flag | |||
Property, Plant and Equipment [Line Items] | |||
Sale leaseback transaction, number of leased assets disposed | vessel | 1 | ||
Sale leaseback transaction, net proceeds | $ 134,900 | ||
Sale leaseback transaction, lease terms | 104 months | ||
Number of equipment disposed | equipment | 0 | 1 | 1 |
Inland river dry-cargo barges | |||
Property, Plant and Equipment [Line Items] | |||
Sale leaseback transaction, number of leased assets disposed | vessel | 50 | ||
Sale leaseback transaction, net proceeds | $ 12,500 | ||
Sale leaseback transaction, lease terms | 84 months | ||
Number of equipment disposed | equipment | 0 | 32 | 50 |
Inland river specialty barge | |||
Property, Plant and Equipment [Line Items] | |||
Gain (loss) on disposition of property plant equipment | $ (300) | ||
Number of equipment disposed | vessel | 1 | ||
Gains on Asset Dispositions and Impairments, Net | |||
Property, Plant and Equipment [Line Items] | |||
Amortization of deferred gains on sale of property | $ 2,400 | $ 13,000 | $ 2,300 |
Equipment Acquisitions And Di_4
Equipment Acquisitions And Dispositions (Major Equipment Additions) (Details) | Jul. 03, 2017vessel | Dec. 31, 2019equipment | Dec. 31, 2018vesselequipment | Dec. 31, 2017equipment |
Petroleum and chemical carriers - U.S.-flag | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of equipment acquired | 0 | 0 | 3 | |
Harbor tugs - U.S.-flag | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of equipment acquired | 1 | 5 | 1 | |
Harbor tugs - Foreign-flag | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of equipment acquired | 0 | 0 | 2 | |
Short-sea container/RORO - Foreign-flag | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of equipment acquired | 0 | 2 | 0 | |
Inland river liquid tank barges | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of equipment acquired | 0 | 0 | 2 | |
Inland river towboats | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of equipment acquired | 2 | 0 | 3 | |
ISH | Bulk carriers - U.S.-flag | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of equipment acquired | vessel | 2 | 2 |
Equipment Acquisitions And Di_5
Equipment Acquisitions And Dispositions (Major Equipment Dispositions) (Details) - equipment | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Petroleum and chemical carriers - U.S.-flag | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment disposed | 0 | 1 | 1 |
Harbor tugs - U.S.-flag | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment disposed | 0 | 1 | 0 |
Short-sea container/RORO - Foreign-flag | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment disposed | 1 | 0 | 0 |
Inland river dry-cargo barges | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment disposed | 0 | 32 | 50 |
Inland river specialty barges | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment disposed | 0 | 2 | 2 |
Inland river towboats | |||
Property, Plant and Equipment [Line Items] | |||
Number of equipment disposed | 0 | 0 | 2 |
Investments, At Equity, And A_3
Investments, At Equity, And Advances To 50% Or Less Owned Companies (Summary of Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 01, 2017 |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 157,108 | $ 156,886 | |
RF Vessel Holdings | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
Golfo de Mexico | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
VA&E | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 23.80% | ||
Ocean Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 78,049 | 73,940 | |
Ocean Services | Trailer Bridge | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 55.30% | ||
Equity method investments | $ 56,770 | 56,364 | |
Ocean Services | RF Vessel Holdings | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
Equity method investments | $ 15,878 | 10,826 | |
Ocean Services | Golfo de Mexico | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
Equity method investments | $ 3,485 | 5,272 | |
Ocean Services | KSM | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
Equity method investments | $ 1,916 | 1,478 | |
Inland Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 55,092 | 57,897 | |
Inland Services | SCFCo | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
Equity method investments | $ 33,705 | 37,219 | |
Inland Services | Bunge-SCF Grain | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
Equity method investments | $ 15,112 | 14,738 | |
Inland Services | SCF Bunge Marine | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 62.50% | ||
Equity method investments | $ 3,990 | 3,144 | |
Inland Services | Other Inland Services | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
Equity method investments | $ 2,285 | 2,796 | |
Witt O'Brien's LLC | O’Brien’s do Brazil | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 50.00% | ||
Equity method investments | $ 1,274 | 472 | |
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 22,693 | 24,577 | |
Other | VA&E | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 23.80% | ||
Equity method investments | $ 10,448 | 13,073 | |
Other | Avion | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 39.10% | ||
Equity method investments | $ 10,706 | 10,290 | |
Other | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 1,539 | $ 1,214 | |
Other | Other | Minimum | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 40.00% | ||
Other | Other | Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership of equity interest | 47.50% |
Investments, At Equity, And A_4
Investments, At Equity, And Advances To 50% Or Less Owned Companies (Summarized Financial Information For The Company's Investments, At Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance Sheet [Abstract] | |||
Current assets | $ 228,420 | $ 184,704 | |
Noncurrent assets | 101,292 | 77,929 | |
Current liabilities | 160,688 | 113,784 | |
Noncurrent liabilities | 58,413 | 46,503 | |
Income Statement [Abstract] | |||
Operating Revenues | 1,015,627 | 786,717 | $ 1,068,190 |
Costs and Expenses: | |||
Operating and administrative | 1,005,757 | 771,324 | 1,035,952 |
Depreciation | 4,968 | 7,216 | 11,810 |
Total costs and expenses | 1,010,725 | 778,540 | 1,047,762 |
Gains on Asset Dispositions and Impairments, Net | 0 | 38 | 16,115 |
Operating Income (Loss) | 4,902 | 8,215 | 36,543 |
Net Income (Loss) | 2,922 | 3,967 | 23,383 |
SCFCo | |||
Balance Sheet [Abstract] | |||
Current assets | 5,878 | 8,322 | |
Noncurrent assets | 113,638 | 121,001 | |
Current liabilities | 11,077 | 12,958 | |
Noncurrent liabilities | 59,717 | 56,078 | |
Income Statement [Abstract] | |||
Operating Revenues | 45,049 | 54,486 | 44,177 |
Costs and Expenses: | |||
Operating and administrative | 39,375 | 45,911 | 40,106 |
Depreciation | 10,027 | 17,901 | 17,803 |
Total costs and expenses | 49,402 | 63,812 | 57,909 |
Operating Income (Loss) | (4,353) | (9,326) | (13,732) |
Interest expense | (6,971) | (6,573) | (6,120) |
Other expense, net | (241) | (2,229) | (961) |
Net Income (Loss) | $ (11,565) | $ (18,128) | $ (20,813) |
Investments, At Equity, And A_5
Investments, At Equity, And Advances To 50% Or Less Owned Companies (Narrative) (Details) $ in Thousands | Apr. 30, 2018USD ($) | Sep. 01, 2017USD ($) | Jul. 03, 2017equipment | Dec. 31, 2019USD ($)equipment | Dec. 31, 2018USD ($)equipment | Dec. 31, 2017USD ($)equipment |
Schedule of Equity Method Investments [Line Items] | ||||||
Retained earnings, undistributed earnings (losses) from equity method investees | $ 69,800 | $ 65,000 | ||||
Proceeds on sale of a controlling interest in a subsidiary | 0 | 0 | $ 5,000 | |||
Proceeds from equity method investment, distribution | 100 | 5,907 | 12,891 | |||
Other significant noncash transaction, value of consideration received | 589 | 0 | 0 | |||
Proceeds from sale of equity method investments | 0 | 78,015 | 0 | |||
Trailer Bridge | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments for advance to affiliate | 2,000 | |||||
Proceeds from collection of advance to affiliate | 6,000 | |||||
RF Vessel Holdings | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage sold | 50.00% | |||||
Proceeds on sale of a controlling interest in a subsidiary | $ 1,900 | |||||
Ownership of equity interest | 50.00% | |||||
Partners' capital account, contributions | 4,700 | 9,100 | ||||
Golfo de Mexico | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage sold | 50.00% | |||||
Proceeds on sale of a controlling interest in a subsidiary | $ 3,100 | |||||
Ownership of equity interest | 50.00% | |||||
Partners' capital account, contributions | 500 | 4,600 | ||||
Proceeds from equity method investment, distribution | 300 | |||||
KSM | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Partners' capital account, contributions | 1,000 | 300 | ||||
SeaJon | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from equity method investment, distribution | 12,500 | |||||
Proceeds from equity method investment, distribution, return of capital | 3,500 | |||||
SCFCo | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Partners' capital account, contributions | 400 | |||||
Payments for advances and loans to affiliate | 2,500 | |||||
Proceeds from collection of advances and loans to affiliate | 2,600 | 1,700 | ||||
Advances and loans to affiliate | 34,300 | |||||
Equity method investment, difference between carrying amount and underlying equity | 20,200 | |||||
Bunge-SCF Grain | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Advanced to joint ventures | 7,000 | |||||
SCF Bunge Marine | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Partners' capital account, contributions | 300 | 500 | ||||
Proceeds from equity method investment, distribution | 4,600 | 100 | ||||
Other Inland Services | Dividend Paid | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other significant noncash transaction, value of consideration received | 600 | |||||
O’Brien’s do Brazil | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from equity method investment, distribution | $ 100 | 200 | 100 | |||
Hawker Pacific | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage sold | 34.20% | |||||
Proceeds from sale of equity method investments | $ 78,000 | |||||
Realized gain (loss) on disposal of equity method investments | $ 53,900 | |||||
VA&E | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership of equity interest | 23.80% | |||||
Proceeds from equity method investment, distribution | 400 | |||||
