Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000098222 | ||
Entity Registrant Name | TIDEWATER INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-6311 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 72-0487776 | ||
Entity Address, Address Line One | 6002 Rogerdale Road, Suite 600 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77072 | ||
City Area Code | 713 | ||
Local Phone Number | 470-5300 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 224,000,000 | ||
Entity Common Stock, Shares Outstanding | 40,715,611 | ||
Warrants to Purchase Shares of Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrants to purchase shares of common stock | ||
Trading Symbol | TDW.WS | ||
Security Exchange Name | NYSEAMER | ||
Series B Warrants [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series B Warrants to purchase shares of common stock | ||
Trading Symbol | TDW.WS.B | ||
Security Exchange Name | NYSE | ||
Series A Warrants [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series A Warrants to purchase shares of common stock | ||
Trading Symbol | TDW.WS.A | ||
Security Exchange Name | NYSE | ||
Preferred Stock Purchase Rights [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Preferred stock purchase rights | ||
Trading Symbol | N/A | ||
Security Exchange Name | NYSE | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | TDW | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 149,933 | $ 218,290 |
Restricted cash | 2,079 | 5,755 |
Trade and other receivables, less allowance for credit losses of $1,516 as of December 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019 | 112,623 | 110,180 |
Due from affiliate, less allowance for credit losses of $71,800 as of December 31, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019 | 62,050 | 125,972 |
Marine operating supplies | 15,876 | 21,856 |
Assets held for sale | 34,396 | 39,287 |
Prepaid expenses and other current assets | 11,692 | 15,956 |
Total current assets | 388,649 | 537,296 |
Net properties and equipment | 780,318 | 938,961 |
Deferred drydocking and survey costs | 56,468 | 66,936 |
Other assets | 25,742 | 36,335 |
Total assets | 1,251,177 | 1,579,528 |
Current liabilities: | ||
Accounts payable | 16,981 | 27,501 |
Accrued expenses | 52,422 | 74,000 |
Due to affiliate | 53,194 | 50,186 |
Current portion of long-term debt | 27,797 | 9,890 |
Other current liabilities | 32,785 | 24,100 |
Total current liabilities | 183,179 | 185,677 |
Long-term debt | 164,934 | 279,044 |
Other liabilities | 79,792 | 98,397 |
Commitments and contingencies | ||
Equity: | ||
Common stock of $0.001 par value, 125,000,000 shares authorized,40,704,984 and 39,941,327 shares issued and outstanding at December 31, 2020 and 2019, respectively | 41 | 40 |
Additional paid-in capital | 1,371,809 | 1,367,521 |
Accumulated deficit | (548,931) | (352,526) |
Accumulated other comprehensive loss | (804) | (236) |
Total stockholders’ equity | 822,115 | 1,014,799 |
Noncontrolling interests | 1,157 | 1,611 |
Total equity | 823,272 | 1,016,410 |
Total liabilities and equity | $ 1,251,177 | $ 1,579,528 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 40,704,984 | 39,941,327 |
Common stock, shares outstanding (in shares) | 40,704,984 | 39,941,327 |
Trade Accounts Receivable [Member] | ||
Allowance for credit losses | $ 1,516 | $ 70 |
Due from Affiliate [Member] | ||
Allowance for credit losses | $ 71,800 | $ 20,083 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Revenue | $ 397,038 | $ 486,549 | $ 406,520 |
Costs and expenses: | |||
Vessel operating costs | 268,780 | 329,196 | 269,580 |
Costs of other operating revenues | 3,405 | 2,800 | 5,530 |
General and administrative | 73,447 | 103,716 | 110,023 |
Depreciation and amortization | 116,709 | 101,931 | 58,293 |
Gain on asset dispositions, net | (7,591) | (2,263) | (10,624) |
Impairment of due from affiliate | 0 | 0 | 20,083 |
Affiliate credit loss impairment expense | 52,981 | 0 | 0 |
Affiliate guarantee obligation | 2,000 | 0 | 0 |
Long-lived asset impairments and other | 74,109 | 37,773 | 61,132 |
Costs and Expenses, Total | 583,840 | 573,153 | 514,017 |
Operating loss | (186,802) | (86,604) | (107,497) |
Other income (expense): | |||
Foreign exchange gain (loss) | (5,245) | (1,269) | 106 |
Equity in net losses of unconsolidated companies | 164 | (3,152) | (18,864) |
Dividend income from unconsolidated company | 17,150 | 0 | 0 |
Interest income and other, net | 1,228 | 6,598 | 11,294 |
Loss on early extinguishment of debt | 0 | 0 | (8,119) |
Interest and other debt costs, net | (24,156) | (29,068) | (30,439) |
Nonoperating Income (Expense), Total | (10,859) | (26,891) | (46,022) |
Loss before income taxes | (197,661) | (113,495) | (153,519) |
Income tax (benefit) expense | (965) | 27,724 | 18,252 |
Net loss | (196,696) | (141,219) | (171,771) |
Less: Net income (losses) attributable to noncontrolling interests | (454) | 524 | (254) |
Net loss attributable to Tidewater Inc. | $ (196,242) | $ (141,743) | $ (171,517) |
Basic loss per common share (in dollars per share) | $ (4.86) | $ (3.71) | $ (6.45) |
Diluted loss per common share (in dollars per share) | $ (4.86) | $ (3.71) | $ (6.45) |
Weighted average common shares outstanding (in shares) | 40,354,638 | 38,204,934 | 26,589,883 |
Dilutive effect of stock options and restricted stock (in shares) | 0 | 0 | 0 |
Adjusted weighted average common shares (in shares) | 40,354,638 | 38,204,934 | 26,589,883 |
Vessel [Member] | |||
Revenues: | |||
Revenue | $ 386,174 | $ 477,015 | $ 397,206 |
Product and Service, Other [Member] | |||
Revenues: | |||
Revenue | $ 10,864 | $ 9,534 | $ 9,314 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (196,696) | $ (141,219) | $ (171,771) |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, and $0, respectively | 0 | 0 | (256) |
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, and $0, respectively | (2,309) | (2,121) | 2,214 |
Change in pension plan minimum liability, net of tax of $0, $0, and $0, respectively | 1,741 | (309) | 1,919 |
Change in other benefit plan minimum liability, net of tax of $0, $0 and $0, respectively | 0 | 0 | (1,536) |
Total comprehensive loss | $ (197,264) | $ (143,649) | $ (169,430) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrealized gains (losses) on available for sale securities, tax | $ 0 | $ 0 | $ 0 |
Change in supplemental executive retirement plan pension liability, tax | 0 | 0 | 0 |
Change in pension plan minimum liability, tax | 0 | 0 | 0 |
Change in other benefit plan minimum liability, tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Gulf Mark Offshore Inc [Member]Common Stock [Member] | Gulf Mark Offshore Inc [Member]Additional Paid-in Capital [Member] | Gulf Mark Offshore Inc [Member]Retained Earnings [Member] | Gulf Mark Offshore Inc [Member]AOCI Attributable to Parent [Member] | Gulf Mark Offshore Inc [Member]Noncontrolling Interest [Member] | Gulf Mark Offshore Inc [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at December 31 at Dec. 31, 2017 | $ 22 | $ 1,059,120 | $ (39,266) | $ (147) | $ 2,215 | $ 1,021,944 | ||||||||||||
Total comprehensive loss | 0 | 0 | (171,517) | 2,341 | (254) | (169,430) | ||||||||||||
Issuance of common stock from exercise of warrants | 6 | (3) | 0 | 0 | 0 | 3 | ||||||||||||
Issuance of common stock for GulfMark business combination | $ 9 | $ 285,483 | $ 0 | $ 0 | $ 0 | $ 285,492 | ||||||||||||
Amortization of restricted stock units | 0 | 8,914 | 0 | 0 | 0 | 8,914 | ||||||||||||
Cash paid to noncontrolling interests | 0 | 0 | 0 | (874) | (2,000) | |||||||||||||
Cash paid to noncontrolling interests | (1,126) | |||||||||||||||||
Balance at December 31 at Dec. 31, 2018 | 37 | 1,352,388 | (210,783) | 2,194 | 1,087 | 1,144,923 | ||||||||||||
Total comprehensive loss | (143,649) | |||||||||||||||||
Issuance of common stock from exercise of warrants | 3 | (3) | 0 | 0 | 0 | 0 | ||||||||||||
Amortization of restricted stock units | 0 | 15,136 | 0 | 0 | 0 | 15,136 | ||||||||||||
Total comprehensive loss | 0 | 0 | (141,743) | (2,430) | 524 | (143,649) | ||||||||||||
Balance at December 31 at Dec. 31, 2019 | $ 0 | $ 0 | $ (163) | $ 0 | $ 0 | $ (163) | 40 | 1,367,521 | (352,526) | (236) | 1,611 | 1,016,410 | ||||||
Total comprehensive loss | (197,264) | |||||||||||||||||
Issuance of common stock from exercise of warrants | 1 | (1) | 0 | 0 | 0 | 0 | ||||||||||||
Amortization of restricted stock units | 0 | 4,289 | 0 | 0 | 0 | 4,289 | ||||||||||||
Total comprehensive loss | 0 | 0 | (196,242) | (568) | (454) | (197,264) | ||||||||||||
Balance at December 31 at Dec. 31, 2020 | $ 41 | $ 1,371,809 | $ (548,931) | $ (804) | $ 1,157 | $ 823,272 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Operating activities: | ||||||
Net loss | $ (196,696) | $ (141,219) | $ (171,771) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||
Depreciation and amortization | 73,030 | 77,045 | 51,332 | |||
Amortization of deferred drydocking and survey costs | 43,679 | 24,886 | 6,961 | |||
Amortization of debt premiums and discounts | 3,961 | (4,877) | (1,856) | |||
Provision for deferred income taxes | 1,224 | 672 | 572 | |||
Gain on asset dispositions, net | (7,591) | (2,263) | (10,624) | |||
Impairment of due from affiliate | 0 | 0 | 20,083 | |||
Affiliate credit loss impairment expense | 52,981 | 0 | 0 | |||
Affiliate guarantee obligation | 2,000 | 0 | 0 | |||
Long-lived asset impairments and other | 74,109 | 37,773 | 61,132 | |||
Loss on debt extinguishment | 0 | 0 | 8,119 | |||
Changes in investments in unconsolidated companies | 0 | 1,039 | 28,177 | |||
Stock-based compensation expense | 5,117 | 19,603 | 13,406 | |||
Changes in operating assets and liabilities, net: | ||||||
Trade and other receivables | (2,606) | 1,086 | 9,088 | |||
Changes in due to/from affiliate, net | 11,949 | 22,193 | 28,644 | |||
Marine operating supplies | 2,588 | 2,425 | (1,955) | |||
Other current assets | 4,264 | (4,120) | 10,893 | |||
Accounts payable | (10,520) | (4,438) | (15,174) | |||
Accrued expenses | (17,551) | 8,189 | (13,348) | |||
Other current liabilities | 8,685 | 3,008 | 1,332 | |||
Other liabilities and deferred credits | (20,002) | 1,270 | (2,023) | |||
Deferred drydocking and survey costs | (33,271) | (70,437) | (25,968) | |||
Other, net | 8,636 | (3,258) | 6,921 | |||
Net cash provided by (used in) operating activities | 3,986 | (31,423) | 3,941 | |||
Cash flows from investing activities: | ||||||
Proceeds from sales of assets | 38,296 | 28,847 | 46,115 | |||
Additions to properties and equipment | (14,900) | (17,998) | (21,391) | |||
Cash and cash equivalents from stock-based merger | 0 | 0 | 43,806 | |||
Net cash provided by investing activities | 23,396 | 10,849 | 68,530 | |||
Cash flows from financing activities: | ||||||
Principal payments on long-term debt | (98,080) | (133,693) | (105,169) | |||
Premium paid for redemption of secured notes | 0 | (11,402) | 0 | |||
Cash payments to General Unsecured Creditors | 0 | 0 | (8,377) | |||
Loss on debt extinguishment | 0 | 0 | (8,119) | |||
Cash received for issuance of common stock | 0 | 0 | 3 | |||
Tax on share-based award | (828) | (4,467) | (4,400) | |||
Other | (857) | 0 | (2,000) | |||
Net cash used in financing activities | (99,765) | (149,562) | (128,062) | |||
Net change in cash, cash equivalents and restricted cash | (72,383) | (170,136) | (55,591) | |||
Cash, cash equivalents and restricted cash at beginning of period | 227,608 | [1] | 397,744 | [1] | 453,335 | |
Cash, cash equivalents and restricted cash at end of period | [1] | 155,225 | 227,608 | 397,744 | ||
Supplemental disclosure of cash flow information: | ||||||
Interest, net of amounts capitalized | 21,235 | 32,687 | 32,326 | |||
Income taxes | 13,018 | 14,378 | 16,828 | |||
Merger with GulfMark | 0 | 0 | 285,492 | |||
Common stock issued for GulfMark merger | $ 0 | $ 0 | $ 285,492 | |||
[1] | Cash, cash equivalents and restricted cash at December 31, 2020 and 2019 includes $3.2 million and $3.6 million, respectively, in long-term restricted cash. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) $ in Millions | Dec. 31, 2020USD ($) |
Long-term restricted cash | $ 3.2 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations We provide offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. Our revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet (utilization) and the price we are able to charge for these services (day-rate). The level of our business activity is driven by the amount of installed offshore oil and gas production facilities, the level of offshore drilling and exploration activity, and the general level of offshore construction projects such as pipeline and windfarm construction and support. Our customers’ offshore activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on the respective levels of supply and demand for crude oil and natural gas and the future outlook for such levels. Unless otherwise required by the context, the terms “we”, “us”, “our” and “company” as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors. Principles of Consolidation The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. Business Combination On November 15, 2018 ( 2 Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the recorded amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for credit losses, useful lives of property and equipment, income tax provisions, impairments, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the particular circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not may Cash Equivalents We consider all highly liquid investments with maturities of three Restricted Cash We consider cash as restricted when there are contractual agreements that govern the use or withdrawal of the funds. Marine Operating Supplies Marine operating supplies, which consist primarily of operating parts and supplies for our vessels as well as fuel, are stated at the lower of weighted-average cost or net realizable value. Properties and Equipment Depreciation and Amortization Upon emergence from Chapter 11 July 31, 2017, may no Maintenance and Repairs The majority of our vessels require certification inspections twice in every five may Maintenance costs incurred at the time of the recertification drydocking that are not Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are being performed not Net Properties and Equipment The following are summaries of net properties and equipment: December 31, December 31, (In thousands) 2020 2019 Properties and equipment: Vessels and related equipment $ 940,175 $ 1,051,558 Other properties and equipment 16,861 13,119 957,036 1,064,677 Less accumulated depreciation and amortization 176,718 125,716 Net properties and equipment $ 780,318 $ 938,961 As of December 31, 2020, December 31, 2019, not 8 Impairment of Long-Lived Assets We review the vessels in our active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not may not We estimate cash flows based upon historical data adjusted for our best estimate of expected future market performance, which, in turn, is based on industry trends. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average day rates and average daily operating expenses. These estimates are made based on recent actual trends in utilization, day rates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although we believe our assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may If an asset group fails the undiscounted cash flow test, we estimate the fair value of each asset group and compare such estimated fair value to the carrying value of each asset group in order to determine if impairment exists. In addition to the periodic review of our active long-lived assets for impairment when circumstances warrant, we also perform a review of our stacked vessels not may not Refer to Note ( 8 2020. Accrued Property and Liability Losses Effective July 1, 2018, third Pension Benefits We follow the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 715, , December 31 Our pension cost consists of service costs, interest costs, expected returns on plan assets, amortization of prior service costs or benefits and actuarial gains and losses. We consider a number of factors in developing pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in retirement benefits, analyses of current market conditions and input from actuaries and other consultants. For the long-term rate of return, we developed assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate reflect the theoretical rate at which liabilities could be settled in the bond market at December 31, 2020. Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes not We record uncertain tax positions on the basis of a two 1 not 2 not 50 Revenue Recognition Our primary source of revenue is derived from time charter contracts of our vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. The base rate of hire for a time charter contract is generally a fixed rate, provided, however, that some longer-term contracts at times include escalation clauses to recover specific additional costs. Operating Costs Vessel operating costs are incurred on a daily basis and consist primarily of costs such as crew wages; repair and maintenance; insurance; fuel, lube oil and supplies; and other vessel expenses, which include costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major repairs carried out during drydockings, which occur during the economic useful life of the vessel. Vessel operating costs are recognized as incurred on a daily basis. Foreign Currency Translation The U.S. dollar is the functional currency for all of our existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of our foreign currency denominated monetary assets and liabilities are included in the consolidated statements of operations. Earnings Per Share We report both basic earnings (loss) per share and diluted earnings (loss) per share. The calculation of basic earnings (loss) per share is computed based on the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings (loss) per share includes the dilutive effect of stock options and restricted stock grants (both time and performance based) awarded as part of our share-based compensation and incentive plans. Per share amounts disclosed in these Notes to Consolidated Financial Statements, unless otherwise indicated, are on a diluted basis. The components of basic and diluted earnings (loss) per share, are as follows: Year Ended December 31, (In thousands, except share and per share data) 2020 2019 2018 Net loss available to common shareholders $ (196,242 ) $ (141,743 ) $ (171,517 ) Weighted average outstanding shares of common stock, basic 40,354,638 38,204,934 26,589,883 Dilutive effect of options, warrants and stock awards — — — Weighted average common stock and equivalents 40,354,638 38,204,934 26,589,883 Loss per share, basic $ (4.86 ) $ (3.71 ) $ (6.45 ) Loss per share, diluted $ (4.86 ) $ (3.71 ) $ (6.45 ) Additional information: Incremental "in-the-money" options, warrants, and restricted stock awards and units outstanding at the end of the period (A) 2,235,310 2,483,956 5,282,574 (A) For years ended December 31, 2020, 2019 2018 Concentrations of Credit Risk Our financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies. We manage our exposure to risk by performing ongoing credit evaluations of our customers’ financial condition and may 50%. not Stock-Based Compensation Stock-based compensation transactions are accounted for using a fair-value-based method. We use the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. Comprehensive Income (Loss) We report total comprehensive income (loss) and its components. Accumulated other comprehensive income ( loss) is comprised of unrealized gains and losses on available-for-sale securities and any minimum pension liability for our U.S. Defined Benefits Pension Plans. Fair Value Measurements We follow the provisions of ASC 820, 820 not one Level 1: Level 2: Level 3: not Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. Our cash equivalents, which are securities with maturities less than 90 R ecently Adopted Accounting Pronouncements From time-to-time new accounting pronouncements are issued by the FASB that we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not not On August 28, 2018, 2018 13, no 1 2 3 January 1, 2020 not 8 On June 16, 2016, 2016 13, Expected credit losses are recognized on the initial recognition of our trade accounts receivable, contract assets and net amounts due from our less than 50% not five January 1, 2020, first not January 1, 2020 Activity in the allowance for credit losses for the year ended December 31, 2020 Trade Due and from (In thousands) Other Receivables Affiliate Balance at January 1, 2020 $ 70 $ 20,083 Cumulative effect adjustment upon adoption of standard 163 — Current period provision for expected credit losses 1,283 52,981 Other — (1,264 ) Balance at December 31, 2020 $ 1,516 $ 71,800 Recently Issued Accounting Standards Not In December 2019, 2019 12, 740 December 15, 2020 January 1, 2021 not In August 2018 2018 14, no December 15, 2020 January 1, 2021 not |
Note 2 - Business Combination
Note 2 - Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 2 On the Merger Date, we completed our business combination with GulfMark pursuant to the Agreement and Plan of Merger, dated July 15, 2018 ( Revenues of GulfMark from the Merger Date included in our consolidated statements of operations were $12.7 million for the year ended December 31, 2018. December 31, 2018. Purchase Consideration Upon completion of the business combination, GulfMark stockholders received 1.1 (the Exchange Ratio) shares of Tidewater common stock in exchange for each share of GulfMark owned. Outstanding GulfMark Creditor Warrants (GLF Creditor Warrants) and GulfMark Equity Warrants (GLF Equity Warrants) were assumed from GulfMark with each warrant becoming exercisable for 1.1 November 14, 2018. Upon consummation of the business combination, we utilized cash from GulfMark and cash on hand to repay the $100 million outstanding balance of GulfMark’s term loan facility. The total purchase consideration for this business combination was $385.5 million. Assets Acquired and Liabilities Assumed Assets acquired and liabilities assumed in the business combination have been recorded at their estimated fair values as of the Merger Date under the acquisition method of accounting. The estimated fair values of certain assets and liabilities including long-lived assets and contingencies require judgments and assumptions. There were no Upon consummation of the business combination, the $100.0 million GulfMark term loan was repaid. The amounts for assets acquired and liabilities as of the Merger Date were as follows: Estimated Fair (In thousands) Value Assets: Current assets $ 77,942 Property and equipment 360,701 Other assets 779 Liabilities: Current liabilities 33,881 Long term debt 100,000 Other liabilities 20,049 Net assets acquired $ 285,492 Business Combination Related Costs Business combination related costs were expensed as incurred and consisted of various advisory, legal, accounting, valuation and other professional fees totaling $9.0 million for the year ended December 31, 2018. Property and Equipment Property and equipment acquired in the business combination consisted primarily of 65 offshore support vessels. We recorded property and equipment acquired at its estimated fair value of approximately $361.0 million. The fair values of the offshore support vessels were estimated by applying an income approach, using projected discounted cash flows or a market approach. We estimated the remaining useful lives for the GulfMark fleet, which ranged from 1 to 18 years based on an original estimated useful life of 20 years. Deferred Taxes The business combination was executed through the acquisition of GulfMark’s outstanding common stock and therefore the historical tax bases of the acquired assets and assumed liabilities, net operating losses and other tax attributes of GulfMark were assumed at the Merger Date. However, adjustments to the deferred tax assets and liabilities for the tax effects of the difference between the acquisition date fair values and the tax bases of assets acquired and liabilities assumed were nearly completely offset by valuation allowances which resulted in only a minor change to the net deferred tax accounts of GulfMark. Pro Forma Impact of the Merger The following unaudited supplemental pro forma results present consolidated information as if the business combination was completed on January 1, 2018. not may Year (Unaudited) Ended (in millions, except per share amounts) December 31, 2018 Revenues $ 500,118 Net loss (196,057 ) Basic loss per common share (5.66 ) Diluted loss per common share (5.66 ) |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 Our primary source of revenue is derived from charter contracts for which we provide a vessel and crew on a rate per day of service basis. Services provided under respective charter contracts represent a single performance obligation satisfied over time and are comprised of a series of time increments; therefore, vessel revenues are recognized on a daily basis throughout the contract period. There are no 30 45 Occasionally, customers pay additional lump-sum fees to us in order to either mobilize a vessel to a new location prior to the start of a charter contract or demobilize the vessel at the end of a charter contract. Mobilizations are not Customers also occasionally reimburse us for modifications to vessels in order to meet contractual requirements. These vessel modifications are not Total revenue is determined for each individual contract by estimating both fixed (mobilization, demobilization and vessels modifications) and variable (day rate services) consideration expected to be earned over the contract term. Costs associated with customer-directed mobilizations and reimbursed modifications to vessels are considered costs of fulfilling a charter contract and are expected to be recovered. Mobilization costs such as crew, travel, fuel, port fees, temporary importation fees and other costs are deferred as an asset and amortized as other vessel operating expenses consistent with the pattern of revenue recognition primarily on a straight-line basis over the term of such vessel’s charter. Costs incurred for modifications to vessels in order to meet contractual requirements are capitalized as a fixed asset and depreciated either over the term of the respective charter contract or over the remaining estimated useful life of the vessel in instances where the modification is a permanent upgrade to the vessel and enhances its usefulness. Refer to Note ( 14 Contract Balances Trade accounts receivables are recognized when revenue is earned and collectible. Contract assets include pre-contract costs, primarily related to vessel mobilizations, which have been deferred and will be amortized as other vessel expenses consistent with the pattern of revenue recognition primarily on a straight-line basis over the term of such vessel’s charter. Contract liabilities include payments received for mobilizations or reimbursable vessel modifications to be recognized consistent with the pattern of revenue recognition primarily on a straight-line basis over the term of such vessel’s charter. At December 31, 2020 December 31, 2021 . December 31, 2019 December 31, 2020. |
Note 4 - Indebtedness
Note 4 - Indebtedness | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 4 INDEBTEDNESS The following table summarizes debt outstanding based on stated maturities: December 31, December 31, (In thousands) 2020 2019 Secured notes: 8.00% August 2022 $ 147,049 $ 224,793 Troms Offshore borrowings: NOK denominated notes due May 2024 5,954 10,260 NOK denominated notes due January 2026 14,559 20,788 USD denominated notes due January 2027 14,744 20,273 USD denominated notes due April 2027 15,669 21,545 197,975 297,659 Debt premium and discount, net (5,244 ) (8,725 ) Less: Current portion of long-term debt (27,797 ) (9,890 ) Total long-term debt $ 164,934 $ 279,044 We may may Secured Notes Upon our emergence from Chapter 11 July 31, 2017 2022 We amended the Indenture pursuant to the Third Supplemental Indenture dated November 22, 2019 November 19, 2020 The Secured Notes will mature on August 1, 2022. 8.00% February 1, May 1, August 1, November 1 As of December 31, 2020, 2 The Secured Notes have a trailing twelve April 1, 2021 December 31, 2021. July 31, 2017. Until terminated under the circumstances described in this paragraph, the Secured Notes and the guarantees by the Guarantors are secured by the Collateral pursuant to the terms of the Indenture and the related security documents. The Trustee’s liens upon the Collateral and the right of the holders of the Secured Notes to the benefits and proceeds of the Trustee’s liens on the Collateral will terminate and be discharged in certain circumstances described in the Indenture, including: (i) upon satisfaction and discharge of the Indenture in accordance with the terms thereof; or (ii) as to any Collateral that is sold, transferred or otherwise disposed of by us or the Guarantors in a transaction or other circumstance that complies with the terms of the Indenture, at the time of such sale, transfer or other disposition. Secured Notes Tender Offer We are obligated to offer to repurchase the Secured Notes at par in amounts that generally approximate 65% of asset sale proceeds as defined in the Indenture. In February December 2018, March 2018 January 2019, The $2.1 million and $5.8 million restricted cash on the balance sheet at December 31, 2020 2019, November 2020 December 31, 2019 December 31, 2020 We completed a successful voluntary tender offer for our Secured Notes in November 2019 During August September 2020, We completed a successful voluntary tender offer for our Secured Notes in November 2020 Troms Offshore Debt Between 2012 2014 two May 2024 January 2026. 2015 two 2027. Amounts outstanding on each of these borrowing agreements are indicated on the table below including the U.S. dollar equivalents for the NOK denominated borrowing agreements. December 31, December 31, (In thousands) 2020 2019 Notes due May 2024 NOK denominated 51,120 89,460 U.S. dollar equivalent $ 5,954 $ 10,260 Fair value in U.S. dollar equivalent (Level 2) 5,954 10,259 Notes due January 2026 NOK denominated 125,000 181,250 U.S. dollar equivalent $ 14,559 $ 20,788 Fair value in U.S. dollar equivalent (Level 2) 14,789 20,792 Notes due January 2027 Amount outstanding $ 14,744 $ 20,273 Fair value of debt outstanding (Level 2) 15,040 20,278 Notes due April 2027 Amount outstanding $ 15,669 $ 21,545 Fair value of debt outstanding (Level 2) 15,775 21,546 When we emerged from Chapter 11 2017 March 31, 2019, ( April 2023, An amendment and restatement was executed in December 2020 November 2020 1 2017 2 not 2017 December 2020 first 2021 GulfMark Term Loan Facility Upon consummation of the business combination, we repaid the $100.0 million outstanding balance of GulfMark’s Term Loan Facility plus accrued interest and an early extinguishment penalty which resulted in the recognition of a loss on early extinguishment of debt of $8.1 million for the year ended December 31, 2018. Debt Costs We capitalize a portion of our interest costs incurred on borrowed funds used to construct vessels. Interest and debt costs incurred, net of interest capitalized are as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Interest and debt costs incurred, net of interest capitalized $ 24,156 $ 29,068 $ 30,439 Interest costs capitalized — — 521 Total interest and debt costs $ 24,156 $ 29,068 $ 30,960 |
Note 5 - Investment in Unconsol