Proceeds from equity method investment, distribution, return of capital | $ 3,700 | |||||
Advances and loans to affiliate | 8,300 | |||||
Line of credit facility, maximum borrowing capacity | 3,500 | |||||
Avion | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments for advance to affiliate | 1,000 | |||||
Proceeds from collection of advance to affiliate | 4,000 | |||||
Proceeds from equity method investment, distribution | 800 | |||||
Other | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from collection of advance to affiliate | 400 | 400 | ||||
Proceeds from equity method investment, distribution, return of capital | 600 | |||||
Advanced to joint ventures | 2,000 | |||||
Subordinated Debt | VA&E | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments for advances and loans to affiliate | 500 | |||||
Loans to affiliate | 4,400 | |||||
Uncommitted Credit Facility | VA&E | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments for advance to affiliate | 5,400 | 3,500 | ||||
Proceeds from collection of advance to affiliate | 5,400 | |||||
Time Charter | Trailer Bridge | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | 4,000 | 3,500 | 3,100 | |||
Time Charter | SCF Bunge Marine | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | 6,800 | 3,300 | 2,100 | |||
Technical, Commercial, Administrative and Construction Management Services | Golfo de Mexico | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | 1,800 | 1,100 | 300 | |||
Technical, Commercial and Administrative Management Services | KSM | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | 400 | 400 | 300 | |||
Bareboat Charter | KSM | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | 1,400 | 1,300 | 1,100 | |||
Information Technology Services | SCFCo | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | 100 | 100 | 100 | |||
Rental Income | Bunge-SCF Grain | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | 700 | 900 | 1,100 | |||
Freight Transportation | Bunge-SCF Grain | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | 24,900 | 10,700 | 7,200 | |||
Towing Services | SCF Bunge Marine | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Related party transaction expense | $ 53,300 | 54,500 | 41,400 | |||
Management Fees | Hawker Pacific | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenue from related parties | $ 100 | $ 300 | ||||
Offshore tug - U.S.-flag | Trailer Bridge | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equipment subject to operating lease, number of units | equipment | 1 | |||||
Rail ferries - Foreign-flag | RF Vessel Holdings | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment committed to purchase | equipment | 2 | |||||
Harbor tugs - Foreign-flag | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment acquired | equipment | 0 | 0 | 2 | |||
Harbor tugs - Foreign-flag | KSM | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment operated | equipment | 4 | |||||
Number of equipment chartered-out | equipment | 2 | |||||
Specialty vessel - Foreign-flag | KSM | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment operated | equipment | 2 | |||||
Ocean liquid tank barge - Foreign-flag | KSM | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment operated | equipment | 1 | |||||
Time Chartered, Inland River Towboats | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equipment subject to operating lease, number of units | equipment | 8 | |||||
Time Chartered, Inland River Towboats | SCF Bunge Marine | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment chartered-out | equipment | 8 | |||||
Bareboat Chartered, Inland River Towboats | SCF Bunge Marine | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment chartered-in | equipment | 4 | |||||
Specialty barge | Other Inland Services | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment acquired | equipment | 1 | |||||
RF Vessel Holdings | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||
RF Vessel Holdings | Rail ferries - Foreign-flag | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment acquired | equipment | 2 | |||||
Golfo de Mexico | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||
Golfo de Mexico | Rail ferries - Foreign-flag | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of equipment acquired | equipment | 2 |
Leases And Notes Receivables Fr
Leases And Notes Receivables From Third Parties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes, Loans and Financing Receivable, Net, Noncurrent [Abstract] | |||
Notes receivable | $ 1.1 | $ 2.2 | |
Notes receivable third party | (1) | (0.1) | $ (10.1) |
Proceeds from collection of notes receivable | $ 2.1 | $ 0.6 | $ 34.5 |
Long-Term Debt (Schedule of Com
Long-Term Debt (Schedule of Company's Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 340,235 | $ 386,059 |
Portion due within one year, net of unamortized discount and issue costs | (58,854) | (8,497) |
Debt discount included in long-term debt | (19,990) | (28,334) |
Debt issuance costs included in long-term debt | (5,779) | (3,100) |
Long-term debt, excluding current maturities | 255,612 | 346,128 |
Convertible Debt | 3.0% Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 50,041 | 107,284 |
Debt discount included in long-term debt | (1,600) | (7,200) |
Debt issuance costs included in long-term debt | (200) | (700) |
Convertible Debt | 2.5% Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 64,455 | 64,455 |
Convertible Debt | 3.25% Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 117,782 | 117,782 |
Debt discount included in long-term debt | (18,400) | (21,100) |
Debt issuance costs included in long-term debt | (1,600) | (1,900) |
Line of Credit | SEA-Vista 2015 Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 87,977 |
Debt issuance costs included in long-term debt | (400) | |
Line of Credit | SEA-Vista 2019 Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 100,000 | 0 |
Debt issuance costs included in long-term debt | (2,100) | |
Notes Payable, Other Payables | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 7,957 | 8,561 |
Debt issuance costs included in long-term debt | $ (100) | $ (100) |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term Debt, Unclassified [Abstract] | ||
2020 | $ 60,630 | |
2021 | 10,499 | |
2022 | 10,503 | |
2023 | 10,368 | |
2024 | 60,244 | |
Years subsequent to 2024 | 187,991 | |
Long-term debt, gross | $ 340,235 | $ 386,059 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Nov. 20, 2023 | Feb. 28, 2020USD ($) | Dec. 20, 2019USD ($) | Mar. 19, 2019USD ($) | Oct. 31, 2018USD ($) | May 15, 2018USD ($) | Dec. 20, 2017 | Dec. 19, 2017USD ($) | Jul. 03, 2017USD ($) | Apr. 15, 2015USD ($) | Nov. 13, 2013USD ($) | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 15, 2025 | Dec. 19, 2022 | Nov. 19, 2020 | Jun. 05, 2019USD ($) | Dec. 11, 2012USD ($) | Sep. 24, 2009USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
Debt extinguishment losses, net | $ (2,244,000) | $ (11,626,000) | $ (819,000) | |||||||||||||||||
Payments on long-term debt | 169,625,000 | 225,541,000 | ||||||||||||||||||
Payments for conversion option in convertible debt | 146,000 | 33,000 | 1,354,000 | |||||||||||||||||
Long-term debt acquired in business acquisition | 0 | 28,725,000 | ||||||||||||||||||
Letters of credit outstanding amount | $ 1,200,000 | |||||||||||||||||||
Guarantee fee income, interest rate earned on outstanding guarantees | 0.50% | |||||||||||||||||||
Securities Repurchase Plan, Authorized Repurchase Amount | $ 150,000,000 | |||||||||||||||||||
Securities repurchased plan, remaining authorized repurchase amount | $ 129,900,000 | |||||||||||||||||||
SEACOR Marine Holdings Inc. | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Guarantor obligations, maximum exposure, undiscounted | 22,900,000 | |||||||||||||||||||
Guarantee fee income | $ 200,000 | 300,000 | 600,000 | |||||||||||||||||
3.0% Convertible Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 3.00% | |||||||||||||||||||
2.5% Convertible Senior Notes | Debt Instrument, Conversion Option | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payments for conversion option in convertible debt | 1,400,000 | |||||||||||||||||||
3.25% Convertible Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 3.25% | |||||||||||||||||||
Convertible Debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||
Convertible Debt | 3.0% Convertible Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 3.00% | |||||||||||||||||||
Aggregate principal amount | $ 230,000,000 | |||||||||||||||||||
Bond trading price triggering contingent interest | 1,200 | |||||||||||||||||||
Individual bond, face value | $ 1,000 | |||||||||||||||||||
Debt instrument, contingent interest rate | 0.45% | |||||||||||||||||||
Debt instrument, convertible, conversion ratio | 0.0125892 | |||||||||||||||||||
Debt instrument, convertible, number of equity instruments (in shares) | shares | 629,976 | |||||||||||||||||||
Debt instrument, convertible, discounts and issuance costs, amortization period | 7 years | |||||||||||||||||||
Debt instrument, interest rate, effective percentage | 7.40% | |||||||||||||||||||
Debt conversion, original debt, amount | $ 117,800,000 | |||||||||||||||||||
Debt instrument, repurchased amount | $ 57,200,000 | 4,900,000 | ||||||||||||||||||
Repayments of long-term debt and payments for conversion option in convertible debt | 56,200,000 | 4,700,000 | ||||||||||||||||||
Debt extinguishment losses, net | $ 2,100,000 | $ 5,400,000 | ||||||||||||||||||
Convertible Debt | 3.0% Convertible Senior Notes | Subsequent Event | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, repurchased amount | $ 2,200,000 | |||||||||||||||||||
Repayments of long-term debt and payments for conversion option in convertible debt | $ 2,200,000 | |||||||||||||||||||
Convertible Debt | 3.0% Convertible Senior Notes | Debt Instrument, Put Option, Period One | Scenario, Forecast | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, put option, percentage | 100.00% | |||||||||||||||||||
Convertible Debt | 3.0% Convertible Senior Notes | Debt Instrument, Put Option, Period Two | Scenario, Forecast | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||||||||||||||
Convertible Debt | 3.0% Convertible Senior Notes | Debt Instrument, Redemption, Period One | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||||||||||||||
Convertible Debt | 2.5% Convertible Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 2.50% | |||||||||||||||||||