Note 5 - Investment in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ( 5 INVESTMENT IN UNCONSOLIDATED AFFILIATES We maintained the following balances with our unconsolidated affiliates: December 31, December 31, (in thousands) 2020 2019 Due from affiliates: Angolan joint venture (Sonatide) $ 41,623 $ 89,246 Nigerian joint venture (DTDW) 20,427 36,726 62,050 125,972 Due to affiliates: Sonatide $ 32,767 $ 31,475 DTDW 20,427 18,711 53,194 50,186 Due from affiliates, net of due to affiliates $ 8,856 $ 75,786 Amounts due from Sonatide Amounts due from Sonatide (Due from affiliate in the consolidated balance sheets) at December 31, 2020 December 31, 2019 Year Ended December 31, (In thousands) 2020 2019 2018 Due from Sonatide at beginning of year $ 89,246 $ 109,176 $ 230,315 Revenue earned by the company through Sonatide 44,254 52,372 56,916 Less amounts received from Sonatide (36,160 ) (60,486 ) (76,878 ) Less amounts used to offset Due to Sonatide obligations (A) (11,848 ) (10,551 ) (78,993 ) Less impairment of due from affiliate (40,900 ) — (20,083 ) Other (2,969 ) (1,265 ) (2,101 ) $ 41,623 $ 89,246 $ 109,176 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. The obligation to us from Sonatide is denominated in U.S. dollars; however, the underlying third 2019, In the second 2020 June 22, 2020, not not Sonatide had approximately $9.4 million of cash on hand, including $1.6 million denominated in Angolan kwanzas at December 31, 2020 December 2018 December 31, 2020, Amounts due to Sonatide Amounts due to Sonatide (Due to affiliate in the consolidated balance sheets) at December 31, 2020 2019 Year Ended December 31, (In thousands) 2020 2019 2018 Due to Sonatide at beginning of year $ 31,475 $ 29,347 $ 99,448 Plus commissions payable to Sonatide 4,152 4,937 5,502 Plus amounts paid by Sonatide on behalf of the company 9,037 9,654 14,778 Less commissions paid to Sonatide — (5,961 ) (13,906 ) Less amounts used to offset Due from Sonatide obligations (A) (11,848 ) (10,551 ) (78,993 ) Other (49 ) 4,049 2,518 $ 32,767 $ 31,475 $ 29,347 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. Sonatide Operations Sonatide’s principal earnings are from the commissions paid by us to the joint venture for company vessels chartered in to Angola. In addition, Sonatide owns two may Company operations in Angola For the year ended December 31, 2020, December 31, 2020. For the year ended December 31, 2019, December 31, 2019. For the year ended December 31, 2018, December 31, 2018. Amounts due from DTDW We own 40% of DTDW in Nigeria. Our partner, who owns 60%, is a Nigerian national. DTDW owns one offshore service vessel and has long term debt of $4.7 million which is secured by the vessel and guarantees from the DTDW partners. We also operate company owned vessels in Nigeria for which the joint venture receives a commission. As of December 31, 2020, no not 2020 second 2020 19 8 2020. not December 31, 2020 not December 31, 2020. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 6 INCOME TAXES Losses before income taxes derived from United States and non-U.S. operations are as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Non-U.S. $ (137,225 ) $ (44,205 ) $ (99,607 ) United States (60,436 ) (69,290 ) (53,912 ) $ (197,661 ) $ (113,495 ) $ (153,519 ) Income tax expense (benefit) consists of the following: U.S. (In thousands) Federal State Non-U.S. Total Year Ended December 31, 2018 Current $ 962 — 16,718 17,680 Deferred 531 250 (209 ) 572 $ 1,493 250 16,509 18,252 Year Ended December 31, 2019 Current $ 649 — 26,403 27,052 Deferred 672 — — 672 $ 1,321 — 26,403 27,724 Year Ended December 31, 2020 Current $ (21,005 ) — 18,816 (2,189 ) Deferred (30 ) — 1,254 1,224 $ (21,035 ) — 20,070 (965 ) The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 21% to pre-tax earnings as a result of the following: Year Ended December 31, (In thousands) 2020 2019 2018 Computed “expected” tax benefit $ (41,509 ) $ (23,834 ) (32,239 ) Increase (reduction) resulting from: Foreign income taxed at different rates 27,639 9,283 20,917 Uncertain tax positions (62,833 ) 5,145 2,264 Nondeductible transaction costs — — 1,091 Valuation allowance – deferred tax assets 43,455 15,707 38,778 Valuation allowance -deferred tax true-up (6,523 ) — — Deferred tax true-up 6,523 — — Foreign taxes 12,520 20,778 13,012 State taxes — — 246 Return to accrual 11,401 (2,247 ) (28,176 ) 162(m) - Executive compensation 286 28 2,818 Subpart F income 5,631 1,227 — Other, net 2,445 1,637 (459 ) $ (965 ) $ 27,724 18,252 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: December 31, December 31, (In thousands) 2020 2019 Deferred tax assets: Accrued employee benefit plan costs $ 8,815 $ 7,422 Stock based compensation 407 972 Net operating loss and tax credit carryforwards 148,699 99,281 Restructuring fees not currently deductible for tax purposes 1,415 2,264 Disallowed business interest expense carryforward 5,546 5,105 Other 2,518 3,380 Gross deferred tax assets 167,400 118,424 Less valuation allowance (140,428 ) (103,496 ) Net deferred tax assets 26,972 14,928 Deferred tax liabilities: Depreciation and amortization (25,883 ) (11,246 ) Outside basis difference deferred tax liability (2,891 ) (2,892 ) Foreign interest withholding tax (859 ) — Other (754 ) (2,981 ) Gross deferred tax liabilities (30,387 ) (17,119 ) Net deferred tax assets (liabilities) $ (3,415 ) $ (2,191 ) On November 15, 2018 368 On March 27, 2020, not 1 2018, 2019 2020 five five 2 2018, 2019 2020 80% 2020 3 4 30% 50% As of December 31, 2020, 382 December 31, 2019, 382 December 31, 2020. 2026 IRC Sections 382 383 11 2017 382. 382. 2032. not not Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated were the cumulative losses for financial reporting purposes that were incurred over the three December 31, 2020. On the basis of this evaluation, for the period ended December 31, 2020, December 31, 2019, no We have not not 2017 2017 not Historically, it has been the practice and intention of the Company to indefinitely reinvest the earnings of its non-U.S. subsidiaries. In light of the significant changes made by the Tax Act, the Company will no no December 31, 2020, not We record uncertain tax positions on the basis of a two 1 not 2 not 50 Our balance sheet reflects the following in accordance with ASC 740: December 31, December 31, (In thousands) 2020 2019 Tax liabilities for uncertain tax positions $ 35,304 $ 48,577 Income tax payable 15,928 13,760 Income tax receivable 8,280 3,798 Included in the liability balances for uncertain tax positions above for the periods ending December 31, 2020 2019, A reconciliation of the beginning and ending amount of all unrecognized tax benefits, and the liability for uncertain tax positions (but excluding related penalties and interest) are as follows: (In thousands) Balance at December 31, 2017 $ 404,571 Additions from GulfMark business combination 8,857 Additions based on tax positions related to a prior year 6,903 Settlement and lapse of statute of limitations (2,953 ) Reductions based on tax positions related to a prior year (18,086 ) Balance at December 31, 2018 (A) $ 399,292 Additions based on tax positions related to the current year 14,741 Additions based on tax positions related to a prior year 1,964 Settlement and lapse of statute of limitations (1,897 ) Reductions based on tax positions related to a prior year (58 ) Balance at December 31, 2019 (A) $ 414,042 Additions based on tax positions related to a prior year 2,223 Settlement and lapse of statute of limitations (64,458 ) Reductions based on tax positions related to a prior year (760 ) Balance at December 31, 2020 (A) $ 351,047 (A) The gross balance reported as uncertain tax positions is largely offset by $337.9 million of foreign tax credits and other tax attributes. It is reasonably possible that a decrease of $5.9 million in unrecognized tax benefits may The amount of unrecognized tax benefits that, if recognized for tax purposes, would affect the effective tax rate are $35.3 million and $48.6 million as of December 31, 2020 December 31, 2019 With limited exceptions, we are no March 2015. October 2019, March 31, 2017 December 31, 2017 March 2020, not March 31, 2017 December 31, 2017. October 2020, December 31, 2017 not The Tax Act The Tax Act was enacted on December 22, 2017 35% 21% January 1, 2018, one We finalized our calculations of the transition tax liability resulting from the Tax Act enacted on December 22, 2017 2018 no one The Tax Act subjects a US shareholder to tax on GILTI earned by certain foreign subsidiaries. We have made an accounting policy election to account for GILTI in the year the tax is incurred. Due to current year losses, no December 31, 2020, 2019 2018. The BEAT provisions in the Tax Act eliminate the deduction of certain base-erosion payments made to related foreign corporations beginning in 2018, not |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 7 We have operating leases primarily for office space, temporary residences, automobiles and office equipment. Contracts containing assets that we benefit from and control are recognized on our balance sheet. Leases with an initial term of 12 not Certain leases include one one ten not not not December 31, 2020 2019, Leases (In thousands) Classification December 31, 2020 December 31, 2019 Assets: Operating Other assets $ 3,372 $ 4,338 Liabilities: Current Operating Other current liabilities 1,134 501 Noncurrent Operating Other liabilities 2,668 4,274 Total lease liabilities $ 3,802 $ 4,775 Future payments to be made on our operating lease liabilities at December 31, 2020 Maturity of lease liabilities (In thousands) Operating leases 2021 $ 1,318 2022 1,094 2023 717 2024 273 2025 273 After 2025 547 Total lease payments $ 4,222 Less: Interest (420 ) Present value of lease liabilities $ 3,802 As most of our leases do not We used the incremental borrowing rate on January 1, 2019 Lease costs included in general and administrative expense for the two December 31, 2020 2019, Year Ended Year Ended Lease costs (In thousands) Classification December 31, 2020 December 31, 2019 Operating lease costs General and administrative 1,270 1,336 Short-term leases General and administrative 3,483 4,840 Variable lease costs General and administrative 392 313 Sublease income General and administrative — (3 ) Net lease cost 5,145 6,486 Our weighted average remaining lease term and weighted average discount rate at December 31, 2020 Lease term and discount rate December 31, 2020 Weighted average remaining lease term in years 3.1 Weighted average discount rate 7.3 % The cash paid for operating leases included in operating cash flows and in the measurement of lease liabilities for the years ended December 31, 2020 2019 December 31, 2020 2019, |
Note 8 - Asset Held for Sale, A
Note 8 - Asset Held for Sale, Asset Sales and Asset Impairments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | ( 8 ASSETS HELD FOR SALE, ASSET SALES AND ASSET IMPAIIMENTS In previous years, we sought opportunities to dispose of our older vessels when market conditions warranted and opportunities would arise. As a result, vessel dispositions would vary from year to year, and gains (losses) on sales of assets would also fluctuate significantly from period to period. The majority of our vessels were sold to buyers with whom we do not fourth 2019, not first 2020, 8 second fourth 2020, 2020, two December 31, 2020. Following is the activity in assets held for sale during the years ended December 31: (Dollars in thousands) Number of Vessels 2020 Number of Vessels 2019 Number of Vessels 2018 Beginning balance 46 $ 39,287 — $ — — $ — Additions 32 97,664 46 66,033 — — Sales (53 ) (26,877 ) — — — — Reactivation (2 ) (500 ) — — — — Impairment — (75,177 ) — (26,746 ) — — Ending balance 23 $ 34,397 46 $ 39,287 — $ — Following is the summary of vessel sales and the gains on sales of vessels for the years ended December 31: (Dollars in thousands) 2020 2019 2018 Vessels sold from active fleet 3 40 38 Gain on sale of active vessels, net $ 1,217 $ 2,434 $ 10,935 Vessels sold from assets held for sale 53 — — Gain on vessels sold from assets held for sale, net $ 6,384 $ — $ — Total vessels sold 56 40 38 Total gain on sales of vessels, net $ 7,601 $ 2,434 $ 10,935 During the year December 31, 2020, 3 two not In conjunction with our review of conditions that would indicate potential impairment in the value of our assets, we identified certain obsolete marine service and vessel supplies and parts inventory and charged $2.9 December 31, 2020 2019. 3 In 2011, not 2019, not fourth 2019. 2020 fourth 2020, no Impairments incurred during the last three Following is a summary of impairment of vessels in our active fleet, assets held for sale, marine service and vessel supplies and other impairment and costs during the years ended December 31: (Dollars in thousands) Number of Vessels 2020 Number of Vessels 2019 Number of Vessels 2018 Active vessels — $ — — $ — 56 $ 61,132 Assets held for sale 47 75,177 35 26,746 — — Obsolete inventory — 2,959 — 5,223 — — Other — (4,027 ) — 5,804 — — Total impairment and other expense $ 74,109 $ 37,773 $ 61,132 In early 2020, 19 March, 19 19 first 2020. 19 first 2020 In the first second 2020, may March 31, 2020 June 30, 2020 , 1 360, not third not second fourth third not 1 Please refer to Note ( 1 |
Note 9 - Employee Retirement Pl
Note 9 - Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 9 EMPLOYEE RETIREMENT PLANS Defined Benefit Pension Plan We have a defined benefit pension plan (pension plan) that covers certain U.S. employees that are citizens or permanent residents of the United States. Benefits are based on years of service and employee compensation. On December 31, 2010, December 31, 2019. not December 31, 2020 2018, may 2021, not We had defined benefit pension plans that covered a small number of current and former Norwegian employees. Benefits were based on years of service and employee compensation. All of our Norwegian plan participants were transferred from our defined benefit plans primarily into a defined contribution plan during 2020. three December 31, 2020. Supplemental Executive Retirement Plan We also offer a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under our tax-qualified pension plan. The supplemental plan was closed to new participation in 2010 January 1, 2018. December 31, 2020, 2019 2018, A Rabbi Trust was established to provide us with a vehicle to invest in a variety of marketable securities. In April 2018, 2019. Postretirement Benefit Plan Qualified retired employees were covered by a program which provided limited health care and life insurance benefits. This plan terminated on January 1, 2019 December 31, 2018. Investment Strategies U.S. Pension Plan The obligations of our pension plan are supported by assets held in a trust for the payment of benefits. We are obligated to adequately fund the trust. For the pension plan assets, we have the following primary investment objectives: ( 1 2 The plan has historically invested in a fixed income only strategy, however because interest rates are forecasted by the United States (U.S.) Federal Reserve to remain low through 2023, 2020 150 500 The fixed income portion of the pension plan investment portfolio will be approximately 50% may not not The cash flow requirements of the pension plan are analyzed at least annually. The plan does not Our policy for the pension plan is to contribute no no December 31, 2020, not 10% U.S. Pension Plan Asset Allocations The following table provides the target and actual asset allocations for the pension plan: Actual as of Actual as of Target December 31, 2020 December 31, 2019 U.S. Pension plan: Cash — % 3 % — % Debt securities 50 % 53 % 96 % Equity securities 50 % 44 % 4 % Total 100 % 100 % 100 % Fair Value of Pension Plans Assets Tidewater’s plan assets are accounted for at fair value and are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, with the exception of investments for which fair value is measured using the net asset value per share expedient. The following table provides the fair value hierarchy for our domestic pension plan measured at fair value as of December 31, 2020: Quoted prices in Significant Significant active observable unobservable Measured at markets inputs inputs Net Asset (In thousands) Fair Value (Level 1) (Level 2) (Level 3) Value Pension plan measured at fair value: Equity securities, primarily exchange traded funds $ 24,947 21,780 — — 3,167 Debt securities, primarily exchange traded funds 29,922 17,925 — — 11,997 Cash and cash equivalents 1,626 — 1,626 — — Total fair value of plan assets $ 56,495 39,705 1,626 — 15,164 The fair value hierarchy for the pension plans assets measured at fair value as of December 31, 2019, Quoted prices in Significant Significant active observable unobservable Measured at markets inputs inputs Net Asset (In thousands) Fair Value (Level 1) (Level 2) (Level 3) Value Pension plan measured at fair value: Equity securities: $ 699 699 — — — Debt securities: Government securities 5,870 5,870 — — — Collateralized mortgage securities 765 — 765 — — Corporate debt securities 47,839 — 47,839 — — Cash and cash equivalents 2,526 — 2,526 — — Other 1,396 — 1,396 — — Total $ 59,095 6,569 52,526 — — Accrued income 530 530 — — — Total fair value of plan assets $ 59,625 7,099 52,526 — — Plan Assets and Obligations Changes in combined plan assets and obligations and the funded status of the U.S. defined benefit pension plan, Norway’s defined benefit pension plan (discontinued in the fourth 2020 January 1, 2019, Year Ended December 31, (In thousands) 2020 2019 2018 Change in benefit obligation: Benefit obligation at beginning of the period $ 91,654 $ 90,247 $ 103,443 Increase in benefit obligation due to business combination — — 5,474 Service cost 112 427 294 Interest cost 2,907 3,751 3,605 Benefits paid (5,990 ) (5,967 ) (5,467 ) Actuarial (gain) loss (A) 5,277 8,198 (8,105 ) Settlement (4,407 ) (4,978 ) (8,885 ) Foreign currency exchange rate changes (593 ) (24 ) (112 ) Benefit obligation at end of the period $ 88,960 $ 91,654 $ 90,247 Change in plan assets: Fair value of plan assets at beginning of the period $ 59,625 $ 56,790 $ 57,536 Increase in plan assets due to business combination — — 5,463 Actual return 6,890 7,498 (2,128 ) Expected return — — 112 Actuarial loss 18 983 (275 ) Administrative expenses (49 ) (68 ) (36 ) Employer contributions 1,615 5,027 10,546 Benefits paid (5,990 ) (5,967 ) (5,467 ) Settlement (5,000 ) (4,638 ) (8,885 ) Foreign currency exchange rate changes (614 ) — (76 ) Fair value of plan assets at end of the period 56,495 59,625 56,790 Payroll tax unrecognized in benefit obligation at end of the period — — 84 Unfunded status at end of the period $ (32,465 ) $ (32,029 ) $ (33,541 ) Net amount recognized in the balance sheet consists of: Current liabilities $ (1,524 ) $ (1,422 ) $ (1,380 ) Noncurrent liabilities (30,941 ) (30,607 ) (32,161 ) Net amount recognized $ (32,465 ) $ (32,029 ) $ (33,541 ) (A) The change in the actuarial (gain) loss for the three December 31, 2020 Other Benefits Year Ended (In thousands) December 31, 2018 Change in benefit obligation: Benefit obligation at beginning of the period $ 2,924 Service cost 61 Interest cost 117 Participant contributions 218 Plan amendment (2,954 ) Benefits paid (595 ) Actuarial loss 229 Benefit obligation at end of the period $ — Change in plan assets: Fair value of plan assets at beginning of the period $ — Employer contributions 377 Participant contributions 218 Benefits paid (595 ) Fair value of plan assets at end of the period — Unfunded status at end of the period $ — The following table provides combined information for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plans and supplemental plan): December 31, December 31, (In thousands) 2020 2019 Projected benefit obligation $ 88,960 $ 91,654 Accumulated benefit obligation 88,960 91,109 Fair value of plan assets 56,495 59,625 Net periodic combined benefit cost for the pension plans and the supplemental plan include the following components: Year Ended December 31, (In thousands) 2020 2019 2018 Service cost $ 109 $ 427 294 Interest cost 2,907 3,751 3,605 Expected return on plan assets (2,191 ) (2,375 ) (2,042 ) Administrational expenses 49 71 36 Payroll tax of net pension costs 14 55 42 Amortization of net actuarial losses (5 ) (592 ) 30 Recognized actuarial loss — — — Settlement/Curtailment (gain) loss 738 (219 ) 335 Net periodic pension cost $ 1,621 $ 1,118 2,300 Net periodic benefit cost for the postretirement health care and life insurance plan, which was discontinued as of January 1, 2019, Year Ended (In thousands) December 31, 2018 Service cost $ 61 Interest cost 117 Amortization of prior service cost (299 ) Recognized actuarial loss 42 Net curtailment gain (4,005 ) Net periodic postretirement benefit $ (4,084 ) The components of the net periodic combined pension cost and the net periodic combined postretirement benefit, except for the service costs are included in the caption “Interest income and other, net.” Service costs are included in the caption “Vessel operating costs.” Other changes in combined plan assets and benefit obligations recognized in other comprehensive (income) loss include the following components: Pension Benefits Year Ended December 31, (In thousands) 2020 2019 2018 Net (gain) loss $ (568 ) $ 2,612 (3,441 ) Settlement recognized — (182 ) (335 ) Total recognized in other comprehensive (income) loss, before tax and net of tax $ (568 ) $ 2,430 (3,776 ) Other Benefits Year Ended December 31, (In thousands) 2018 Net (gain) loss $ 229 Amortization of prior service (cost) credit 1,861 Amortization of net (loss) gain (554 ) Total recognized in other comprehensive (income) loss, before tax and net of tax $ 1,536 We do not Discount rates of 2.5% and 3.5% were used to determine net benefit obligations as of December 2020 2019, Assumptions used to determine net periodic benefit costs are as follows: Pension Benefits 2020 2019 Discount rate 3.5 % 4.5 % Expected long-term rate of return on assets 4.0 % 4.0 % Rates of annual increase in compensation levels 2.3 % 2.8 % To develop the expected long-term rate of return on assets assumption, we considered the current level of expected returns on various asset classes. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected return on plan assets assumption for the portfolio. Based upon the assumptions used to measure our qualified pension benefit obligations at December 31, 2020, ten Pension Year ending December 31, (In thousands) Benefits 2021 $ 5,860 2022 5,833 2023 5,777 2024 5,762 2025 5,686 2026 – 2030 26,605 Total 10-year estimated future benefit payments $ 55,523 Defined Contribution Plans We have two Retirement Contributions Prior to 2019, five January 1, 2018. 401 Upon meeting various citizenship, age and service requirements, employees are eligible to participate in a defined contribution savings plan and can contribute from 2% to 75% of their base salary to an employee benefit trust. Prior to January 1, 2018, first five The plan held no December 31, 2020 2019, December 31, 2018. Other Plans A non-qualified supplemental savings plan is provided to executive officers who have the opportunity to defer additional eligible compensation that cannot be deferred under the existing 401 January 1, 2018. We also provided retirement benefits to our eligible non-U.S. citizen employees working outside their respective country of origin pursuant to a self-directed multinational defined contribution retirement plan (multinational retirement plan). Non-U.S. citizen shore-based and certain offshore employees working outside their respective country of origin were eligible to participate in the multinational retirement plan provided the employees were not January 1, 2018 first five Multi-employer Pension Obligations Certain of our current and former U.K. subsidiaries are participating in two December 31, 2020 2019, three March 2018 March 2017 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation and Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 10 STOCK-BASED COMPENSATION AND INCENTIVE PLANS Our long-term incentive plans have included restricted stock units (RSUs), stock options and phantom stock. As of December 31, 2020, 2017 “2017 two The number of common stock shares reserved for issuance under the plans and the number of shares available for future grants are as follows: Year Ended December 31, 2020 2019 2018 Shares of common stock reserved for issuance under the plans 3,973,228 3,973,228 3,973,228 Shares of common stock available for future grants 1,591,577 2,187,101 2,325,102 Restricted Stock Units We have granted RSUs to key employees, including officers and non-employee directors. We have generally awarded time-based units, where each unit represents the right to receive, at the end of a vesting period, one no We have also awarded performance-based RSUs, where each unit represents the right to receive, at the end of a vesting period, up to two no three one no may not no RSUs granted to officers and employees under the 2017 three one third The following table sets forth a summary of our restricted stock unit activity: Weighted-average Time Weight-average Grant-Date Based Grant Date Performance Fair Value Units Fair Value Based Units Non-vested balance at December 31, 2017 24.41 1,157,646 — — Granted 24.58 455,063 26.04 63,365 Vested 24.84 (503,677 ) — — Cancelled/forfeited 27.15 (27,948 ) — — Non-vested balance at December 31, 2018 24.21 1,081,084 26.04 63,365 Granted 23.44 186,143 24.50 101,143 Vested 24.45 (784,868 ) — — Cancelled/forfeited 24.70 (78,591 ) 24.50 (70,694 ) Non-vested balance at December 31, 2019 23.32 403,768 25.54 93,814 Granted 5.95 594,234 — — Vested 24.05 (265,919 ) 26.04 (63,365 ) Non-vested balance at December 31, 2020 8.95 732,083 24.50 30,449 Restrictions on 449,870 time-based units outstanding at December 31, 2020 2021. Restricted stock unit compensation expense and grant date fair value are as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Grant date fair value of restricted stock units vested $ 6,395 $ 19,193 $ 12,513 Restricted stock unit compensation expense 5,117 19,603 13,406 As of December 31, 2020, two December 31, 2019 December 31, 2018. No no December 31, 2020, 2019 2018. Stock Option Plan Tidewater has 344,598 stock options that were granted in 2020 December 31, 2020. three ten None December 31, 2020, Phantom Stock Plan We previously provided a Phantom Stock Plan (PSP) to provide additional incentive compensation to key employees. Participants in the PSP had the right to receive the value of a share of common stock in cash at vesting. Participants had no three No 2016. The following table sets forth a summary of our phantom stock activity: Weighted- Weighted- Weighted- average Time average average Grant-Date Based Grant-Date Series A Grant-Date Series B Fair Value Shares Fair Value Warrants Fair Value Warrants Non-vested balance at December 31, 2017 $ 308.24 13,526 1.00 21,934 0.98 23,712 Vested 360.14 (8,223 ) 1.00 (13,009 ) 0.98 (14,064 ) Cancelled 240.39 (786 ) 1.00 (1,275 ) 0.98 (1,379 ) Non-vested balance at December 31, 2018 $ 226.50 4,517 1.00 7,650 2.94 8,269 Vested 226.50 (4,517 ) 1.00 (7,650 ) 2.94 (8,269 ) Non-vested balance at December 31, 2019 $ — — — — — — The grant date fair value of phantom stock vested was $1.1 million and $3.0 million, respectively, for the years ended December 31, 2019 2018. |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 11 STOCKHOLDERS’ EQUITY Common Stock The number of shares of authorized and issued common stock and preferred stock are as follows: December 31, December 31, 2020 2019 Common stock shares authorized 125,000,000 125,000,000 Common stock par value $ 0.001 $ 0.001 Common stock shares issued 40,704,984 39,941,327 Preferred stock shares authorized 3,000,000 3,000,000 Preferred stock par value No par No par Preferred stock shares issued — — Common Stock Repurchases No December 31, 2020, 2019 2018. Dividend Program There were no December 31, 2020, 2019 2018. Warrants During 2017, December 31, 2020, No In conjunction with the merger with GulfMark, Tidewater assumed approximately 2.3 million $0.01 Creditor Warrants (GLF Creditor Warrants) and approximately 0.8 million Equity Warrants (GLF Equity Warrants) with an exercise price of $100 and each warrant becoming exercisable for 1.1 shares of Tidewater common stock on substantially the same terms and conditions as provided in the warrant agreements governing the GLF Creditor Warrants and the GLF Equity Warrants. As of December 31, 2020, Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income by component, net of tax, are as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Balance at December 31 $ (236 ) $ 2,194 $ (147 ) Pension benefits recognized in OCI (568 ) (2,430 ) 4,133 Available for sale securities recognized in OCI — — (660 ) Reclasses from OCI to net income — — (1,132 ) Balance at December 31 $ (804 ) $ (236 ) $ 2,194 The following table summarizes the reclassifications from accumulated other comprehensive loss to the consolidated statement of income: Year Ended December 31, Affected line item in the consolidated (In thousands) 2018 statements of income Retiree medical plan (1,536 ) Interest income and other, net Realized gains on available for sale securities 404 Interest and other debt costs Total pre-tax and net of tax amounts (1,132 ) Tax Benefits Preservation Plan On April 13, 2020, December 31, 2020) December 31, 2020) ( 382 382 While the Plan is in effect, any person or group that acquires beneficial ownership of 4.99% or more of our common stock then outstanding without approval from our Board of Directors (the Board) or without meeting certain customary exceptions would be subject to significant dilution in their ownership interest in our company. Stockholders who currently own 4.99% or more of our outstanding common stock will not Pursuant to the Plan, one right will be distributed to our stockholders for each share of our common stock owned of record at the close of business on April 24, 2020. one one no one one may not tenth first The rights will expire on the earliest of (i) the close of business on April 13, 2023, no 382. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 12 COMMITMENTS AND CONTINGENCIES Lease Commitments As of December 31, 2018, December 31, 2018 Currency Devaluation and Fluctuation Risk Due to our international operations, we are exposed to foreign currency exchange rate fluctuations and exchange rate risks on all charter hire contracts denominated in foreign currencies. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that we are at risk of changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not not Legal Proceedings Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not |
Note 13 - Accrued Expenses, Oth
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block] | ( 13 ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES A summary of accrued expenses as of December 31, (In thousands) 2020 2019 Payroll and related payables $ 17,201 $ 16,351 Accrued vessel expenses 17,129 38,383 Accrued interest expense 3,240 4,570 Other accrued expenses 14,852 14,696 $ 52,422 $ 74,000 A summary of other current liabilities as of December 31, (In thousands) 2020 2019 Taxes payable $ 23,883 $ 18,661 Other 8,902 5,439 $ 32,785 $ 24,100 A summary of other liabilities as of December 31, (In thousands) 2020 2019 Pension liabilities $ 31,736 $ 32,545 Liability for uncertain tax positions 35,304 48,577 Other 12,752 17,275 $ 79,792 $ 98,397 |
Note 14 - Segment Information,
Note 14 - Segment Information, Geographical Data and Major Customers | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 14 SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS Operating business segments are defined as a component of an enterprise for which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our other miscellaneous marine-related businesses. Year Ended December 31, (In thousands) 2020 2019 2018 Revenues: Vessel revenues: Americas $ 126,676 136,958 118,534 Middle East/Asia Pacific 97,133 90,321 80,195 Europe/Mediterranean 83,602 123,711 56,263 West Africa 78,763 126,025 142,214 $ 386,174 477,015 397,206 Other operating revenues 10,864 9,534 9,314 $ 397,038 486,549 406,520 Vessel operating profit (loss): Americas $ 4,944 (805 ) 8,860 Middle East/Asia Pacific (5,935 ) (6,044 ) (4,417 ) Europe/Mediterranean (8,629 ) (1,289 ) (9,359 ) West Africa (27,508 ) 8,298 7,240 $ (37,128 ) 160 2,324 Other operating profit 7,458 6,734 3,742 (29,670 ) 6,894 6,066 Corporate expenses $ (35,633 ) (57,988 ) (42,972 ) Gain on asset dispositions, net 7,591 2,263 10,624 Affiliate credit loss impairment expense (52,981 ) — — Affiliate guarantee obligation (2,000 ) — — Impairment of due from affiliate — — (20,083 ) Asset impairments and other (74,109 ) (37,773 ) (61,132 ) Operating loss $ (186,802 ) (86,604 ) (107,497 ) Depreciation and amortization: Americas $ 32,079 27,493 16,047 Middle East/Asia Pacific 24,244 21,440 11,871 Europe/Mediterranean 29,222 30,053 11,385 West Africa 27,787 21,166 16,612 Corporate and other 3,377 1,779 2,378 $ 116,709 101,931 58,293 Additions to properties and equipment: Americas $ 2,842 969 3,771 Middle East/Asia Pacific 2,629 5,237 2,982 Europe/Mediterranean 1,059 4,001 185 West Africa 6,028 2,721 10,135 Corporate 2,342 5,070 4,318 $ 14,900 17,998 21,391 Total assets: Americas $ 338,649 375,297 380,168 Middle East/Asia Pacific 226,422 270,413 233,611 Europe/Mediterranean 302,214 358,943 316,524 West Africa 242,825 376,087 483,234 Investments in and advances to unconsolidated companies and other — — 8,479 Corporate 141,067 198,788 405,723 $ 1,251,177 1,579,528 1,827,739 The following table discloses our customers that accounted for 10% Year Ended December 31, 2020 2019 2018 Chevron Corporation 14.3 % 13.0 % 15.0 % Saudi Aramco 11.5 % * * * Less than 10% |
Note 15 - Restructuring Charges