Aggregate principal amount | $ 350,000,000 | |||||||||||||||||||
Bond trading price triggering contingent interest | $ 1,200 | |||||||||||||||||||
Individual bond, face value | $ 1,000 | |||||||||||||||||||
Debt instrument, contingent interest rate | 0.25% | |||||||||||||||||||
Debt instrument, convertible, conversion ratio | 0.0190381 | |||||||||||||||||||
Debt instrument, convertible, number of equity instruments (in shares) | shares | 1,227,101 | |||||||||||||||||||
Debt instrument, convertible, discounts and issuance costs, amortization period | 5 years | |||||||||||||||||||
Debt instrument, interest rate, effective percentage | 2.50% | 6.50% | ||||||||||||||||||
Debt instrument, repurchased amount | $ 61,700,000 | |||||||||||||||||||
Debt extinguishment losses, net | 100,000 | |||||||||||||||||||
Payments on long-term debt | 60,500,000 | |||||||||||||||||||
Convertible Debt | 2.5% Convertible Senior Notes | Debt Instrument, Conversion Option | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayments of long-term debt and payments for conversion option in convertible debt | 61,900,000 | |||||||||||||||||||
Convertible Debt | 2.5% Convertible Senior Notes | Debt Instrument, Put Option, Period One | Scenario, Forecast | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, put option, percentage | 100.00% | |||||||||||||||||||
Convertible Debt | 2.5% Convertible Senior Notes | Debt Instrument, Redemption, Period One | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||||||||||||||
Convertible Debt | 2.5% Convertible Senior Notes | Put Option | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, repurchased amount | $ 31,000,000 | |||||||||||||||||||
Payments on long-term debt | $ 31,000,000 | |||||||||||||||||||
Convertible Debt | 3.25% Convertible Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 3.25% | |||||||||||||||||||
Aggregate principal amount | 117,800,000 | |||||||||||||||||||
Bond trading price triggering contingent interest | 1,200 | |||||||||||||||||||
Individual bond, face value | $ 1,000 | |||||||||||||||||||
Debt instrument, contingent interest rate | 0.45% | |||||||||||||||||||
Debt instrument, convertible, conversion ratio | 0.0131920 | |||||||||||||||||||
Debt instrument, convertible, number of equity instruments (in shares) | shares | 1,553,780 | |||||||||||||||||||
Debt instrument, convertible, discounts and issuance costs, amortization period | 7 years | |||||||||||||||||||
Debt instrument, interest rate, effective percentage | 7.20% | |||||||||||||||||||
Payments of debt issuance costs | $ 2,500,000 | |||||||||||||||||||
Long-term debt, net of discount | 95,100,000 | |||||||||||||||||||
Debt issuance costs, gross, carrying amount of liability component | 2,000,000 | |||||||||||||||||||
Debt instrument, convertible, carrying amount of equity component | 22,700,000 | |||||||||||||||||||
Debt issuance costs, gross, carrying amount of equity component | $ 500,000 | |||||||||||||||||||
Convertible Debt | 3.25% Convertible Senior Notes | Debt Instrument, Put Option, Period One | Scenario, Forecast | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, put option, percentage | 100.00% | |||||||||||||||||||
Convertible Debt | 3.25% Convertible Senior Notes | Debt Instrument, Redemption, Period One | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||||||||||||||
Senior Notes | 7.375% Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 7.375% | |||||||||||||||||||
Aggregate principal amount | $ 250,000,000 | |||||||||||||||||||
Debt instrument, repurchased amount | $ 147,400,000 | 5,700,000 | 7,600,000 | |||||||||||||||||
Debt extinguishment losses, net | (6,100,000) | (200,000) | ||||||||||||||||||
Payments on long-term debt | 153,000,000 | 5,900,000 | 7,700,000 | |||||||||||||||||
Loss on repurchase of debt instrument | $ 5,600,000 | |||||||||||||||||||
Line of Credit | SEACOR Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payments of debt issuance costs | $ 2,200,000 | |||||||||||||||||||
Line of Credit | SEACOR Revolving Credit Facility | Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payments on long-term debt | $ 25,000,000 | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | |||||||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | |||||||||||||||||||
Proceeds from issuance of long-term debt | $ 25,000,000 | |||||||||||||||||||
Line of credit facility, current borrowing capacity | $ 125,000,000 | |||||||||||||||||||
Line of Credit | SEACOR Revolving Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||||||||||
Line of Credit | SEACOR Revolving Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | |||||||||||||||||||
Line of Credit | SEACOR Revolving Credit Facility | Revolving Credit Facility | Base Rate | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||||||||||||||||
Line of Credit | SEACOR Revolving Credit Facility | Revolving Credit Facility | Base Rate | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||||||||||||||||
Line of Credit | SEA-Vista 2015 Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt extinguishment losses, net | $ (100,000) | |||||||||||||||||||
Payments of debt issuance costs | $ 3,100,000 | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 300,000,000 | |||||||||||||||||||
Line of Credit | SEA-Vista 2015 Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||||||||||||||||
Line of Credit | SEA-Vista 2015 Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||||||||||||||||
Line of Credit | SEA-Vista 2015 Credit Facility | Base Rate | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||||||||||||||
Line of Credit | SEA-Vista 2015 Credit Facility | Base Rate | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||||||||||
Line of Credit | SEA-Vista 2015 Credit Facility | Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payments on long-term debt | $ 6,000,000 | 39,000,000 | 85,900,000 | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 100,000,000 | |||||||||||||||||||
Proceeds from issuance of long-term debt | 44,900,000 | |||||||||||||||||||
Line of Credit | Sea-Vista 2015 Credit Facility, Term Loan A-1 | Secured Debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | 80,000,000 | |||||||||||||||||||
Payments on long-term debt | 30,600,000 | 3,300,000 | 39,400,000 | |||||||||||||||||
Line of Credit | Sea-Vista 2015 Credit Facility, Term Loan A-2 | Secured Debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | $ 120,000,000 | |||||||||||||||||||
Debt extinguishment losses, net | 700,000 | |||||||||||||||||||
Payments on long-term debt | 51,400,000 | 5,500,000 | 63,100,000 | |||||||||||||||||
Line of Credit | SEA-Vista 2019 Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payments of debt issuance costs | $ 2,100,000 | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | |||||||||||||||||||
Line of Credit | SEA-Vista 2019 Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||||||||||||||||
Line of Credit | SEA-Vista 2019 Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||||||||||||||||
Line of Credit | SEA-Vista 2019 Credit Facility | Base Rate | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||||||||||
Line of Credit | SEA-Vista 2019 Credit Facility | Base Rate | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||||||||||
Line of Credit | SEA-Vista 2019 Credit Facility | Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | |||||||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | |||||||||||||||||||
Line of credit facility, current borrowing capacity | $ 100,000,000 | |||||||||||||||||||
Line of Credit | SEA-Vista 2019 Credit Facility, Term Loan [Member] | Secured Debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | 100,000,000 | |||||||||||||||||||
Proceeds from issuance of long-term debt | 24,000,000 | |||||||||||||||||||
Proceeds from Issuance of Debt to Extinguish Existing Debt | $ 76,000,000 | |||||||||||||||||||
Debt instrument, periodic payment, principal, Percent | 2.50% | |||||||||||||||||||
Line of Credit | SEA-Vista 2019 Credit Facility, Term Loan [Member] | Secured Debt | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, prepayment increments | $ 1,000,000 | |||||||||||||||||||
Line of Credit | ISH Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payments of debt issuance costs | $ 100,000 | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 25,000,000 | |||||||||||||||||||
Line of Credit | ISH Credit Facility | Secured Debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount | 20,000,000 | |||||||||||||||||||
Debt extinguishment losses, net | 100,000 | |||||||||||||||||||
Payments on long-term debt | 12,200,000 | 7,800,000 | ||||||||||||||||||
Debt instrument, periodic payment, principal | 700,000 | |||||||||||||||||||
Line of Credit | ISH Credit Facility | Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payments on long-term debt | 5,000,000 | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | |||||||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | |||||||||||||||||||
Notes Payable, Other Payables | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Payments on long-term debt | $ 600,000 | $ 2,100,000 | $ 3,000,000 | |||||||||||||||||
Notes Payable, Other Payables | ISH Acquired Debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 7.00% | |||||||||||||||||||
Long-term debt acquired in business acquisition | $ 3,900,000 | |||||||||||||||||||
Notes Payable, Other Payables | Equipment and Facility Mortgages | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 3.40% | |||||||||||||||||||
Notes Payable, Other Payables | Equipment and Facility Mortgages | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, stated percentage | 6.00% |
Operating Leases (Details)
Operating Leases (Details) - equipment | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Petroleum and Chemical Carriers - U.S.-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 2 | |
Sale Leaseback Transaction, Lease Terms | 104 months | |
Petroleum and Chemical Carriers - U.S.-flag | Minimum | ||
Operating Leases [Line Items] | ||
Sale Leaseback Transaction, Lease Terms | 33 | |
Petroleum and Chemical Carriers - U.S.-flag | Maximum | ||
Operating Leases [Line Items] | ||
Sale Leaseback Transaction, Lease Terms | 80 | |
Harbor Tugs - U.S.-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 4 | |
Pure Car/Truck Carriers - U.S.-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 4 | |
Inland River Dry-Cargo Barges | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 50 | |