Note 15 - Restructuring Charges | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 15 RESTRUCTURING CHARGES In the fourth 2018, 2023 2026 fourth 2018 December 31, 2019 2020, Activity for the lease exit and severance liabilities for the two December 31, 2020 Lease Exit Costs Severance Europe/ (In thousands) Mediterranean Corporate Company Total Balance at December 31, 2018 $ 2,005 4,463 285 $ 6,753 Charges (credits) 44 (33 ) 6,811 6,822 Cash payments (258 ) (2,112 ) (6,824 ) (9,194 ) Balance at December 31, 2019 $ 1,791 2,318 272 $ 4,381 Charges 71 63 1,367 1,501 Cash payments (306 ) (602 ) (1,639 ) (2,547 ) Balance at December 31, 2020 $ 1,556 1,779 — $ 3,335 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | TIDEWATER INC. AND SUBSIDIARIES Valuation and Qualifying Accounts (In thousands) Balance Balance at at Beginning Additions End of Description of period at Cost Deductions Period Year Ended December 31, 2018 Deducted in balance sheet from trade accounts receivables: Allowance for doubtful accounts $ 1,800 900 — 2,700 Year Ended December 31, 2019 Deducted in balance sheet from trade accounts receivables: Allowance for doubtful accounts $ 2,700 — 2,630 70 Year Ended December 31, 2020 Deducted in balance sheet from trade accounts receivables: Allowance for credit losses $ 70 1,446 — 1,516 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | Nature of Operations We provide offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. Our revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet (utilization) and the price we are able to charge for these services (day-rate). The level of our business activity is driven by the amount of installed offshore oil and gas production facilities, the level of offshore drilling and exploration activity, and the general level of offshore construction projects such as pipeline and windfarm construction and support. Our customers’ offshore activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on the respective levels of supply and demand for crude oil and natural gas and the future outlook for such levels. Unless otherwise required by the context, the terms “we”, “us”, “our” and “company” as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. |
Business Combinations Policy [Policy Text Block] | Business Combination On November 15, 2018 ( 2 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the recorded amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for credit losses, useful lives of property and equipment, income tax provisions, impairments, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the particular circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents We consider all highly liquid investments with maturities of three |
Restricted Cash, Policy [Policy Text Block] | Restricted Cash We consider cash as restricted when there are contractual agreements that govern the use or withdrawal of the funds. |
Inventory Supplies, Policy [Policy Text Block] | Marine Operating Supplies Marine operating supplies, which consist primarily of operating parts and supplies for our vessels as well as fuel, are stated at the lower of weighted-average cost or net realizable value. |
Property, Plant and Equipment, Policy [Policy Text Block] | Properties and Equipment Depreciation and Amortization Upon emergence from Chapter 11 July 31, 2017, may no Maintenance and Repairs The majority of our vessels require certification inspections twice in every five may Maintenance costs incurred at the time of the recertification drydocking that are not Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are being performed not Net Properties and Equipment The following are summaries of net properties and equipment: December 31, December 31, (In thousands) 2020 2019 Properties and equipment: Vessels and related equipment $ 940,175 $ 1,051,558 Other properties and equipment 16,861 13,119 957,036 1,064,677 Less accumulated depreciation and amortization 176,718 125,716 Net properties and equipment $ 780,318 $ 938,961 As of December 31, 2020, December 31, 2019, not 8 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets We review the vessels in our active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not may not We estimate cash flows based upon historical data adjusted for our best estimate of expected future market performance, which, in turn, is based on industry trends. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average day rates and average daily operating expenses. These estimates are made based on recent actual trends in utilization, day rates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although we believe our assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may If an asset group fails the undiscounted cash flow test, we estimate the fair value of each asset group and compare such estimated fair value to the carrying value of each asset group in order to determine if impairment exists. In addition to the periodic review of our active long-lived assets for impairment when circumstances warrant, we also perform a review of our stacked vessels not may not Refer to Note ( 8 2020. |
Accrued Property And Liability Losses Policy [Policy Text Block] | Accrued Property and Liability Losses Effective July 1, 2018, third |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension Benefits We follow the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 715, , December 31 Our pension cost consists of service costs, interest costs, expected returns on plan assets, amortization of prior service costs or benefits and actuarial gains and losses. We consider a number of factors in developing pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in retirement benefits, analyses of current market conditions and input from actuaries and other consultants. For the long-term rate of return, we developed assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate reflect the theoretical rate at which liabilities could be settled in the bond market at December 31, 2020. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes not We record uncertain tax positions on the basis of a two 1 not 2 not 50 |
Revenue [Policy Text Block] | Revenue Recognition Our primary source of revenue is derived from time charter contracts of our vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. The base rate of hire for a time charter contract is generally a fixed rate, provided, however, that some longer-term contracts at times include escalation clauses to recover specific additional costs. |
Cost of Goods and Service [Policy Text Block] | Operating Costs Vessel operating costs are incurred on a daily basis and consist primarily of costs such as crew wages; repair and maintenance; insurance; fuel, lube oil and supplies; and other vessel expenses, which include costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major repairs carried out during drydockings, which occur during the economic useful life of the vessel. Vessel operating costs are recognized as incurred on a daily basis. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The U.S. dollar is the functional currency for all of our existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of our foreign currency denominated monetary assets and liabilities are included in the consolidated statements of operations. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We report both basic earnings (loss) per share and diluted earnings (loss) per share. The calculation of basic earnings (loss) per share is computed based on the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings (loss) per share includes the dilutive effect of stock options and restricted stock grants (both time and performance based) awarded as part of our share-based compensation and incentive plans. Per share amounts disclosed in these Notes to Consolidated Financial Statements, unless otherwise indicated, are on a diluted basis. The components of basic and diluted earnings (loss) per share, are as follows: Year Ended December 31, (In thousands, except share and per share data) 2020 2019 2018 Net loss available to common shareholders $ (196,242 ) $ (141,743 ) $ (171,517 ) Weighted average outstanding shares of common stock, basic 40,354,638 38,204,934 26,589,883 Dilutive effect of options, warrants and stock awards — — — Weighted average common stock and equivalents 40,354,638 38,204,934 26,589,883 Loss per share, basic $ (4.86 ) $ (3.71 ) $ (6.45 ) Loss per share, diluted $ (4.86 ) $ (3.71 ) $ (6.45 ) Additional information: Incremental "in-the-money" options, warrants, and restricted stock awards and units outstanding at the end of the period (A) 2,235,310 2,483,956 5,282,574 (A) For years ended December 31, 2020, 2019 2018 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Our financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies. We manage our exposure to risk by performing ongoing credit evaluations of our customers’ financial condition and may 50%. not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation transactions are accounted for using a fair-value-based method. We use the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) We report total comprehensive income (loss) and its components. Accumulated other comprehensive income ( loss) is comprised of unrealized gains and losses on available-for-sale securities and any minimum pension liability for our U.S. Defined Benefits Pension Plans. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements We follow the provisions of ASC 820, 820 not one Level 1: Level 2: Level 3: not Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. Our cash equivalents, which are securities with maturities less than 90 |
New Accounting Pronouncements, Policy [Policy Text Block] | R ecently Adopted Accounting Pronouncements From time-to-time new accounting pronouncements are issued by the FASB that we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not not On August 28, 2018, 2018 13, no 1 2 3 January 1, 2020 not 8 On June 16, 2016, 2016 13, Expected credit losses are recognized on the initial recognition of our trade accounts receivable, contract assets and net amounts due from our less than 50% not five January 1, 2020, first not January 1, 2020 Activity in the allowance for credit losses for the year ended December 31, 2020 Trade Due and from (In thousands) Other Receivables Affiliate Balance at January 1, 2020 $ 70 $ 20,083 Cumulative effect adjustment upon adoption of standard 163 — Current period provision for expected credit losses 1,283 52,981 Other — (1,264 ) Balance at December 31, 2020 $ 1,516 $ 71,800 Recently Issued Accounting Standards Not In December 2019, 2019 12, 740 December 15, 2020 January 1, 2021 not In August 2018 2018 14, no December 15, 2020 January 1, 2021 not |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, (In thousands) 2020 2019 Properties and equipment: Vessels and related equipment $ 940,175 $ 1,051,558 Other properties and equipment 16,861 13,119 957,036 1,064,677 Less accumulated depreciation and amortization 176,718 125,716 Net properties and equipment $ 780,318 $ 938,961 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, (In thousands, except share and per share data) 2020 2019 2018 Net loss available to common shareholders $ (196,242 ) $ (141,743 ) $ (171,517 ) Weighted average outstanding shares of common stock, basic 40,354,638 38,204,934 26,589,883 Dilutive effect of options, warrants and stock awards — — — Weighted average common stock and equivalents 40,354,638 38,204,934 26,589,883 Loss per share, basic $ (4.86 ) $ (3.71 ) $ (6.45 ) Loss per share, diluted $ (4.86 ) $ (3.71 ) $ (6.45 ) Additional information: Incremental "in-the-money" options, warrants, and restricted stock awards and units outstanding at the end of the period (A) 2,235,310 2,483,956 5,282,574 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Trade Due and from (In thousands) Other Receivables Affiliate Balance at January 1, 2020 $ 70 $ 20,083 Cumulative effect adjustment upon adoption of standard 163 — Current period provision for expected credit losses 1,283 52,981 Other — (1,264 ) Balance at December 31, 2020 $ 1,516 $ 71,800 |
Note 2 - Business Combination (
Note 2 - Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Estimated Fair (In thousands) Value Assets: Current assets $ 77,942 Property and equipment 360,701 Other assets 779 Liabilities: Current liabilities 33,881 Long term debt 100,000 Other liabilities 20,049 Net assets acquired $ 285,492 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year (Unaudited) Ended (in millions, except per share amounts) December 31, 2018 Revenues $ 500,118 Net loss (196,057 ) Basic loss per common share (5.66 ) Diluted loss per common share (5.66 ) |
Note 4 - Indebtedness (Tables)
Note 4 - Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, December 31, (In thousands) 2020 2019 Secured notes: 8.00% August 2022 $ 147,049 $ 224,793 Troms Offshore borrowings: NOK denominated notes due May 2024 5,954 10,260 NOK denominated notes due January 2026 14,559 20,788 USD denominated notes due January 2027 14,744 20,273 USD denominated notes due April 2027 15,669 21,545 197,975 297,659 Debt premium and discount, net (5,244 ) (8,725 ) Less: Current portion of long-term debt (27,797 ) (9,890 ) Total long-term debt $ 164,934 $ 279,044 |
Schedule of Debt [Table Text Block] | December 31, December 31, (In thousands) 2020 2019 Notes due May 2024 NOK denominated 51,120 89,460 U.S. dollar equivalent $ 5,954 $ 10,260 Fair value in U.S. dollar equivalent (Level 2) 5,954 10,259 Notes due January 2026 NOK denominated 125,000 181,250 U.S. dollar equivalent $ 14,559 $ 20,788 Fair value in U.S. dollar equivalent (Level 2) 14,789 20,792 Notes due January 2027 Amount outstanding $ 14,744 $ 20,273 Fair value of debt outstanding (Level 2) 15,040 20,278 Notes due April 2027 Amount outstanding $ 15,669 $ 21,545 Fair value of debt outstanding (Level 2) 15,775 21,546 |
Interest And Debt Costs Incurred Net Of Interest Capitalized [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Interest and debt costs incurred, net of interest capitalized $ 24,156 $ 29,068 $ 30,439 Interest costs capitalized — — 521 Total interest and debt costs $ 24,156 $ 29,068 $ 30,960 |
Note 5 - Investment in Uncons_2
Note 5 - Investment in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | December 31, December 31, (in thousands) 2020 2019 Due from affiliates: Angolan joint venture (Sonatide) $ 41,623 $ 89,246 Nigerian joint venture (DTDW) 20,427 36,726 62,050 125,972 Due to affiliates: Sonatide $ 32,767 $ 31,475 DTDW 20,427 18,711 53,194 50,186 Due from affiliates, net of due to affiliates $ 8,856 $ 75,786 |
Schedule of Amounts Due From Affiliate [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Due from Sonatide at beginning of year $ 89,246 $ 109,176 $ 230,315 Revenue earned by the company through Sonatide 44,254 52,372 56,916 Less amounts received from Sonatide (36,160 ) (60,486 ) (76,878 ) Less amounts used to offset Due to Sonatide obligations (A) (11,848 ) (10,551 ) (78,993 ) Less impairment of due from affiliate (40,900 ) — (20,083 ) Other (2,969 ) (1,265 ) (2,101 ) $ 41,623 $ 89,246 $ 109,176 Year Ended December 31, (In thousands) 2020 2019 2018 Due to Sonatide at beginning of year $ 31,475 $ 29,347 $ 99,448 Plus commissions payable to Sonatide 4,152 4,937 5,502 Plus amounts paid by Sonatide on behalf of the company 9,037 9,654 14,778 Less commissions paid to Sonatide — (5,961 ) (13,906 ) Less amounts used to offset Due from Sonatide obligations (A) (11,848 ) (10,551 ) (78,993 ) Other (49 ) 4,049 2,518 $ 32,767 $ 31,475 $ 29,347 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule Of Losses Before Income Tax Domestic And Foreign [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Non-U.S. $ (137,225 ) $ (44,205 ) $ (99,607 ) United States (60,436 ) (69,290 ) (53,912 ) $ (197,661 ) $ (113,495 ) $ (153,519 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | U.S. (In thousands) Federal State Non-U.S. Total Year Ended December 31, 2018 Current $ 962 — 16,718 17,680 Deferred 531 250 (209 ) 572 $ 1,493 250 16,509 18,252 Year Ended December 31, 2019 Current $ 649 — 26,403 27,052 Deferred 672 — — 672 $ 1,321 — 26,403 27,724 Year Ended December 31, 2020 Current $ (21,005 ) — 18,816 (2,189 ) Deferred (30 ) — 1,254 1,224 $ (21,035 ) — 20,070 (965 ) |
Schedule Of Income Tax Expense Benefit Reconciliation [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Computed “expected” tax benefit $ (41,509 ) $ (23,834 ) (32,239 ) Increase (reduction) resulting from: Foreign income taxed at different rates 27,639 9,283 20,917 Uncertain tax positions (62,833 ) 5,145 2,264 Nondeductible transaction costs — — 1,091 Valuation allowance – deferred tax assets 43,455 15,707 38,778 Valuation allowance -deferred tax true-up (6,523 ) — — Deferred tax true-up 6,523 — — Foreign taxes 12,520 20,778 13,012 State taxes — — 246 Return to accrual 11,401 (2,247 ) (28,176 ) 162(m) - Executive compensation 286 28 2,818 Subpart F income 5,631 1,227 — Other, net 2,445 1,637 (459 ) $ (965 ) $ 27,724 18,252 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, December 31, (In thousands) 2020 2019 Deferred tax assets: Accrued employee benefit plan costs $ 8,815 $ 7,422 Stock based compensation 407 972 Net operating loss and tax credit carryforwards 148,699 99,281 Restructuring fees not currently deductible for tax purposes 1,415 2,264 Disallowed business interest expense carryforward 5,546 5,105 Other 2,518 3,380 Gross deferred tax assets 167,400 118,424 Less valuation allowance (140,428 ) (103,496 ) Net deferred tax assets 26,972 14,928 Deferred tax liabilities: Depreciation and amortization (25,883 ) (11,246 ) Outside basis difference deferred tax liability (2,891 ) (2,892 ) Foreign interest withholding tax (859 ) — Other (754 ) (2,981 ) Gross deferred tax liabilities (30,387 ) (17,119 ) Net deferred tax assets (liabilities) $ (3,415 ) $ (2,191 ) |
Schedule Of Uncertain Tax Positions And Income Tax Payable [Table Text Block] | December 31, December 31, (In thousands) 2020 2019 Tax liabilities for uncertain tax positions $ 35,304 $ 48,577 Income tax payable 15,928 13,760 Income tax receivable 8,280 3,798 |
Summary of Income Tax Contingencies [Table Text Block] | (In thousands) Balance at December 31, 2017 $ 404,571 Additions from GulfMark business combination 8,857 Additions based on tax positions related to a prior year 6,903 Settlement and lapse of statute of limitations (2,953 ) Reductions based on tax positions related to a prior year (18,086 ) Balance at December 31, 2018 (A) $ 399,292 Additions based on tax positions related to the current year 14,741 Additions based on tax positions related to a prior year 1,964 Settlement and lapse of statute of limitations (1,897 ) Reductions based on tax positions related to a prior year (58 ) Balance at December 31, 2019 (A) $ 414,042 Additions based on tax positions related to a prior year 2,223 Settlement and lapse of statute of limitations (64,458 ) Reductions based on tax positions related to a prior year (760 ) Balance at December 31, 2020 (A) $ 351,047 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee Operating Lease Assets And Liabilities[ Table Text Block] | Leases (In thousands) Classification December 31, 2020 December 31, 2019 Assets: Operating Other assets $ 3,372 $ 4,338 Liabilities: Current Operating Other current liabilities 1,134 501 Noncurrent Operating Other liabilities 2,668 4,274 Total lease liabilities $ 3,802 $ 4,775 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of lease liabilities (In thousands) Operating leases 2021 $ 1,318 2022 1,094 2023 717 2024 273 2025 273 After 2025 547 Total lease payments $ 4,222 Less: Interest (420 ) Present value of lease liabilities $ 3,802 |
Lease, Cost [Table Text Block] | Year Ended Year Ended Lease costs (In thousands) Classification December 31, 2020 December 31, 2019 Operating lease costs General and administrative 1,270 1,336 Short-term leases General and administrative 3,483 4,840 Variable lease costs General and administrative 392 313 Sublease income General and administrative — (3 ) Net lease cost 5,145 6,486 |
Lessee Operating Lease Term And Discount Rate [Table Text Block] | Lease term and discount rate December 31, 2020 Weighted average remaining lease term in years 3.1 Weighted average discount rate 7.3 % |
Note 8 - Asset Held for Sale,_2
Note 8 - Asset Held for Sale, Asset Sales and Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | (Dollars in thousands) Number of Vessels 2020 Number of Vessels 2019 Number of Vessels 2018 Beginning balance 46 $ 39,287 — $ — — $ — Additions 32 97,664 46 66,033 — — Sales (53 ) (26,877 ) — — — — Reactivation (2 ) (500 ) — — — — Impairment — (75,177 ) — (26,746 ) — — Ending balance 23 $ 34,397 46 $ 39,287 — $ — |
Schedule Of Gain Loss On Disposition Of Assets [Table Text Block] | (Dollars in thousands) 2020 2019 2018 Vessels sold from active fleet 3 40 38 Gain on sale of active vessels, net $ 1,217 $ 2,434 $ 10,935 Vessels sold from assets held for sale 53 — — Gain on vessels sold from assets held for sale, net $ 6,384 $ — $ — Total vessels sold 56 40 38 Total gain on sales of vessels, net $ 7,601 $ 2,434 $ 10,935 |
Schedule of Asset Impairment Charges [Table Text Block] | (Dollars in thousands) Number of Vessels 2020 Number of Vessels 2019 Number of Vessels 2018 Active vessels — $ — — $ — 56 $ 61,132 Assets held for sale 47 75,177 35 26,746 — — Obsolete inventory — 2,959 — 5,223 — — Other — (4,027 ) — 5,804 — — Total impairment and other expense $ 74,109 $ 37,773 $ 61,132 |
Note 9 - Employee Retirement _2
Note 9 - Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | Actual as of Actual as of Target December 31, 2020 December 31, 2019 U.S. Pension plan: Cash — % 3 % — % Debt securities 50 % 53 % 96 % Equity securities 50 % 44 % 4 % Total 100 % 100 % 100 % |
Schedule Of Fair Value Plan Assets Measured On Recurring Basis [Table Text Block] | Quoted prices in Significant Significant active observable unobservable Measured at markets inputs inputs Net Asset (In thousands) Fair Value (Level 1) (Level 2) (Level 3) Value Pension plan measured at fair value: Equity securities, primarily exchange traded funds $ 24,947 21,780 — — 3,167 Debt securities, primarily exchange traded funds 29,922 17,925 — — 11,997 Cash and cash equivalents 1,626 — 1,626 — — Total fair value of plan assets $ 56,495 39,705 1,626 — 15,164 Quoted prices in Significant Significant active observable unobservable Measured at markets inputs inputs Net Asset (In thousands) Fair Value (Level 1) (Level 2) (Level 3) Value Pension plan measured at fair value: Equity securities: $ 699 699 — — — Debt securities: Government securities 5,870 5,870 — — — Collateralized mortgage securities 765 — 765 — — Corporate debt securities 47,839 — 47,839 — — Cash and cash equivalents 2,526 — 2,526 — — Other 1,396 — 1,396 — — Total $ 59,095 6,569 52,526 — — Accrued income 530 530 — — — Total fair value of plan assets $ 59,625 7,099 52,526 — — |
Schedule of Net Funded Status [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Change in benefit obligation: Benefit obligation at beginning of the period $ 91,654 $ 90,247 $ 103,443 Increase in benefit obligation due to business combination — — 5,474 Service cost 112 427 294 Interest cost 2,907 3,751 3,605 Benefits paid (5,990 ) (5,967 ) (5,467 ) Actuarial (gain) loss (A) 5,277 8,198 (8,105 ) Settlement (4,407 ) (4,978 ) (8,885 ) Foreign currency exchange rate changes (593 ) (24 ) (112 ) Benefit obligation at end of the period $ 88,960 $ 91,654 $ 90,247 Change in plan assets: Fair value of plan assets at beginning of the period $ 59,625 $ 56,790 $ 57,536 Increase in plan assets due to business combination — — 5,463 Actual return 6,890 7,498 (2,128 ) Expected return — — 112 Actuarial loss 18 983 (275 ) Administrative expenses (49 ) (68 ) (36 ) Employer contributions 1,615 5,027 10,546 Benefits paid (5,990 ) (5,967 ) (5,467 ) Settlement (5,000 ) (4,638 ) (8,885 ) Foreign currency exchange rate changes (614 ) — (76 ) Fair value of plan assets at end of the period 56,495 59,625 56,790 Payroll tax unrecognized in benefit obligation at end of the period — — 84 Unfunded status at end of the period $ (32,465 ) $ (32,029 ) $ (33,541 ) Net amount recognized in the balance sheet consists of: Current liabilities $ (1,524 ) $ (1,422 ) $ (1,380 ) Noncurrent liabilities (30,941 ) (30,607 ) (32,161 ) Net amount recognized $ (32,465 ) $ (32,029 ) $ (33,541 ) Other Benefits Year Ended (In thousands) December 31, 2018 Change in benefit obligation: Benefit obligation at beginning of the period $ 2,924 Service cost 61 Interest cost 117 Participant contributions 218 Plan amendment (2,954 ) Benefits paid (595 ) Actuarial loss 229 Benefit obligation at end of the period $ — Change in plan assets: Fair value of plan assets at beginning of the period $ — Employer contributions 377 Participant contributions 218 Benefits paid (595 ) Fair value of plan assets at end of the period — Unfunded status at end of the period $ — |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | December 31, December 31, (In thousands) 2020 2019 Projected benefit obligation $ 88,960 $ 91,654 Accumulated benefit obligation 88,960 91,109 Fair value of plan assets 56,495 59,625 |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Service cost $ 109 $ 427 294 Interest cost 2,907 3,751 3,605 Expected return on plan assets (2,191 ) (2,375 ) (2,042 ) Administrational expenses 49 71 36 Payroll tax of net pension costs 14 55 42 Amortization of net actuarial losses (5 ) (592 ) 30 Recognized actuarial loss — — — Settlement/Curtailment (gain) loss 738 (219 ) 335 Net periodic pension cost $ 1,621 $ 1,118 2,300 |
Schedule of Costs of Retirement Plans [Table Text Block] | Year Ended (In thousands) December 31, 2018 Service cost $ 61 Interest cost 117 Amortization of prior service cost (299 ) Recognized actuarial loss 42 Net curtailment gain (4,005 ) Net periodic postretirement benefit $ (4,084 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pension Benefits Year Ended December 31, (In thousands) 2020 2019 2018 Net (gain) loss $ (568 ) $ 2,612 (3,441 ) Settlement recognized — (182 ) (335 ) Total recognized in other comprehensive (income) loss, before tax and net of tax $ (568 ) $ 2,430 (3,776 ) Other Benefits Year Ended December 31, (In thousands) 2018 Net (gain) loss $ 229 Amortization of prior service (cost) credit 1,861 Amortization of net (loss) gain (554 ) Total recognized in other comprehensive (income) loss, before tax and net of tax $ 1,536 |
Defined Benefit Plan, Assumptions [Table Text Block] | Pension Benefits 2020 2019 Discount rate 3.5 % 4.5 % Expected long-term rate of return on assets 4.0 % 4.0 % Rates of annual increase in compensation levels 2.3 % 2.8 % |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Year ending December 31, (In thousands) Benefits 2021 $ 5,860 2022 5,833 2023 5,777 2024 5,762 2025 5,686 2026 – 2030 26,605 Total 10-year estimated future benefit payments $ 55,523 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation and Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule Of Common Stock Shares Reserved For Issuance And Shares Available For Grant [Table Text Block] | Year Ended December 31, 2020 2019 2018 Shares of common stock reserved for issuance under the plans 3,973,228 3,973,228 3,973,228 Shares of common stock available for future grants 1,591,577 2,187,101 2,325,102 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted-average Time Weight-average Grant-Date Based Grant Date Performance Fair Value Units Fair Value Based Units Non-vested balance at December 31, 2017 24.41 1,157,646 — — Granted 24.58 455,063 26.04 63,365 Vested 24.84 (503,677 ) — — Cancelled/forfeited 27.15 (27,948 ) — — Non-vested balance at December 31, 2018 24.21 1,081,084 26.04 63,365 Granted 23.44 186,143 24.50 101,143 Vested 24.45 (784,868 ) — — Cancelled/forfeited 24.70 (78,591 ) 24.50 (70,694 ) Non-vested balance at December 31, 2019 23.32 403,768 25.54 93,814 Granted 5.95 594,234 — — Vested 24.05 (265,919 ) 26.04 (63,365 ) Non-vested balance at December 31, 2020 8.95 732,083 24.50 30,449 |
Schedule Of Allocated Share Based Compensation Expense Recognized Period Costs [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Grant date fair value of restricted stock units vested $ 6,395 $ 19,193 $ 12,513 Restricted stock unit compensation expense 5,117 19,603 13,406 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- Weighted- Weighted- average Time average average Grant-Date Based Grant-Date Series A Grant-Date Series B Fair Value Shares Fair Value Warrants Fair Value Warrants Non-vested balance at December 31, 2017 $ 308.24 13,526 1.00 21,934 0.98 23,712 Vested 360.14 (8,223 ) 1.00 (13,009 ) 0.98 (14,064 ) Cancelled 240.39 (786 ) 1.00 (1,275 ) 0.98 (1,379 ) Non-vested balance at December 31, 2018 $ 226.50 4,517 1.00 7,650 2.94 8,269 Vested 226.50 (4,517 ) 1.00 (7,650 ) 2.94 (8,269 ) Non-vested balance at December 31, 2019 $ — — — — — — |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | December 31, December 31, 2020 2019 Common stock shares authorized 125,000,000 125,000,000 Common stock par value $ 0.001 $ 0.001 Common stock shares issued 40,704,984 39,941,327 Preferred stock shares authorized 3,000,000 3,000,000 Preferred stock par value No par No par Preferred stock shares issued — — |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Balance at December 31 $ (236 ) $ 2,194 $ (147 ) Pension benefits recognized in OCI (568 ) (2,430 ) 4,133 Available for sale securities recognized in OCI — — (660 ) Reclasses from OCI to net income — — (1,132 ) Balance at December 31 $ (804 ) $ (236 ) $ 2,194 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, Affected line item in the consolidated (In thousands) 2018 statements of income Retiree medical plan (1,536 ) Interest income and other, net Realized gains on available for sale securities 404 Interest and other debt costs Total pre-tax and net of tax amounts (1,132 ) |
Note 13 - Accrued Expenses, O_2
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule Of Accrued Cost And Expenses Table [Text Block] | (In thousands) 2020 2019 Payroll and related payables $ 17,201 $ 16,351 Accrued vessel expenses 17,129 38,383 Accrued interest expense 3,240 4,570 Other accrued expenses 14,852 14,696 $ 52,422 $ 74,000 |
Other Current Liabilities [Table Text Block] | (In thousands) 2020 2019 Taxes payable $ 23,883 $ 18,661 Other 8,902 5,439 $ 32,785 $ 24,100 |
Other Liabilities [Table Text Block] | (In thousands) 2020 2019 Pension liabilities $ 31,736 $ 32,545 Liability for uncertain tax positions 35,304 48,577 Other 12,752 17,275 $ 79,792 $ 98,397 |
Note 14 - Segment Information_2
Note 14 - Segment Information, Geographical Data and Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Revenues: Vessel revenues: Americas $ 126,676 136,958 118,534 Middle East/Asia Pacific 97,133 90,321 80,195 Europe/Mediterranean 83,602 123,711 56,263 West Africa 78,763 126,025 142,214 $ 386,174 477,015 397,206 Other operating revenues 10,864 9,534 9,314 $ 397,038 486,549 406,520 Vessel operating profit (loss): Americas $ 4,944 (805 ) 8,860 Middle East/Asia Pacific (5,935 ) (6,044 ) (4,417 ) Europe/Mediterranean (8,629 ) (1,289 ) (9,359 ) West Africa (27,508 ) 8,298 7,240 $ (37,128 ) 160 2,324 Other operating profit 7,458 6,734 3,742 (29,670 ) 6,894 6,066 Corporate expenses $ (35,633 ) (57,988 ) (42,972 ) Gain on asset dispositions, net 7,591 2,263 10,624 Affiliate credit loss impairment expense (52,981 ) — — Affiliate guarantee obligation (2,000 ) — — Impairment of due from affiliate — — (20,083 ) Asset impairments and other (74,109 ) (37,773 ) (61,132 ) Operating loss $ (186,802 ) (86,604 ) (107,497 ) Depreciation and amortization: Americas $ 32,079 27,493 16,047 Middle East/Asia Pacific 24,244 21,440 11,871 Europe/Mediterranean 29,222 30,053 11,385 West Africa 27,787 21,166 16,612 Corporate and other 3,377 1,779 2,378 $ 116,709 101,931 58,293 Additions to properties and equipment: Americas $ 2,842 969 3,771 Middle East/Asia Pacific 2,629 5,237 2,982 Europe/Mediterranean 1,059 4,001 185 West Africa 6,028 2,721 10,135 Corporate 2,342 5,070 4,318 $ 14,900 17,998 21,391 Total assets: Americas $ 338,649 375,297 380,168 Middle East/Asia Pacific 226,422 270,413 233,611 Europe/Mediterranean 302,214 358,943 316,524 West Africa 242,825 376,087 483,234 Investments in and advances to unconsolidated companies and other — — 8,479 Corporate 141,067 198,788 405,723 $ 1,251,177 1,579,528 1,827,739 |
Entity Wide Major Customer Amount [Table Text Block] | Year Ended December 31, 2020 2019 2018 Chevron Corporation 14.3 % 13.0 % 15.0 % Saudi Aramco 11.5 % * * |
Note 15 - Restructuring Charg_2
Note 15 - Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Lease Exit Costs Severance Europe/ (In thousands) Mediterranean Corporate Company Total Balance at December 31, 2018 $ 2,005 4,463 285 $ 6,753 Charges (credits) 44 (33 ) 6,811 6,822 Cash payments (258 ) (2,112 ) (6,824 ) (9,194 ) Balance at December 31, 2019 $ 1,791 2,318 272 $ 4,381 Charges 71 63 1,367 1,501 Cash payments (306 ) (602 ) (1,639 ) (2,547 ) Balance at December 31, 2020 $ 1,556 1,779 — $ 3,335 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance Balance at at Beginning Additions End of Description of period at Cost Deductions Period Year Ended December 31, 2018 Deducted in balance sheet from trade accounts receivables: Allowance for doubtful accounts $ 1,800 900 — 2,700 Year Ended December 31, 2019 Deducted in balance sheet from trade accounts receivables: Allowance for doubtful accounts $ 2,700 — 2,630 70 Year Ended December 31, 2020 Deducted in balance sheet from trade accounts receivables: Allowance for credit losses $ 70 1,446 — 1,516 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020shares | Dec. 31, 2019shares | Jan. 01, 2020USD ($) | Dec. 31, 2018shares | |
Highly Liquid Investments Maturity Period (Year) | 3 years | |||
Inspection Interval (Year) | 5 | |||
Increase Of Amortization Period (Month) | 30 months | |||
Number Of Offshore Supply Vessels | 172 | 217 | ||
Number Of Vessels Disposed | 23 | 46 | ||
Number Of Assets Held For Sale | 23 | |||