Sale Leaseback Transaction, Lease Terms | 84 months | |
Inland River Towboats | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 4 | |
Inland River Harbor Boats | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 6 | |
Other Equipment | Minimum | ||
Operating Leases [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 4 months | |
Other Equipment | Maximum | ||
Operating Leases [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 195 months | |
Bareboat Chartered, Petroleum and Chemical Carriers - U.S.-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 4 | |
Bareboat Chartered, Ocean Liquid Tank Barges - U.S.-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 5 | |
Bareboat Chartered, Harbor Tugs - Foreign-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 6 | |
Time Chartered, Petroleum and Chemical Carriers - U.S.-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 4 | |
Time Chartered, PCTCs - U.S.-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 4 | |
Time Chartered, Inland River Towboats | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 8 | |
Time Chartered, Offshore Tug - U.S.-flag | ||
Operating Leases [Line Items] | ||
Equipment Subject to Operating Lease, Number of Units | 1 |
Operating Leases Lessee, Operat
Operating Leases Lessee, Operating Lease, Liability, Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Future Minimum Operating Lease Payments, 2020 | $ 41,914 |
Future Minimum Operating Lease Payments, 2021 | 37,711 |
Future Minimum Operating Lease Payments, 2022 | 27,460 |
Future Minimum Operating Lease Payments, 2023 | 15,531 |
Future Minimum Operating Lease Payments, 2024 | 13,603 |
Future Minimum Operating Lease Payments, Years subsequent to 2024 | 27,066 |
Future Minimum Operating Lease Payments | 163,285 |
Interest component | (18,979) |
Operating lease liability | 144,306 |
Current portion of long-term operating lease liabilities | (36,011) |
Long-term operating lease liabilities | $ 108,295 |
Operating Leases Lease, Cost (D
Operating Leases Lease, Cost (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 42,863,000 |
Short-term lease expense (lease duration of twelve months or less at lease commencement) | 22,992,000 |
Sublease income | (33,428,000) |
Lease cost | $ 32,427,000 |
Operating Leases Operating Leas
Operating Leases Operating Leases Other Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash outflows from operating leases | $ 43,096 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 179,944 |
Weighted average remaining lease term, in years | 5 years 2 months 12 days |
Weighted average discount rate | 4.90% |
Operating Leases Schedule of Fu
Operating Leases Schedule of Future Minimum Lease Revenues for Operating Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Total Minimum Lease Revenues, 2020 | $ 160,324 |
Total Minimum Lease Revenues, 2021 | 114,395 |
Total Minimum Lease Revenues, 2022 | 55,990 |
Total Minimum Lease Revenues, 2023 | 34,701 |
Total Minimum Lease Revenues, 2024 | 27,205 |
Total Minimum Lease Revenues, Years subsequent to 2024 | 55,102 |
Leased-in Obligations, 2020 | (31,572) |
Leased-in Obligations, 2021 | (29,683) |
Leased-in Obligations, 2022 | (22,942) |
Leased-in Obligations, 2023 | (11,315) |
Leased-in Obligations, 2024 | (11,346) |
Leased-in Obligations, Years subsequent to 2024 | (18,662) |
Net Minimum Lease Income, 2020 | 128,752 |
Net Minimum Lease Income, 2021 | 84,712 |
Net Minimum Lease Income, 2022 | 33,048 |
Net Minimum Lease Income, 2023 | 23,386 |
Net Minimum Lease Income, 2024 | 15,859 |
Net Minimum Lease Income, Years subsequent to 2024 | $ 36,440 |
Operating Leases Major Classes
Operating Leases Major Classes of Property and Equipment Earning Lease Revenues (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Major Classes of Property and Equipment Earning Lease Revenues [Line Items] | |||
Historical cost | $ 1,442,382 | $ 1,407,329 | $ 1,380,469 |
Accumulated depreciation | (624,024) | (560,819) | (502,544) |
Net property and equipment | 818,358 | $ 846,510 | $ 877,925 |
Property Subject to Operating Lease | |||
Major Classes of Property and Equipment Earning Lease Revenues [Line Items] | |||
Historical cost | 685,531 | ||
Accumulated depreciation | (295,185) | ||
Net property and equipment | 390,346 | ||
Ocean Services | Property Subject to Operating Lease | |||
Major Classes of Property and Equipment Earning Lease Revenues [Line Items] | |||
Historical cost | 634,916 | ||
Accumulated depreciation | (291,687) | ||
Net property and equipment | 343,229 | ||
Ocean Services | Property Subject to Operating Lease | Petroleum and Chemical Carriers - U.S.-flag | |||
Major Classes of Property and Equipment Earning Lease Revenues [Line Items] | |||
Historical cost | 544,549 | ||
Accumulated depreciation | (258,153) | ||
Net property and equipment | 286,396 | ||
Ocean Services | Property Subject to Operating Lease | Harbor and Offshore Tugs - U.S.-flag & foreign-flag | |||
Major Classes of Property and Equipment Earning Lease Revenues [Line Items] | |||
Historical cost | 51,129 | ||
Accumulated depreciation | (17,363) | ||
Net property and equipment | 33,766 | ||
Ocean Services | Property Subject to Operating Lease | Ocean liquid tank barges - U.S.-flag | |||
Major Classes of Property and Equipment Earning Lease Revenues [Line Items] | |||
Historical cost | 39,238 | ||
Accumulated depreciation | (16,171) | ||
Net property and equipment | 23,067 | ||
Inland Services | Property Subject to Operating Lease | Inland River Towboats | |||
Major Classes of Property and Equipment Earning Lease Revenues [Line Items] | |||
Historical cost | 50,615 | ||
Accumulated depreciation | (3,498) | ||
Net property and equipment | $ 47,117 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2013 | |
Tax Credit Carryforward [Line Items] | ||||
Tax cuts and jobs act, change in tax rate, deferred tax liability, income tax benefit | $ 66.9 | |||
Liability for uncertainty in income taxes | $ 10.1 | |||
Increase (decrease) in unrecognized tax benefits | $ (2) | |||
State and Local Jurisdiction | ||||
Tax Credit Carryforward [Line Items] | ||||
Operating loss carryforwards, valuation allowance | $ 4.2 | $ 4 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Income Tax Expense (Benefit) And Equity In Earnings Of 50% Or Less Owned Companies) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies | $ 49,097 | $ 91,689 | $ 35,205 |
Reportable Geographical Components | United States | |||
Income Tax Contingency [Line Items] | |||
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies | 41,398 | 33,563 | 28,546 |
Reportable Geographical Components | Foreign | |||
Income Tax Contingency [Line Items] | |||
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies | 6,182 | 56,558 | 4,748 |
Eliminations | |||
Income Tax Contingency [Line Items] | |||
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies | $ 1,517 | $ 1,568 | $ 1,911 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
State | $ 739 | $ 253 | $ 1,136 |
Federal | (244) | 20,776 | (17,181) |
Foreign | 1,165 | 2,899 | 333 |
Current income tax expense (benefit) | 1,660 | 23,928 | (15,712) |
Deferred: | |||
State | 404 | (3,001) | 12 |
Federal | 7,765 | (12,512) | (51,489) |
Deferred income tax expense (benefit) | 8,169 | (15,513) | (51,477) |
Income tax expense (benefit) | $ 9,829 | $ 8,415 | $ (67,189) |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 35.00% |
Income subject to tonnage tax | (2.30%) | (1.30%) | (5.90%) |
Dorian distribution | 0.00% | 0.00% | 22.80% |
Reversal of uncertain tax position | 0.00% | 0.00% | (28.70%) |
U.S. federal income tax statutory changes | 0.00% | 0.00% | (190.20%) |
Non-deductible expenses | 1.60% | 0.20% | 0.80% |
Noncontrolling interests | (3.10%) | (5.70%) | (22.40%) |
Foreign earnings not subject to U.S. income tax | (4.10%) | (16.20%) | 0.00% |
Foreign taxes not creditable against U.S. income tax | 1.40% | 3.20% | 0.00% |
Losses of foreign subsidiaries not benefited | 0.00% | 0.00% | (6.60%) |
Subpart F income | 1.50% | 12.10% | 0.00% |
State taxes | 2.00% | (3.10%) | 1.20% |
Share award plans | 0.60% | 2.00% | |
Share award plans | (0.30%) | ||
Other | 1.40% | (0.70%) | 1.10% |
Effective income tax rate | 20.00% | 9.20% | (190.90%) |
Income Taxes (Components Of The
Income Taxes (Components Of The Net Deferred Income Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Property and equipment | $ 121,840 | $ 93,049 |
Long-term debt | 15,395 | 18,355 |
Gains on marketable securities | 459 | 0 |
Investments in 50% or less owned companies | 1,541 | 1,934 |
Intangible assets | 706 | 614 |
Deductible goodwill | 1,002 | 344 |
Other | 0 | 31 |
Total deferred tax liabilities | 140,943 | 114,327 |
Deferred tax assets: | ||
Net operating loss carryforwards | 21,385 | 0 |
Capital loss carryforwards | 5,192 | 0 |
Share award plans | 3,686 | 3,711 |
Losses on marketable securities | 0 | 8,596 |
Debt and equity issuance costs | 515 | 379 |
Other | 8,721 | 11,178 |
Total deferred tax assets | 39,499 | 23,864 |
Valuation allowance | (4,217) | (3,957) |
Net deferred tax assets | 35,282 | 19,907 |
Net deferred tax liabilities | $ 105,661 | $ 94,420 |
Derivative Instruments And He_3
Derivative Instruments And Hedging Strategies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2017 | |
Derivatives, Fair Value [Line Items] | ||||
Derivative gains (losses) on cash flow hedges | $ 67 | $ 0 | $ (389) | |
Cash Flow Hedging | Interest Rate Swap | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | $ 48,000 | |||
Derivative, fixed interest rate | 1.74% | 2.79% | ||
Derivative gains (losses) on cash flow hedges | $ 100 |
Derivative Instruments And He_4
Derivative Instruments And Hedging Strategies (Recognized Gains (Losses) On Derivative Instruments Not Designated As Hedging Instruments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |
Derivative gains (losses), net | $ 19,727 |
Exchange Option Liability | |
Derivative [Line Items] | |
Derivative gains (losses), net | 19,436 |
Forward currency exchange, option and future contracts | |
Derivative [Line Items] | |
Derivative gains (losses), net | $ 291 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Marketable Security Positions Held By The Company As Of December 31, 2019 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable security gains (losses), net | $ 2,200 | ||