Accounting Standards Update 2016-13 [Member] | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ | $ 0.2 | |||
Out-of-the-money Warrants [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | shares | 5,923,399 | 5,923,399 | 5,923,399 | |
Marine Equipment [Member] | ||||
Property, Plant and Equipment, Salvage Value, Percentage | 7.50% | |||
Marine Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Marine Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||
Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Remaining Number Of Vessels [Member] | ||||
Number of Vessels | 149 | |||
Actively Employed Vessels [Member] | ||||
Number of Vessels | 114 | |||
Stacked Vessels [Member] | ||||
Number of Vessels | 35 | 19 |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Vessels and related equipment | $ 940,175 | $ 1,051,558 |
Other properties and equipment | 16,861 | 13,119 |
Property, Plant and Equipment, Gross, Ending Balance | 957,036 | 1,064,677 |
Less accumulated depreciation and amortization | 176,718 | 125,716 |
Net properties and equipment | $ 780,318 | $ 938,961 |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net loss available to common shareholders | $ (196,242) | $ (141,743) | $ (171,517) | |
Weighted average outstanding shares of common stock, basic (in shares) | 40,354,638 | 38,204,934 | 26,589,883 | |
Dilutive effect of options, warrants and stock awards (in shares) | 0 | 0 | 0 | |
Weighted average common stock and equivalents (in shares) | 40,354,638 | 38,204,934 | 26,589,883 | |
Loss per share, basic (in dollars per share) | $ (4.86) | $ (3.71) | $ (6.45) | |
Loss per share, diluted (in dollars per share) | $ (4.86) | $ (3.71) | $ (6.45) | |
In The Money Options Warrants And Restricted Stock Awards And Units [Member] | ||||
Incremental "in-the-money" options, warrants, and restricted stock awards and units outstanding at the end of the period (A) (in shares) | [1] | 2,235,310 | 2,483,956 | 5,282,574 |
[1] | For years ended December 31, 2020, 2019 and 2018 we also had 5,923,399 shares of “out-of- the-money” warrants outstanding at the end of each period. |
Note 1 - Nature of Operations_6
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Affiliate credit loss impairment expense | $ 52,981 | $ 0 | $ 0 |
Trade Accounts Receivable [Member] | |||
Balance | 70 | ||
Affiliate credit loss impairment expense | 1,283 | ||
Other | 0 | ||
Balance | 1,516 | 70 | |
Trade Accounts Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 163 | ||
Balance | 163 | ||
Due from Affiliate [Member] | |||
Balance | 20,083 | ||
Affiliate credit loss impairment expense | 52,981 | ||
Other | (1,264) | ||
Balance | 71,800 | 20,083 | |
Due from Affiliate [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | $ 0 | ||
Balance | $ 0 |
Note 2 - Business Combination_2
Note 2 - Business Combination (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 397,038 | $ 486,549 | $ 406,520 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 360,701 | ||
Gulf Mark Term Loan Facility [Member] | |||
Long-term Line of Credit, Total | 100,000 | ||
Repayments of Lines of Credit | 100,000 | ||
Gulf Mark Offshore Inc [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 12,700 | ||
Business Combination, Consideration Transferred, Total | $ 385,500 | 30,600 | |
Business Combination Stock Conversion Ratio | 1.1 | ||
Property And Equipment Acquired In Business Combination | 65 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | $ 361,000 | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||
Gulf Mark Offshore Inc [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 1 year | ||
Gulf Mark Offshore Inc [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 18 years | ||
Gulf Mark Offshore Inc [Member] | Gulf Mark Term Loan Facility [Member] | General and Administrative Expense [Member] | |||
Business Combination, Acquisition Related Costs | $ 9,000 |
Note 2 - Business Combination -
Note 2 - Business Combination - Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Current assets | $ 77,942 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 360,701 |
Other assets | 779 |
Current liabilities | 33,881 |
Long term debt | 100,000 |
Other liabilities | 20,049 |
Net assets acquired | $ 285,492 |
Note 2 - Business Combination_3
Note 2 - Business Combination - Pro Forma Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Revenues | $ | $ 500,118 |
Net loss | $ | $ (196,057) |
Basic loss per common share (in dollars per share) | $ / shares | $ (5.66) |
Diluted loss per common share (in dollars per share) | $ / shares | $ (5.66) |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - Vessel [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Current Assets [Member] | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 2.2 | $ 4.1 |
Other Assets [Member] | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 4.3 | 0.8 |
Other Current Liabilities [Member] | ||
Contract with Customer, Liability, Current | $ 0.4 | $ 1 |
Note 4 - Indebtedness (Details
Note 4 - Indebtedness (Details Textual) $ in Thousands, kr in Millions | 1 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014NOK (kr) | Nov. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Nov. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Jul. 31, 2017 | |
Restricted Cash, Current | $ 2,079 | $ 2,079 | $ 5,755 | ||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | $ 0 | $ (8,119) | ||||||||||
Gulf Mark Offshore Inc [Member] | Gulf Mark Term Loan Facility [Member] | |||||||||||||
Repayments of Debt | 100,000 | ||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 8,100 | ||||||||||||
Senior Notes [Member] | Troms Offshore [Member] | Plan Of Reorganization [Member] | |||||||||||||
Percentage Of Required Principal Payments Due From Effective Date | 50.00% | ||||||||||||
Number Of Vessels Mortgaged | 6 | ||||||||||||
Debt Instrument, Covenant, Obligation to Prepay, Additional Amount, Maximum | 45,000 | 45,000 | |||||||||||
Repayments of Long-term Debt, Total | 12,500 | ||||||||||||
Senior Notes [Member] | Troms Offshore [Member] | Plan Of Reorganization [Member] | Current Portion of long-term Debt [Member] | |||||||||||||
Long-Term Debt, Maturity, Year One | 22,800 | 22,800 | |||||||||||
Tender Offer [Member] | |||||||||||||
Debt Instrument, Repurchased Face Amount | $ 125,000 | ||||||||||||
Premium Paid On Debt Repurchase | 8.50% | ||||||||||||
Debt Instrument, Repurchase Amount | $ 135,600 | ||||||||||||
Cost Associated With Debt Modification | $ 11,400 | ||||||||||||
Tender Offer [Member] | Senior Notes [Member] | Maximum [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 25,400 | $ 24,700 | |||||||||||
The 8.00% Senior Secured Notes due August 2022 [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 350,000 | $ 350,000 | $ 100 | $ 40 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 50,000 | $ 27,700 | |||||||||||
Debt Instrument, Repurchase Amount | 50,300 | ||||||||||||
Debt Instrument, Repurchase Premium (Discount) Amount | $ 600 | ||||||||||||
The 8.00% Senior Secured Notes due August 2022 [Member] | Tender Offer [Member] | |||||||||||||
Percentage Of Proceeds From Asset Sales Net Of Commission Paid | 65.00% | ||||||||||||
The 8.00% Senior Secured Notes due August 2022 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||
Debt Instrument, Fair Value Disclosure, Total | $ 141,400 | $ 141,400 | |||||||||||
NOK Denominated Notes Due May 2024 and January 2026 [Member] | Troms Offshore [Member] | |||||||||||||
Debt Instrument, Term (Year) | 12 years | ||||||||||||
NOK Denominated Notes Due January 2026 [Member] | Troms Offshore [Member] | |||||||||||||
Debt Instrument, Face Amount | kr | kr 504.4 | ||||||||||||
NOK Denominated Notes Due January 2026 [Member] | Fair Value, Inputs, Level 2 [Member] | Troms Offshore [Member] | |||||||||||||
Debt Instrument, Fair Value Disclosure, Total | 14,789 | 14,789 | $ 20,792 | ||||||||||
USD Denominated Notes Due January 2027 [Member] | Troms Offshore [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 60,800 | ||||||||||||
Debt Instrument, Term (Year) | 12 years | ||||||||||||
USD Denominated Notes Due January 2027 [Member] | Maximum [Member] | Troms Offshore [Member] | |||||||||||||
Capitalization Rate | 6.13% | ||||||||||||
USD Denominated Notes Due January 2027 [Member] | Minimum [Member] | Troms Offshore [Member] | |||||||||||||
Capitalization Rate | 4.56% | ||||||||||||
USD Denominated Notes Due January 2027 [Member] | Fair Value, Inputs, Level 2 [Member] | Troms Offshore [Member] | |||||||||||||
Debt Instrument, Fair Value Disclosure, Total | $ 15,040 | $ 15,040 | $ 20,278 |
Note 4 - Indebtedness - Summary
Note 4 - Indebtedness - Summary of Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term debt, gross | $ 197,975 | $ 297,659 |
Debt premium and discount, net | (5,244) | (8,725) |
Less: Current portion of long-term debt | (27,797) | (9,890) |
Total long-term debt | 164,934 | 279,044 |
The 8.00% Senior Secured Notes due August 2022 [Member] | ||
Long-term debt, gross | 147,049 | 224,793 |
NOK Denominated Notes Due May 2024 [Member] | Troms Offshore [Member] | ||
Long-term debt, gross | 5,954 | 10,260 |
NOK Denominated Notes Due January 2026 [Member] | Troms Offshore [Member] | ||
Long-term debt, gross | 14,559 | 20,788 |
USD Denominated Notes Due January 2027 [Member] | Troms Offshore [Member] | ||
Long-term debt, gross | 14,744 | 20,273 |
USD Denominated Notes Due April 2027 [Member] | Troms Offshore [Member] | ||
Long-term debt, gross | $ 15,669 | $ 21,545 |
Note 4 - Indebtedness - Summa_2
Note 4 - Indebtedness - Summary of Debt Outstanding (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
The 8.00% Senior Secured Notes due August 2022 [Member] | ||
Interest rate | 8.00% | 8.00% |
Maturity date | Aug. 31, 2022 | Aug. 31, 2022 |
NOK Denominated Notes Due May 2024 [Member] | Troms Offshore [Member] | ||
Maturity date | May 31, 2024 | May 31, 2024 |
NOK Denominated Notes Due January 2026 [Member] | Troms Offshore [Member] | ||
Maturity date | Jan. 31, 2026 | Jan. 31, 2026 |
USD Denominated Notes Due January 2027 [Member] | Troms Offshore [Member] | ||
Maturity date | Jan. 31, 2027 | Jan. 31, 2027 |
USD Denominated Notes Due April 2027 [Member] | Troms Offshore [Member] | ||
Maturity date | Apr. 30, 2027 | Apr. 30, 2027 |
Note 4 - Indebtedness - Schedul
Note 4 - Indebtedness - Schedule of Debt (Details) - Troms Offshore [Member] kr in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020NOK (kr) | Dec. 31, 2019USD ($) | Dec. 31, 2019NOK (kr) |
NOK Denominated Notes Due May 2024 [Member] | ||||
Amount outstanding | $ 5,954 | kr 51,120 | $ 10,260 | kr 89,460 |
NOK Denominated Notes Due May 2024 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value in U.S. dollar equivalent (Level 2) | 5,954 | 10,259 | ||
NOK Denominated Notes Due January 2026 [Member] | ||||
Amount outstanding | 14,559 | kr 125,000 | 20,788 | kr 181,250 |
NOK Denominated Notes Due January 2026 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value in U.S. dollar equivalent (Level 2) | 14,789 | 20,792 | ||
USD Denominated Notes Due January 2027 [Member] | ||||
Amount outstanding | 14,744 | 20,273 | ||
USD Denominated Notes Due January 2027 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value in U.S. dollar equivalent (Level 2) | 15,040 | 20,278 | ||
USD Denominated Notes Due April 2027 [Member] | ||||
Amount outstanding | 15,669 | 21,545 | ||
USD Denominated Notes Due April 2027 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value in U.S. dollar equivalent (Level 2) | $ 15,775 | $ 21,546 |
Note 4 - Indebtedness - Interes
Note 4 - Indebtedness - Interest and Debt Costs Incurred, Net of Interest Capitalized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and debt costs incurred, net of interest capitalized | $ 24,156 | $ 29,068 | $ 30,439 |
Interest costs capitalized | 0 | 0 | 521 |
Total interest and debt costs | $ 24,156 | $ 29,068 | $ 30,960 |
Note 5 - Investment in Uncons_3
Note 5 - Investment in Unconsolidated Affiliates (Details Textual) $ in Thousands, Kz in Millions | Jun. 22, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020AOA (Kz) |
Due from Affiliate, Current | $ 62,050 | $ 125,972 | ||||
Assets, Current, Total | 388,649 | 537,296 | ||||
Asset Impairment Charges, Total | 74,109 | 37,773 | $ 61,132 | |||
Accounts Receivable, Credit Loss Expense (Reversal) | 52,981 | 0 | 0 | |||
Due to Affiliate, Current | 53,194 | 50,186 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 397,038 | 486,549 | 406,520 | |||
Sonatide Marine Ltd [Member] | ||||||
Dividends, Total | $ 35,000 | |||||
Cash, Ending Balance | 9,400 | Kz 1.6 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 9,800 | |||||
Assets, Current, Total | 19,200 | |||||
Sonatide Marine Ltd [Member] | ||||||
Due from Affiliate, Current | 41,600 | 89,200 | ||||
Proceeds from Dividends Received | $ 17,200 | |||||
Asset Impairment Charges, Total | 20,000 | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 40,900 | 0 | $ 20,083 | |||
Due to Affiliate, Current | $ 32,800 | $ 31,500 | ||||
Number of Stacked Vessels | 2 | |||||
Sonatide Marine Ltd [Member] | ANGOLA | ||||||
Number of Stacked Vessels | 6 | 13 | 16 | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 45,300 | $ 52,100 | $ 59,000 | |||
Sales Revenue Services Percentage | 11.70% | 10.90% | 15.00% | |||
Number of Vessels | 23 | 32 | 37 | |||
Sonatide Marine Ltd [Member] | Sonangol [Member] | ||||||
Proceeds from Dividends Received | $ 17,800 | |||||
DTDW [Member] | ||||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 12,100 | |||||
Number of Vessels | 1 | |||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | ||||
Equity Method Investment, Ownership Percentage by Other Owners | 60.00% | 60.00% | ||||
Secured Long-term Debt, Noncurrent | $ 4,700 | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,000 |
Note 5 - Investment in Uncons_4
Note 5 - Investment in Unconsolidated Affiliates - Related Party Transaction (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Angolan joint venture (Sonatide) | $ 62,050 | $ 125,972 |
Sonatide | 53,194 | 50,186 |
Due from affiliates, net of due to affiliates | 8,856 | 75,786 |
Sonatide Marine Ltd [Member] | ANGOLA | ||
Angolan joint venture (Sonatide) | 41,623 | 89,246 |
Sonatide | 32,767 | 31,475 |
DTDW [Member] | NIGERIA | ||
Angolan joint venture (Sonatide) | 20,427 | 36,726 |
Sonatide | $ 20,427 | $ 18,711 |
Note 5 - Investment in Uncons_5
Note 5 - Investment in Unconsolidated Affiliates - Company Operations Due from Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Less impairment of due from affiliate | $ (52,981) | $ 0 | $ 0 | |
Due to Sonatide at beginning of year | 31,475 | 29,347 | 99,448 | |
Plus commissions payable to Sonatide | 4,152 | 4,937 | 5,502 | |
Plus amounts paid by Sonatide on behalf of the company | 9,037 | 9,654 | 14,778 | |
Less commissions paid to Sonatide | 0 | (5,961) | (13,906) | |
Less amounts used to offset Due from Sonatide obligations (A) | [1] | (11,848) | (10,551) | (78,993) |
Other | (49) | 4,049 | 2,518 | |
Due to Affiliate | 32,767 | 31,475 | 29,347 | |
Sonatide Marine Ltd [Member] | ||||
Due from Sonatide at beginning of year | 89,246 | 109,176 | 230,315 | |
Revenue earned by the company through Sonatide | 44,254 | 52,372 | 56,916 | |
Less amounts received from Sonatide | (36,160) | (60,486) | (76,878) | |
Less amounts used to offset Due to Sonatide obligations (A) | [1] | (11,848) | (10,551) | (78,993) |
Less impairment of due from affiliate | (40,900) | 0 | (20,083) | |
Other | (2,969) | (1,265) | (2,101) | |
Due from Affiliates | $ 41,623 | $ 89,246 | $ 109,176 | |
[1] | We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Nov. 15, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Income Tax Benefit, Cares Act | $ 6,900 | ||
Additional Interest Expense Deduction , CARES Act | 6,000 | ||
Annual Limitation Of Companys Ownership Change | 15,000 | ||
Deferred Tax Assets, Valuation Allowance, Total | 140,428 | $ 103,496 | |
Undistributed Earnings of Foreign Subsidiaries | 140,800 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 22,100 | 24,800 | |
Foreign Tax Credits and Other Tax Attributes | 337,900 | ||
Unrecognized Tax Benefits, Period Increase (Decrease), Total | 5,900 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 35,300 | 48,600 | |
Domestic Tax Authority [Member] | |||
Taxable Income Limitation With Indefinite Carryover Percentage | 80.00% | ||
Operating Loss Carryforwards, Total | $ 320,700 | 300,000 | |
Domestic Tax Authority [Member] | IRC Section382 Limitation [Member] | |||
Operating Loss Carryforwards, Total | 159,300 | $ 145,900 | |