Marketable Security Positions Held By The Company As Of December 31, 2018 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable security gains (losses), net | $ (12,400) | $ 100 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, cash equivalents, restricted cash and restricted cash equivalents | 78,444 | 147,212 | |
Marketable securities | 7,936 | 30,316 | |
Construction reserve funds | 3,908 | ||
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, cash equivalents, restricted cash and restricted cash equivalents | 0 | 0 | |
Marketable securities | 0 | 0 | |
Construction reserve funds | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, cash equivalents, restricted cash and restricted cash equivalents | 0 | 0 | |
Marketable securities | $ 0 | 0 | |
Construction reserve funds | $ 0 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Value of Other Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
3.0% Convertible Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, stated percentage | 3.00% | |
3.25% Convertible Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, stated percentage | 3.25% | |
Convertible Debt | 3.0% Convertible Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, stated percentage | 3.00% | |
Convertible Debt | 3.25% Convertible Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, stated percentage | 3.25% | |
Reported Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable from third parties (included in other receivables and other assets) | $ 1,119 | $ 2,182 |
Investments, at cost, in 50% or less owned companies (included in other assets) | 4,201 | 4,300 |
Long-term debt, including current portion | 314,466 | 354,625 |
Estimate of Fair Value Measurement | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable from third parties (included in other receivables and other assets) | 0 | 0 |
Long-term debt, including current portion | 0 | 0 |
Estimate of Fair Value Measurement | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable from third parties (included in other receivables and other assets) | 1,082 | 2,159 |
Long-term debt, including current portion | 330,088 | 353,929 |
Estimate of Fair Value Measurement | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable from third parties (included in other receivables and other assets) | 0 | 0 |
Long-term debt, including current portion | $ 0 | $ 0 |
Fair Value Measurements (Non-Fi
Fair Value Measurements (Non-Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | Jun. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investment, other than temporary impairment | $ 100 | $ 900 | |
Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investment, other than temporary impairment | 100 | ||
Cleancor | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business acquisition, percentage of voting interests acquired | 50.00% | ||
Cleancor | Equity in Earnings of 50% or Less Owned Companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business combination, step acquisition, equity interest in acquiree, remeasurement gain | $ 100 | ||
Fair Value, Measurements, Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at equity, and advances in 50% or less owned companies | 0 | ||
Fair Value, Measurements, Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at equity, and advances in 50% or less owned companies | 3,219 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, at equity, and advances in 50% or less owned companies | $ 0 |
Stock Repurchases (Details)
Stock Repurchases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Equity, Class of Treasury Stock [Line Items] | ||
Purchase of treasury shares | $ 525 | $ 12,300 |
Securities repurchased plan, remaining authorized repurchase amount | $ 129,900 | |
Share Incentive Plans | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock, shares acquired (in shares) | 8,338 | 212,659 |
Purchase of treasury shares | $ 400 | $ 12,300 |
Share Repurchase Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock, shares acquired (in shares) | 3,912 | |
Purchase of treasury shares | $ 100 |
Stock Issuances (Details)
Stock Issuances (Details) $ in Millions | Dec. 20, 2017USD ($)shares | Jun. 01, 2017 |
Equity, Class of Treasury Stock [Line Items] | ||
Common stock, spin-off, conversion ratio | 1.005 | |
Dorian LPG | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock dividends, shares (in shares) | shares | 3,977,135 | |
Dividends | $ | $ 31.4 | |
Stock split, conversion ratio | 0.2215 |
Noncontrolling Interests in S_3
Noncontrolling Interests in Subsidiaries (Details) - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Line Items] | ||||||||||||
Noncontrolling interests in subsidiaries | $ 788 | $ 149,688 | $ 788 | $ 149,688 | ||||||||
Net Income | $ (1,912) | $ 5,861 | $ 17,001 | $ 13,068 | 4,434 | $ 27,203 | $ 46,007 | $ 5,558 | 34,018 | 83,202 | $ 81,709 | |
Net income attributable to noncontrolling interest | $ 7,244 | 25,054 | 20,066 | |||||||||
SEA-Vista | Ocean Services | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 49.00% | 49.00% | ||||||||||
Noncontrolling interests in subsidiaries | $ 0 | 148,665 | $ 0 | 148,665 | ||||||||
Other Inland River Services Noncontrolling Interests | Inland Services | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Noncontrolling interests in subsidiaries | $ 785 | 862 | $ 785 | 862 | ||||||||
Other Inland River Services Noncontrolling Interests | Minimum | Inland Services | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 3.00% | 3.00% | ||||||||||
Other Inland River Services Noncontrolling Interests | Maximum | Inland Services | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.80% | 51.80% | ||||||||||
Other Noncontrolling Interests | Other | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 5.00% | 5.00% | ||||||||||
Noncontrolling interests in subsidiaries | $ 3 | $ 161 | $ 3 | 161 | ||||||||
SEA-Vista | Ocean Services | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Net Income | $ 14,800 | 51,200 | 45,900 | |||||||||
Net income attributable to noncontrolling interest | $ 7,200 | $ 25,100 | $ 22,500 |
Savings, Multi-Employer And D_3
Savings, Multi-Employer And Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution percent of employees' gross pay | 3.50% | ||||
Defined contribution plan, cost | $ 2,200 | $ 2,000 | $ 1,800 | ||
Deferred compensation arrangement with individual, maximum annual salary deferral, percentage | 75.00% | ||||
Deferred compensation arrangement with individual, maximum cash bonus deferral, percentage | 100.00% | ||||
Deferred compensation obligation | $ 800 | 600 | |||
ISH Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension expense (income) | $ 1,300 | (500) | (900) | ||
Defined Benefit Plan [Abstract] | |||||
Fair Value of Assets | 37,723 | 34,923 | |||
Projected Benefit Obligation | (37,583) | (34,299) | |||
Funded Status | $ 140 | $ 624 | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||||
Benefit obligation, Discount rate | 3.10% | 4.05% | |||
Benefit obligation, CPI | 2.25% | 2.25% | |||
Benefit obligation, Cash balance interest credits (compounded annually) | 4.00% | 4.00% | |||
Net periodic benefit cost, Expected long-term rate of return on plan assets | 6.00% | 6.75% | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||||
2020 | $ 2,250 | ||||
2021 | 2,120 | ||||
2022 | 2,200 | ||||
2023 | 2,180 | ||||
2024 | 2,160 | ||||
American Maritime Officers Pension Plan | Withdrawal from Multiemployer Defined Benefit Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Loss contingency, estimate of possible loss | $ 28,100 | ||||
Multiemployer Plans, Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Multiemployer plan, contributions by employer | 2,600 | $ 2,500 | 2,400 | ||
Multiemployer Plans, Postretirement Benefit | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Multiemployer plan, contributions by employer | $ 1,100 | $ 1,000 | $ 1,000 |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional compensation expense | $ 5.2 | $ 4 | $ 32.5 |
Share-based compensation arrangement by share-based payment award, accelerated compensation cost | $ 16.6 | ||
Unrecognized compensation costs | 12.8 | ||
Compensation costs expected to be recognized in 2020 | 4.5 | ||
Compensation costs expected to be recognized in 2021 | $ 3.5 | ||
Weighted average values of grants (in dollars per share) | $ 27.67 | $ 29.72 | $ 37.20 |
Aggregate intrinsic value of exercised stock options | $ 2.5 | $ 3.9 | $ 5.6 |
Weighted average remaining contractual term for total outstanding stock options | 5 years 1 month 6 days | ||
Weighted average remaining contractual term for vested/exercisable stock options | 3 years 10 months 24 days | ||
Aggregate intrinsic value of options outstanding | $ 3.8 | ||
Aggregate intrinsic value of vested/exercisable options outstanding | 2.7 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total grant date fair value of restricted stock vested | $ 1.2 | $ 26.1 | |
Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized for grant (in shares) | 900,000 | ||
Exercise price per share of options granted, percentage, minimum | 85.00% | ||
Increase in number of shares available under employee stock purchase plan (in shares) | 300,000 | ||
Employee common stock purchase plan, duration | 10 years | ||
Employee common stock purchase plan, offering period | six | ||
Employee Stock Options and Stock Options Issued for Services | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average expected volatility | 28.20% | 26.60% | 25.50% |
Weighted average discount rates | 1.88% | 2.78% | 1.92% |
Expected lives | 5 years 9 months | 5 years 6 months 29 days | 5 years 7 months 2 days |
Share Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized for grant (in shares) | 6,650,000 | ||
Exercise price per share of options granted, percentage, minimum | 100.00% | ||
Share Incentive Plans | Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and stock options vesting period | 1 year | ||
Share Incentive Plans | Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and stock options vesting period | 5 years | ||
Share Incentive Plans | Employee Stock Option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and stock options vesting period | 1 year | ||
Share Incentive Plans | Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and stock options vesting period | 5 years |
Share Based Compensation (Share
Share Based Compensation (Share Based Compensation Plans) (Details) - shares | Jun. 02, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Restricted stock awards granted (in shares) | 149,950 | 121,850 | 153,100 | |
Restricted stock awards forfeited (in shares) | (4,230) | 0 | (2,444) | |
Director stock awards granted (in shares) | 2,125 | 2,875 | 1,750 | |
Stock Option Activities: | ||||
Outstanding as of the beginning of year (in shares) | 1,467,391 | 1,546,014 | 1,639,865 | |
Granted (in shares) | 846,353 | 165,650 | 142,550 | 1,013,893 |
Exercised (in shares) | (165,893) | (220,694) | (562,587) | |
Forfeited (in shares) | (5,200) | 0 | (3,374) | |
Expired (in shares) | (7,874) | (479) | (541,783) | |
Outstanding as of the end of year (in shares) | 1,454,074 | 1,467,391 | 1,546,014 | |
Employee Stock Purchase Plans shares issued (in shares) | 44,383 | 45,251 | 36,552 | |
Shares available for issuance under Share Incentive and Employee Stock Purchase Plans as of the end of year (in shares) | 539,414 | 884,218 | 896,265 |
Share Based Compensation (Sched
Share Based Compensation (Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity) (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number of Shares | |
Nonvested, beginning balance (in shares) | shares | 121,850 |
Granted (in shares) | shares | 149,950 |
Vested (in shares) | shares | (26,390) |
Forfeited (in shares) | shares | 4,230 |
Nonvested, ending balance (in shares) | shares | 241,180 |
Weighted Average Grant Price | |
Nonvested, beginning balance, Weighted Average Grant Price (in dollars per share) | $ / shares | $ 46.66 |
Granted, Weighted Average Grant Price (in dollars per share) | $ / shares | 43.20 |
Vested, Weighted Average Grant Price (in dollars per share) | $ / shares | 46.58 |
Forfeited, Weighted Average Grant Price (in dollars per share) | $ / shares | 44.66 |
Nonvested, ending balance, Weighted Average Grant Price (in dollars per share) | $ / shares | $ 44.55 |
Share Based Compensation (Sch_2
Share Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) - $ / shares | Jun. 02, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Stock Option Activities: | ||||
Outstanding as of the beginning of year (in shares) | 1,467,391 | 1,546,014 | 1,639,865 | |
Granted (in shares) | 846,353 | 165,650 | 142,550 | 1,013,893 |
Exercised (in shares) | (165,893) | (220,694) | (562,587) | |
Forfeited (in shares) | (5,200) | 0 | (3,374) | |
Expired (in shares) | (7,874) | (479) | (541,783) | |
Outstanding as of the end of year (in shares) | 1,454,074 | 1,467,391 | 1,546,014 | |
Outstanding and Exercisable, end of period (in shares) | 1,013,705 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Outstanding, beginning balance, Weighted Average Exercise Price (in dollars per share) | $ 41.72 | |||
Granted, Weighted Average Exercise Price (in dollars per share) | 43.77 | |||
Exercised, Weighted Average Exercise Price (in dollars per share) | 31.61 | |||
Forfeited, Weighted Average Exercise Price (in dollars per share) | 43.47 | |||
Expired, Weighted Average Exercise Price (in dollars per share) | 48.84 | |||
Outstanding, ending balance, Weighted Average Exercise Price (in dollars per share) | 43.19 | $ 41.72 | ||
Outstanding and Exercisable, end of period, Weighted Average Exercise Price (in dollars per share) | $ 43.60 |
Related Party Transactions (Det
Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dry-Cargo Barge Pools Management | |||
Related Party Transaction [Line Items] | |||
Related party transaction, amounts | $ 0.5 | $ 0.9 | $ 0.6 |
Revenue from related parties | 0.1 | 0.1 | 0.1 |
Payables to related parties | 0.1 | 0.5 | |
SEACOR Marine Holdings Inc. | Transition Services | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 0.6 | $ 4.6 | $ 3.5 |
Commitments And Contingencies_2
Commitments And Contingencies (Capital Commitments and Narrative) (Details) $ in Thousands | Feb. 28, 2020USD ($)claimequipment | Oct. 16, 2019claim | Aug. 02, 2016claim | Feb. 16, 2016claim | Jan. 10, 2020claim | Dec. 31, 2019USD ($)equipment |
Commitments and Contingencies [Line Items] | ||||||
Unrecorded unconditional purchase obligation, due in next twelve months | $ 28,639 | |||||
Unrecorded unconditional purchase obligation, due within two years | 30,965 | |||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 2,636 | |||||
Unrecorded unconditional purchase obligation | 62,240 | |||||
Deepwater Horizon Oil Spill Multi District Litigation | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Claims Dismissed, Number | claim | 11 | 11 | ||||
BP counter claims ORM and NRC | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss contingency, new claims filed | claim | 4 | |||||
BP counterclaims ORM's insurer | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss contingency, new claims filed | claim | 2 | |||||
Subsequent Event | ||||||
Commitments and Contingencies [Line Items] | ||||||
Unrecorded unconditional purchase obligation | $ 2,500 | |||||
Subsequent Event | BELO/ORM | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Claims Dismissed, Number | claim | 450 | |||||
Loss contingency, new claims filed | claim | 2,380 | |||||
Subsequent Event | BELO/NRC | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Claims Dismissed, Number | claim | 35 | |||||
Loss contingency, new claims filed | claim | 230 | |||||
Subsequent Event | BP counter claims ORM and NRC | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss contingency, pending claims | claim | 3 | |||||
Ocean Services | ||||||
Commitments and Contingencies [Line Items] | ||||||
Unrecorded unconditional purchase obligation, due in next twelve months | 22,394 | |||||
Unrecorded unconditional purchase obligation, due within two years | 30,965 | |||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 2,636 | |||||
Unrecorded unconditional purchase obligation | $ 55,995 | |||||
Ocean Services | Harbor Tugs - U.S.-flag | ||||||
Commitments and Contingencies [Line Items] | ||||||
Number of equipment committed to purchase | equipment | 4 | |||||
Ocean Services | Rail ferries - Foreign-flag | ||||||
Commitments and Contingencies [Line Items] | ||||||
Number of equipment committed to purchase | equipment | 2 | |||||
Inland Services | ||||||
Commitments and Contingencies [Line Items] | ||||||
Unrecorded unconditional purchase obligation, due in next twelve months | $ 5,663 | |||||
Unrecorded unconditional purchase obligation, due within two years | 0 | |||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 0 | |||||
Unrecorded unconditional purchase obligation | $ 5,663 | |||||
Inland Services | Inland River Dry-Cargo Barges | ||||||
Commitments and Contingencies [Line Items] | ||||||
Number of equipment committed to purchase | equipment | 4 | |||||
Inland Services | Inland river towboats | ||||||
Commitments and Contingencies [Line Items] | ||||||
Number of equipment committed to purchase | equipment | 2 | |||||
Inland Services | Subsequent Event | Inland River Dry-Cargo Barges | ||||||
Commitments and Contingencies [Line Items] | ||||||
Number of equipment committed to purchase | equipment | 2 | |||||
Other | ||||||
Commitments and Contingencies [Line Items] | ||||||
Unrecorded unconditional purchase obligation, due in next twelve months | $ 582 | |||||
Unrecorded unconditional purchase obligation, due within two years | 0 | |||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 0 | |||||
Unrecorded unconditional purchase obligation | $ 582 |
Segment Information (Operating
Segment Information (Operating Results, Capital Expenditures And Assets By Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Revenues: | |||||||||||
Operating revenues | $ 192,761 | $ 200,658 | $ 197,023 | $ 209,524 | $ 213,838 | $ 220,257 | $ 216,831 | $ 184,824 | $ 799,966 | $ 835,750 | $ 650,847 |
Costs and Expenses: | |||||||||||
Operating | 583,633 | 591,848 | 433,837 | ||||||||
Administrative and general | 105,517 | 102,907 | 103,106 | ||||||||
Depreciation and amortization | 68,571 | 74,579 | 75,058 | ||||||||
Total costs and expenses | 757,721 | 769,334 | 612,001 | ||||||||
Gains (losses) on asset dispositions and impairments, net | 2,910 | 19,583 | 11,637 | ||||||||
Operating Income | 2,562 | $ 12,519 | $ 11,106 | $ 18,968 | 25,250 | $ 34,047 | $ 12,014 | $ 14,688 | 45,155 | 85,999 | 50,483 |
Other Income (Expense): | |||||||||||
Derivative gains, net | 0 | 0 | 19,727 | ||||||||
Foreign currency (gains) losses, net | (312) | (2,264) | 323 | ||||||||
Other Income (Expense), Net | (134) | 54,964 | 256 | ||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (5,250) | (72) | 2,952 | ||||||||
Income Before Taxes and Equity in Earnings (Losses) | 49,097 | 91,689 | 35,205 | ||||||||
Capital Expenditures | 37,786 | 50,272 | 114,595 | ||||||||
Property and Equipment: | |||||||||||
Historical cost | 1,442,382 | 1,407,329 | 1,442,382 | 1,407,329 | 1,380,469 | ||||||
Accumulated depreciation | (624,024) | (560,819) | (624,024) | (560,819) | (502,544) | ||||||
Net property and equipment | 818,358 | 846,510 | 818,358 | 846,510 | 877,925 | ||||||
Operating Lease Right-of-Use Assets | 144,539 | 144,539 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 157,108 | 156,886 | 157,108 | 156,886 | 173,441 | ||||||
Inventories | 5,255 | 4,530 | 5,255 | 4,530 | 4,377 | ||||||
Goodwill | 32,701 | 32,708 | 32,701 | 32,708 | 32,761 | ||||||
Intangible Assets | 20,996 | 24,551 | 20,996 | 24,551 | 28,106 | ||||||
Other current and long-term assets, excluding cash and near cash assets | 247,635 | 224,403 | 247,635 | 224,403 | 160,398 | ||||||
Total Assets | 1,512,972 | 1,471,024 | 1,512,972 | 1,471,024 | 1,613,336 | ||||||
Ocean Services | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 423,288 | 414,844 | 352,876 | ||||||||
Inland Services | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 267,334 | 285,688 | 248,452 | ||||||||
Witt O'Brien's LLC | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 101,663 | 131,629 | 49,055 | ||||||||
Other | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 7,681 | 3,589 | 464 | ||||||||
Intersegment Eliminations | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | (120) | (80) | (101) | ||||||||
Intersegment Eliminations | Ocean Services | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | Inland Services | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | Witt O'Brien's LLC | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | (120) | (80) | (101) | ||||||||
Intersegment Eliminations | Other | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating Segments | Ocean Services | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 423,288 | 414,844 | 352,876 | ||||||||
Costs and Expenses: | |||||||||||
Operating | 280,809 | 269,294 | 195,285 | ||||||||
Administrative and general | 40,215 | 40,179 | 36,548 | ||||||||
Depreciation and amortization | 40,986 | 46,270 | 46,073 | ||||||||
Total costs and expenses | 362,010 | 355,743 | 277,906 | ||||||||
Gains (losses) on asset dispositions and impairments, net | 1,291 | 12,887 | (323) | ||||||||
Operating Income | 62,569 | 71,988 | 74,647 | ||||||||
Other Income (Expense): | |||||||||||
Derivative gains, net | 0 | ||||||||||
Foreign currency (gains) losses, net | (98) | (168) | (130) | ||||||||
Other Income (Expense), Net | (112) | 570 | 327 | ||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (669) | 3,632 | 7,664 | ||||||||
Segment Profit (Loss) | 61,690 | 76,022 | 82,508 | ||||||||
Capital Expenditures | 4,859 | 39,207 | 80,006 | ||||||||
Property and Equipment: | |||||||||||
Historical cost | 932,267 | 930,230 | 932,267 | 930,230 | 901,076 | ||||||
Accumulated depreciation | (380,553) | (341,999) | (380,553) | (341,999) | (299,528) | ||||||
Net property and equipment | 551,714 | 588,231 | 551,714 | 588,231 | 601,548 | ||||||
Operating Lease Right-of-Use Assets | 109,460 | 109,460 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 78,049 | 73,939 | 78,049 | 73,939 | 52,003 | ||||||
Inventories | 2,233 | 2,196 | 2,233 | 2,196 | 2,352 | ||||||
Goodwill | 1,852 | 1,852 | 1,852 | 1,852 | 1,852 | ||||||
Intangible Assets | 7,637 | 8,965 | 7,637 | 8,965 | 10,293 | ||||||
Other current and long-term assets, excluding cash and near cash assets | 54,842 | 48,770 | 54,842 | 48,770 | 49,498 | ||||||
Total Assets | 805,787 | 723,953 | 805,787 | 723,953 | 717,546 | ||||||
Operating Segments | Inland Services | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 267,334 | 285,688 | 248,452 | ||||||||
Costs and Expenses: | |||||||||||
Operating | 229,418 | 237,010 | 206,836 | ||||||||
Administrative and general | 13,140 | 13,139 | 16,558 | ||||||||
Depreciation and amortization | 23,262 | 24,164 | 25,852 | ||||||||
Total costs and expenses | 265,820 | 274,313 | 249,246 | ||||||||
Gains (losses) on asset dispositions and impairments, net | 1,602 | 6,659 | 11,960 | ||||||||
Operating Income | 3,116 | 18,034 | 11,166 | ||||||||
Other Income (Expense): | |||||||||||
Derivative gains, net | 0 | ||||||||||
Foreign currency (gains) losses, net | (212) | (2,002) | 272 | ||||||||
Other Income (Expense), Net | 0 | 51 | 0 | ||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (6,520) | (5,686) | (5,191) | ||||||||
Segment Profit (Loss) | (3,616) | 10,397 | 6,247 | ||||||||
Capital Expenditures | 30,040 | 8,298 | 34,322 | ||||||||
Property and Equipment: | |||||||||||
Historical cost | 469,120 | 438,848 | 469,120 | 438,848 | 448,035 | ||||||
Accumulated depreciation | (216,296) | (195,094) | (216,296) | (195,094) | (181,573) | ||||||
Net property and equipment | 252,824 | 243,754 | 252,824 | 243,754 | 266,462 | ||||||
Operating Lease Right-of-Use Assets | 31,338 | 31,338 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 55,092 | 57,899 | 55,092 | 57,899 | 66,479 | ||||||
Inventories | 2,510 | 1,997 | 2,510 | 1,997 | 1,934 | ||||||
Goodwill | 2,343 | 2,350 | 2,343 | 2,350 | 2,403 | ||||||
Intangible Assets | 7,497 | 8,991 | 7,497 | 8,991 | 10,486 | ||||||
Other current and long-term assets, excluding cash and near cash assets | 71,043 | 78,903 | 71,043 | 78,903 | 71,500 | ||||||
Total Assets | 422,647 | 393,894 | 422,647 | 393,894 | 419,264 | ||||||
Operating Segments | Witt O'Brien's LLC | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 101,783 | 131,709 | 49,156 | ||||||||
Costs and Expenses: | |||||||||||
Operating | 68,052 | 83,203 | 32,017 | ||||||||
Administrative and general | 25,959 | 24,772 | 13,438 | ||||||||
Depreciation and amortization | 835 | 1,944 | 819 | ||||||||
Total costs and expenses | 94,846 | 109,919 | 46,274 | ||||||||
Gains (losses) on asset dispositions and impairments, net | 18 | 0 | 0 | ||||||||
Operating Income | 6,955 | 21,790 | 2,882 | ||||||||
Other Income (Expense): | |||||||||||
Derivative gains, net | 0 | ||||||||||
Foreign currency (gains) losses, net | (1) | (28) | 50 | ||||||||
Other Income (Expense), Net | (463) | 0 | 0 | ||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 902 | 203 | 174 | ||||||||
Segment Profit (Loss) | 7,393 | 21,965 | 3,106 | ||||||||
Capital Expenditures | 47 | 0 | 60 | ||||||||
Property and Equipment: | |||||||||||
Historical cost | 1,134 | 1,227 | 1,134 | 1,227 | 1,227 | ||||||
Accumulated depreciation | (993) | (1,031) | (993) | (1,031) | (938) | ||||||
Net property and equipment | 141 | 196 | 141 | 196 | 289 | ||||||
Operating Lease Right-of-Use Assets | 3,045 | 3,045 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 1,274 | 471 | 1,274 | 471 | 777 | ||||||
Inventories | 266 | 179 | 266 | 179 | 91 | ||||||
Goodwill | 28,506 | 28,506 | 28,506 | 28,506 | 28,506 | ||||||
Intangible Assets | 5,862 | 6,595 | 5,862 | 6,595 | 7,327 | ||||||
Other current and long-term assets, excluding cash and near cash assets | 108,373 | 81,410 | 108,373 | 81,410 | 28,398 | ||||||
Total Assets | 147,467 | 117,357 | 147,467 | 117,357 | 65,388 | ||||||
Operating Segments | Other | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | 7,681 | 3,589 | 464 | ||||||||
Costs and Expenses: | |||||||||||
Operating | 5,464 | 2,455 | 0 | ||||||||
Administrative and general | 3,489 | 1,841 | 831 | ||||||||
Depreciation and amortization | 1,982 | 501 | 0 | ||||||||
Total costs and expenses | 10,935 | 4,797 | 831 | ||||||||
Gains (losses) on asset dispositions and impairments, net | 32 | 37 | 0 | ||||||||
Operating Income | (3,222) | (1,171) | (367) | ||||||||
Other Income (Expense): | |||||||||||
Derivative gains, net | 0 | ||||||||||
Foreign currency (gains) losses, net | 0 | (3) | 6 | ||||||||
Other Income (Expense), Net | 431 | 54,249 | (301) | ||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,037 | 1,779 | 305 | ||||||||
Segment Profit (Loss) | (1,754) | 54,854 | (357) | ||||||||
Capital Expenditures | 1,997 | 2,639 | 0 | ||||||||
Property and Equipment: | |||||||||||
Historical cost | 8,897 | 6,892 | 8,897 | 6,892 | 0 | ||||||
Accumulated depreciation | (2,450) | (490) | (2,450) | (490) | 0 | ||||||
Net property and equipment | 6,447 | 6,402 | 6,447 | 6,402 | 0 | ||||||
Operating Lease Right-of-Use Assets | 0 | 0 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 22,693 | 24,577 | 22,693 | 24,577 | 54,182 | ||||||
Inventories | 246 | 158 | 246 | 158 | 0 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Intangible Assets | 0 | 0 | 0 | 0 | 0 | ||||||
Other current and long-term assets, excluding cash and near cash assets | 4,760 | 2,142 | 4,760 | 2,142 | 1,391 | ||||||
Total Assets | 34,146 | 33,279 | 34,146 | 33,279 | 55,573 | ||||||
Corporate And Eliminations | |||||||||||
Operating Revenues: | |||||||||||
Operating revenues | (120) | (80) | (101) | ||||||||
Costs and Expenses: | |||||||||||
Operating | (110) | (114) | (301) | ||||||||
Administrative and general | 22,714 | 22,976 | 35,731 | ||||||||
Depreciation and amortization | 1,506 | 1,700 | 2,314 | ||||||||
Total costs and expenses | 24,110 | 24,562 | 37,744 | ||||||||
Gains (losses) on asset dispositions and impairments, net | (33) | 0 | 0 | ||||||||
Operating Income | (24,263) | (24,642) | (37,845) | ||||||||
Other Income (Expense): | |||||||||||
Derivative gains, net | 19,727 | ||||||||||
Foreign currency (gains) losses, net | (1) | (63) | 125 | ||||||||
Other Income (Expense), Net | 10 | 94 | 230 | ||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 0 | 0 | 0 | ||||||||
Capital Expenditures | 843 | 128 | 207 | ||||||||
Property and Equipment: | |||||||||||
Historical cost | 30,964 | 30,132 | 30,964 | 30,132 | 30,131 | ||||||
Accumulated depreciation | (23,732) | (22,205) | (23,732) | (22,205) | (20,505) | ||||||
Net property and equipment | 7,232 | 7,927 | 7,232 | 7,927 | 9,626 | ||||||
Operating Lease Right-of-Use Assets | 696 | 696 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 0 | 0 | 0 | 0 | 0 | ||||||
Inventories | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Intangible Assets | 0 | 0 | 0 | 0 | 0 | ||||||
Other current and long-term assets, excluding cash and near cash assets | 8,617 | 13,178 | 8,617 | 13,178 | 9,611 | ||||||
Segment Reconciling Items | |||||||||||
Other Income (Expense): | |||||||||||
Other Income (Expense), Net | 4,388 | (47,010) | (35,584) | ||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 5,250 | 72 | (2,952) | ||||||||
Property and Equipment: | |||||||||||
Cash and near cash assets | $ 86,380 | $ 181,436 | $ 86,380 | $ 181,436 | $ 336,328 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Lease revenues | $ 217,230 | $ 201,112 | $ 191,526 | ||||||||
Operating revenues | $ 192,761 | $ 200,658 | $ 197,023 | $ 209,524 | $ 213,838 | $ 220,257 | $ 216,831 | $ 184,824 | 799,966 | 835,750 | 650,847 |
Voyage charters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 46,381 | 73,979 | 33,623 | ||||||||
Contracts of affreightment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 226,857 | 231,247 | 204,261 | ||||||||
Tariff | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 79,757 | 74,157 | 68,266 | ||||||||
Unit freight | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 63,420 | 58,326 | 50,693 | ||||||||
Terminal operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 16,562 | 21,501 | 21,488 | ||||||||
Fleeting operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 17,264 | 17,888 | 15,561 | ||||||||
Logistics services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 15,155 | 14,309 | 8,868 | ||||||||
Time and material contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 87,167 | 119,196 | 33,352 | ||||||||
Retainer contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 9,874 | 10,124 | 10,192 | ||||||||
Product sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 5,555 | 2,686 | |||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 14,744 | 11,225 | 13,017 | ||||||||
Ocean Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 423,288 | 414,844 | 352,876 | ||||||||
Inland Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 267,334 | 285,688 | 248,452 | ||||||||
Witt O’Brien’s | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 101,663 | 131,629 | 49,055 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 7,681 | 3,589 | 464 | ||||||||
Operating Segments | Ocean Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Lease revenues | 205,346 | 193,242 | 183,234 | ||||||||
Operating revenues | 423,288 | 414,844 | 352,876 | ||||||||
Operating Segments | Ocean Services | Voyage charters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 46,381 | 73,979 | 33,623 | ||||||||
Operating Segments | Ocean Services | Contracts of affreightment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 24,540 | 11,872 | 15,181 | ||||||||
Operating Segments | Ocean Services | Tariff | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 79,757 | 74,157 | 68,266 | ||||||||
Operating Segments | Ocean Services | Unit freight | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 63,420 | 58,326 | 50,693 | ||||||||
Operating Segments | Ocean Services | Terminal operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Ocean Services | Fleeting operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Ocean Services | Logistics services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Ocean Services | Time and material contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Ocean Services | Retainer contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Ocean Services | Product sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | |||||||||
Operating Segments | Ocean Services | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 3,844 | 3,268 | 1,879 | ||||||||
Operating Segments | Inland Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Lease revenues | 10,902 | 7,392 | 8,292 | ||||||||
Operating revenues | 267,334 | 285,688 | 248,452 | ||||||||
Operating Segments | Inland Services | Voyage charters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Inland Services | Contracts of affreightment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 202,317 | 219,375 | 189,080 | ||||||||
Operating Segments | Inland Services | Tariff | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Inland Services | Unit freight | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Inland Services | Terminal operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 16,562 | 21,501 | 21,488 | ||||||||
Operating Segments | Inland Services | Fleeting operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 17,264 | 17,888 | 15,561 | ||||||||
Operating Segments | Inland Services | Logistics services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 15,155 | 14,309 | 8,868 | ||||||||
Operating Segments | Inland Services | Time and material contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Inland Services | Retainer contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Inland Services | Product sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | |||||||||
Operating Segments | Inland Services | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 5,134 | 5,223 | 5,163 | ||||||||
Operating Segments | Witt O’Brien’s | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Lease revenues | 0 | 0 | 0 | ||||||||
Operating revenues | 101,783 | 131,709 | 49,156 | ||||||||
Operating Segments | Witt O’Brien’s | Voyage charters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Witt O’Brien’s | Contracts of affreightment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Witt O’Brien’s | Tariff | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Witt O’Brien’s | Unit freight | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Witt O’Brien’s | Terminal operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Witt O’Brien’s | Fleeting operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Witt O’Brien’s | Logistics services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Witt O’Brien’s | Time and material contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 87,167 | 119,196 | 33,352 | ||||||||
Operating Segments | Witt O’Brien’s | Retainer contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 9,874 | 10,124 | 10,192 | ||||||||
Operating Segments | Witt O’Brien’s | Product sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | |||||||||
Operating Segments | Witt O’Brien’s | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 4,742 | 2,389 | 5,612 | ||||||||
Operating Segments | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Lease revenues | 982 | 478 | 0 | ||||||||
Operating revenues | 7,681 | 3,589 | 464 | ||||||||
Operating Segments | Other | Voyage charters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Contracts of affreightment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Tariff | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Unit freight | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Terminal operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Fleeting operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Logistics services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Time and material contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Retainer contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Operating Segments | Other | Product sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 5,555 | 2,686 | |||||||||
Cost of goods and services sold | 4,500 | 2,100 | |||||||||
Operating Segments | Other | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 1,144 | 425 | 464 | ||||||||
Corporate And Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Lease revenues | 0 | 0 | 0 | ||||||||
Operating revenues | (120) | (80) | (101) | ||||||||
Corporate And Eliminations | Voyage charters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Contracts of affreightment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Tariff | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Unit freight | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Terminal operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Fleeting operations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Logistics services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Time and material contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Retainer contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | 0 | ||||||||
Corporate And Eliminations | Product sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | 0 | 0 | |||||||||
Corporate And Eliminations | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers | $ (120) | $ (80) | $ (101) |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Costs and Expenses [Abstract] | |||
Net Income (Loss) | $ 0 | $ 0 | $ (23,637) |
Discontinued Operations | |||
Costs and Expenses [Abstract] | |||
Net Income (Loss) | (23,637) | ||
Reportable Legal Entities | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | SEACOR Marine | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating Revenues | 62,291 | ||
Costs and Expenses [Abstract] | |||
Operating | 65,888 | ||
Administrative and general | 29,682 | ||
Depreciation and amortization | 22,181 | ||
Total costs and expenses | 117,751 | ||
Gains on Asset Dispositions, Net | 4,219 | ||
Operating Income (Loss) | (51,241) | ||
Other Income, Net | 1,780 | ||
Income Tax Expense (Benefit) | (12,931) | ||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 1,663 | ||
Net Income (Loss) | (34,867) | ||
Net Loss Attributable to Noncontrolling Interests | (1,892) | ||
Reportable Legal Entities | Discontinued Operations, Disposed of by Sale | Illinois Corn Processing LLC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating Revenues | 78,061 | ||
Costs and Expenses [Abstract] | |||
Operating | 76,306 | ||
Administrative and general | 2,140 | ||
Depreciation and amortization | 2,354 | ||
Total costs and expenses | 80,800 | ||
Operating Income (Loss) | (2,739) | ||
Other Income, Net | 20,557 | ||
Income Tax Expense (Benefit) | 7,818 | ||
Net Income (Loss) | 10,000 | ||
Net Loss Attributable to Noncontrolling Interests | (539) | ||
Eliminations | Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating Revenues | (1,176) | ||
Costs and Expenses [Abstract] | |||
Operating | (1,289) | ||
Administrative and general | (42) | ||
Total costs and expenses | (1,331) | ||
Operating Income (Loss) | 155 | ||
Other Income, Net | 1,738 | ||
Income Tax Expense (Benefit) | 663 | ||
Net Income (Loss) | $ 1,230 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Operating Revenues | $ 192,761 | $ 200,658 | $ 197,023 | $ 209,524 | $ 213,838 | $ 220,257 | $ 216,831 | $ 184,824 | $ 799,966 | $ 835,750 | $ 650,847 |
Operating Income | 2,562 | 12,519 | 11,106 | 18,968 | 25,250 | 34,047 | 12,014 | 14,688 | 45,155 | 85,999 | 50,483 |
Net Income (loss) | (1,912) | 5,861 | 17,001 | 13,068 | 4,434 | 27,203 | 46,007 | 5,558 | 34,018 | 83,202 | 81,709 |
Net Income (Loss) attributable to SEACOR Holdings Inc. | $ (1,917) | $ 6,405 | $ 14,553 | $ 7,733 | $ (4,686) | $ 17,067 | $ 45,126 | $ 641 | $ 26,774 | $ 58,148 | $ 61,643 |
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. (in dollars per share) | $ (0.10) | $ 0.33 | $ 0.80 | $ 0.42 | $ (0.26) | $ 0.94 | $ 2.50 | $ 0.04 | $ 1.41 | $ 3.22 | $ 3.55 |
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. (in dollars per share) | $ (0.10) | $ 0.32 | $ 0.76 | $ 0.41 | $ (0.26) | $ 0.88 | $ 2.14 | $ 0.04 | $ 1.38 | $ 3.04 | $ 3.31 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Year | $ 3,481 | $ 2,390 | $ 2,989 |
Charges (Credits) to Cost and Expenses | 2,021 | 2,067 | (175) |
Deductions | (2,631) | (976) | (424) |
Balance End of Year | $ 2,871 | $ 3,481 | $ 2,390 |
Uncategorized Items - ckh-20191
Label | Element | Value |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 879,201,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 750,894,000 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,596,642,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,573,013,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 490,332,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 416,661,000 |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 159,524,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 129,678,000 |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (1,366,773,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (1,368,300,000) |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (914,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (545,000) |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 390,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 387,000 |
Accounting Standards Update 2016-02 [Member] | Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 9,836,000 |