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 110,900 | ||
Tax Credit Carryforward, Amount | 387,400 | ||
Gulf Mark Offshore Inc [Member] | |||
Annual Limitation Of Companys Ownership Change | $ 7,000 | ||
Other Liabilities [Member] | Gulf Mark Offshore Inc [Member] | |||
Deferred Income Tax Liabilities, Net, Total | $ 1,000 |
Note 6 - Income Taxes - Losses
Note 6 - Income Taxes - Losses Before Income Tax Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-U.S. | $ (137,225) | $ (44,205) | $ (99,607) |
United States | (60,436) | (69,290) | (53,912) |
Loss before income taxes | $ (197,661) | $ (113,495) | $ (153,519) |
Note 6 - Income Taxes - Compone
Note 6 - Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current, federal | $ (21,005) | $ 649 | $ 962 |
Current, state | 0 | 0 | 0 |
Current, non-U.S. | 18,816 | 26,403 | 16,718 |
Current, total | (2,189) | 27,052 | 17,680 |
Deferred, federal | (30) | 672 | 531 |
Deferred, state | 0 | 0 | 250 |
Deferred, non-U.S. | 1,254 | 0 | (209) |
Deferred, total | 1,224 | 672 | 572 |
Federal | (21,035) | 1,321 | 1,493 |
State | 0 | 0 | 250 |
Non-U.S. | 20,070 | 26,403 | 16,509 |
Income Tax Expense (Benefit), Total | $ (965) | $ 27,724 | $ 18,252 |
Note 6 - Income Taxes - Income
Note 6 - Income Taxes - Income Tax Expense Benefit Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Computed “expected” tax benefit | $ (41,509) | $ (23,834) | $ (32,239) |
Foreign income taxed at different rates | 27,639 | 9,283 | 20,917 |
Uncertain tax positions | (62,833) | 5,145 | 2,264 |
Nondeductible transaction costs | 0 | 0 | 1,091 |
Valuation allowance – deferred tax assets | 43,455 | 15,707 | 38,778 |
Valuation allowance -deferred tax true-up | (6,523) | 0 | 0 |
Deferred tax true-up | 6,523 | 0 | 0 |
Foreign taxes | 12,520 | 20,778 | 13,012 |
State taxes | 0 | 0 | 246 |
Return to accrual | 11,401 | (2,247) | (28,176) |
162(m) - Executive compensation | 286 | 28 | 2,818 |
Subpart F income | 5,631 | 1,227 | 0 |
Other, net | 2,445 | 1,637 | (459) |
Income Tax Expense (Benefit), Total | $ (965) | $ 27,724 | $ 18,252 |
Note 6 - Income Taxes - Deferre
Note 6 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued employee benefit plan costs | $ 8,815 | $ 7,422 |
Stock based compensation | 407 | 972 |
Net operating loss and tax credit carryforwards | 148,699 | 99,281 |
Restructuring fees not currently deductible for tax purposes | 1,415 | 2,264 |
Disallowed business interest expense carryforward | 5,546 | 5,105 |
Other | 2,518 | 3,380 |
Gross deferred tax assets | 167,400 | 118,424 |
Less valuation allowance | (140,428) | (103,496) |
Net deferred tax assets | 26,972 | 14,928 |
Depreciation and amortization | (25,883) | (11,246) |
Outside basis difference deferred tax liability | (2,891) | (2,892) |
Foreign interest withholding tax | (859) | 0 |
Other | (754) | (2,981) |
Gross deferred tax liabilities | (30,387) | (17,119) |
Net deferred tax assets (liabilities) | $ (3,415) | $ (2,191) |
Note 6 - Income Taxes - Uncerta
Note 6 - Income Taxes - Uncertain Tax Positions and Income Tax Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Tax liabilities for uncertain tax positions | $ 35,304 | $ 48,577 |
Income tax payable | 15,928 | 13,760 |
Income tax receivable | $ 8,280 | $ 3,798 |
Note 6 - Income Taxes - Summary
Note 6 - Income Taxes - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Balance | $ 414,042 | [1] | $ 399,292 | [1] | $ 404,571 | |
Additions from GulfMark business combination | 8,857 | |||||
Additions based on tax positions related to a prior year | 2,223 | 1,964 | 6,903 | |||
Settlement and lapse of statute of limitations | (64,458) | (1,897) | (2,953) | |||
Reductions based on tax positions related to a prior year | (760) | (58) | (18,086) | |||
Additions based on tax positions related to the current year | 14,741 | |||||
Balance | [1] | $ 351,047 | $ 414,042 | $ 399,292 | ||
[1] | The gross balance reported as uncertain tax positions is largely offset by $335.0 million of foreign tax credits and other tax attributes. |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Payments | $ 1 | $ 1.4 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0.3 | $ 0.8 |
Minimum [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Member] | ||
Operating | $ 3,372 | $ 4,338 |
Other Current Liabilities [Member] | ||
Operating | 1,134 | 501 |
Other Noncurrent Liabilities [Member] | ||
Operating | 2,668 | 4,274 |
Other Liabilities [Member] | ||
Present value of lease liabilities | $ 3,802 | $ 4,775 |
Note 7 - Leases - Maturity of L
Note 7 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 1,318 | |
2022 | 1,094 | |
2023 | 717 | |
2024 | 273 | |
2025 | 273 | |
After 2025 | 547 | |
Total lease payments | 4,222 | |
Less: Interest | (420) | |
Other Liabilities [Member] | ||
Present value of lease liabilities | $ 3,802 | $ 4,775 |
Note 7 - Leases - Lease Costs (
Note 7 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease costs | $ 1,270 | $ 1,336 |
Short-term leases | 3,483 | 4,840 |
Variable lease costs | 392 | 313 |
Sublease income | 0 | (3) |
Net lease cost | $ 5,145 | $ 6,486 |
Note 7 - Leases - Lease Term an
Note 7 - Leases - Lease Term and Discount Rate (Details) | Dec. 31, 2020 |
Weighted average remaining lease term in years (Year) | 3 years 1 month 6 days |
Weighted average discount rate | 7.30% |
Note 8 - Asset Held for Sale,_3
Note 8 - Asset Held for Sale, Asset Sales and Asset Impairments (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2011USD ($) | |
Number of Vessels, Held for Sale, Addition | 46 | 32 | |||||
Number of Vessels, Held for Sale, Addition,Percentage | 20.00% | ||||||
Number of Vessels, Held for Sale, Sold | 53 | ||||||
Number of Vessels, Transfer from Held for Sale to Active Fleet | 2 | ||||||
Number of Vessels, Held for Sale | 23 | 23 | 23 | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 75,200 | ||||||
Asset Impairment Charges, Total | 74,109 | $ 37,773 | $ 61,132 | ||||
Other Assets, Total | $ 1,800 | ||||||
Unpaid Milestone Payments | 4,000 | ||||||
Impairment Charge On Under Construction Asset | $ 5,800 | ||||||
Expense Recovered on contract to Shipyard | $ 4,000 | ||||||
Vessel, Obsolete Inventory [Member] | |||||||
Asset Impairment Charges, Total | $ 5,200 | $ 2,959 | $ 5,223 | $ 0 |
Note 8 - Asset Held for Sale,_4
Note 8 - Asset Held for Sale, Asset Sales and Asset Impairments - Activity in Assets Held for Sale (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Additions | 46 | 32 | |||
Sales | (53) | ||||
Ending balance | 23 | 23 | |||
Vessels Held for Sale [Member] | |||||
Beginning balance | 46 | 0 | 0 | ||
Beginning balance | $ 39,287 | $ 0 | $ 0 | ||
Additions | 32 | 46 | 0 | ||
Additions | $ 97,664 | $ 66,033 | $ 0 | ||
Sales | (53) | 0 | 0 | ||
Sales | $ (26,877) | $ 0 | $ 0 | ||
Reactivation | (2) | 0 | 0 | ||
Reactivation | $ (500) | $ 0 | $ 0 | ||
Impairment | $ (75,177) | $ (26,746) | $ 0 | ||
Ending balance | 46 | 23 | 23 | 46 | 0 |
Ending balance | $ 39,287 | $ 34,397 | $ 34,397 | $ 39,287 | $ 0 |
Note 8 - Asset Held for Sale,_5
Note 8 - Asset Held for Sale, Asset Sales and Asset Impairments - Summary of Vessel Sales and Gains on Sales of Vessels (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Gain on sale of vessels | $ 7,591 | $ 2,263 | $ 10,624 |
Vessels sold from assets held for sale | 53 | ||
Vessels Held for Sale [Member] | |||
Gain on sale of vessels | $ 6,384 | $ 0 | $ 0 |
Vessels sold from assets held for sale | 53 | 0 | 0 |
Vessels, Active Fleet [Member] | |||
Vessels sold from active fleet | 3 | 40 | 38 |
Gain on sale of vessels | $ 1,217 | $ 2,434 | $ 10,935 |
Vessel [Member] | |||
Gain on sale of vessels | $ 7,601 | $ 2,434 | $ 10,935 |
Total vessels sold | 56 | 40 | 38 |
Note 8 - Asset Held for Sale,_6
Note 8 - Asset Held for Sale, Asset Sales and Asset Impairments - Summary of Impairment of Vessels (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Impairment and other expense | $ 74,109 | $ 37,773 | $ 61,132 | |
Vessels Held for Sale [Member] | ||||
Impairment and other expense | $ 75,177 | $ 26,746 | $ 0 | |
Assets held for sale | 47 | 35 | 0 | |
Vessels, Active Fleet [Member] | ||||
Active vessels | 0 | 0 | 56 | |
Impairment and other expense | $ 0 | $ 0 | $ 61,132 | |
Vessel, Obsolete Inventory [Member] | ||||
Impairment and other expense | $ 5,200 | $ 2,959 | $ 5,223 | $ 0 |
Obsolete inventory | 0 | 0 | 0 | |
Vessel, Other [Member] | ||||
Other | 0 | 0 | 0 | |
Other, impairment | $ (4,027) | $ 5,804 | $ 0 |
Note 9 - Employee Retirement _3
Note 9 - Employee Retirement Plans (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,615 | $ 5,027 | $ 10,546 | ||
Defined Benefit Plan Concentration Risk Assets Equity Securities Difference Plan Assets And Liabilities | 25.00% | ||||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ 0 | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 3.50% | |||
Defined Contribution Plan Company Contribution Percentage | 3.00% | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 1,100 | 0 | ||
Supplemental Employee Retirement Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,600 | 3,200 | 900 | ||
Supplemental Employee Retirement Plan [Member] | Chief Executive Officer [Member] | |||||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | $ 8,900 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (300) | ||||
Postretirement Health Coverage [Member] | |||||
Gain (Loss) On Termination Of Post Retirement Benefit Plan | $ 4,000 | ||||
Retirement Plans Contributions [Member] | |||||
Defined Contribution Plan Company Contribution Vesting Period (Year) | 5 years | ||||
Defined Contribution Saving Plan, A401 K [Member] | |||||
Defined Contribution Plan Company Contribution Vesting Period (Year) | 5 years | ||||
Defined Contribution Plan, Percent, Contributed By Employee Minimum | 2.00% | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 8.00% | 50.00% | |||
Common Stock, Shares Held in Employee Trust, Shares (in shares) | 7,075 | ||||
Multinational Retirement Plan [Member] | |||||
Defined Contribution Plan Company Contribution Vesting Period (Year) | 5 years | ||||
Defined Contribution Plan, Percent, Contributed By Employee Minimum | 1.00% | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6.00% | 50.00% | |||
Merchant Navy Officers Pension Fund [Member] | |||||
Postemployment Benefits Liability, Total | $ 700 | $ 1,000 | |||
Postemployment Benefits, Period Expense | $ 200 |
Note 9 - Employee Retirement _4
Note 9 - Employee Retirement Plans - Allocation of Plan Assets (Details) - UNITED STATES | Dec. 31, 2020 | Dec. 31, 2019 |
Target Allocation | 100.00% | |
Weighted Average Allocation | 100.00% | 100.00% |
Defined Benefit Plan, Cash [Member] | ||
Target Allocation | 0.00% | |
Weighted Average Allocation | 3.00% | 0.00% |
Defined Benefit Plan, Debt Security [Member] | ||
Target Allocation | 50.00% | |
Weighted Average Allocation | 53.00% | 96.00% |
Defined Benefit Plan, Equity Securities [Member] | ||
Target Allocation | 50.00% | |
Weighted Average Allocation | 44.00% | 4.00% |
Note 9 - Employee Retirement _5
Note 9 - Employee Retirement Plans - Pension Plan Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value of plan assets | $ 56,495 | $ 59,625 | $ 56,790 | $ 57,536 |
Pension Plan [Member] | ||||
Total | 59,095 | |||
Accrued income | 530 | |||
Pension Plan [Member] | Change In Plan Assets [Member] | ||||
Fair value of plan assets | 56,495 | 59,625 | ||
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Total | 6,569 | |||
Accrued income | 530 | |||
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | Change In Plan Assets [Member] | ||||
Fair value of plan assets | 39,705 | 7,099 | ||
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Total | 52,526 | |||
Accrued income | 0 | |||
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | Change In Plan Assets [Member] | ||||
Fair value of plan assets | 1,626 | 52,526 | ||
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Total | 0 | |||
Accrued income | 0 | |||
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Change In Plan Assets [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Change In Plan Assets [Member] | ||||
Fair value of plan assets | 15,164 | |||
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | ||||
Fair value of plan assets | 24,947 | 699 | ||
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 21,780 | 699 | ||
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Fair value of plan assets | 3,167 | 0 | ||
Total | 0 | |||
Accrued income | 0 | |||
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | ||||
Fair value of plan assets | 29,922 | |||
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 17,925 | |||
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Fair value of plan assets | 11,997 | |||
Pension Plan [Member] | US Government Agencies Debt Securities [Member] | ||||
Fair value of plan assets | 5,870 | |||
Pension Plan [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 5,870 | |||
Pension Plan [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||||
Fair value of plan assets | 1,626 | 2,526 | ||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 1,626 | 2,526 | ||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Fair value of plan assets | $ 0 | |||
Pension Plan [Member] | Collateralized Mortgage Backed Securities [Member] | ||||
Fair value of plan assets | 765 | |||
Pension Plan [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 765 | |||
Pension Plan [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | ||||
Fair value of plan assets | 47,839 | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 47,839 | |||
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | Defined Benefit Plan Other Asset [Member] | ||||
Fair value of plan assets | 1,396 | |||
Pension Plan [Member] | Defined Benefit Plan Other Asset [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | |||
Pension Plan [Member] | Defined Benefit Plan Other Asset [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 1,396 | |||
Pension Plan [Member] | Defined Benefit Plan Other Asset [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | $ 0 |
Note 9 - Employee Retirement _6
Note 9 - Employee Retirement Plans - Net Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Benefit obligation at beginning of the period | $ 91,654 | $ 90,247 | $ 103,443 | |
Increase in benefit obligation due to business combination | 0 | 0 | 5,474 | |
Service cost | 112 | 427 | 294 | |
Interest cost | 2,907 | 3,751 | 3,605 | |
Benefits paid | (5,990) | (5,967) | (5,467) | |
Actuarial (gain) loss (A) | [1] | 5,277 | 8,198 | (8,105) |
Settlement | (4,407) | (4,978) | (8,885) | |
Foreign currency exchange rate changes | (593) | (24) | (112) | |
Benefit obligation at end of the period | 88,960 | 91,654 | 90,247 | |
Fair value of plan assets at beginning of the period | 59,625 | 56,790 | 57,536 | |
Increase in plan assets due to business combination | 0 | 0 | 5,463 | |
Actual return | 6,890 | 7,498 | (2,128) | |
Expected return | 0 | 0 | 112 | |
Actuarial loss | 18 | 983 | (275) | |
Administrative expenses | (49) | (68) | (36) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,615 | 5,027 | 10,546 | |
Benefits paid | (5,990) | (5,967) | (5,467) | |
Settlement | (5,000) | (4,638) | (8,885) | |
Foreign currency exchange rate changes | (614) | 0 | (76) | |
Fair value of plan assets at end of the period | 56,495 | 59,625 | 56,790 | |
Payroll tax unrecognized in benefit obligation at end of the period | 0 | 0 | 84 | |
Unfunded status at end of the period | (32,465) | (32,029) | (33,541) | |
Current liabilities | (1,524) | (1,422) | (1,380) | |
Noncurrent liabilities | (30,941) | (30,607) | (32,161) | |
Net amount recognized | $ (32,465) | (32,029) | (33,541) | |
Other Pension Plan [Member] | ||||
Benefit obligation at beginning of the period | 0 | 2,924 | ||
Service cost | 61 | |||
Interest cost | 117 | |||
Benefits paid | (595) | |||
Actuarial (gain) loss (A) | 229 | |||
Benefit obligation at end of the period | 0 | |||
Fair value of plan assets at beginning of the period | $ 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 377 | |||
Benefits paid | (595) | |||
Fair value of plan assets at end of the period | 0 | |||
Unfunded status at end of the period | 0 | |||
Participant contributions | 218 | |||
Plan amendment | (2,954) | |||
Participant contributions | $ 218 | |||
[1] | The change in the actuarial (gain) loss for the three years ended December 31, 2020 was primarily attributable to changes in the discount rate. |
Note 9 - Employee Retirement _7
Note 9 - Employee Retirement Plans - Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Projected benefit obligation | $ 88,960 | $ 91,654 | $ 90,247 | $ 103,443 |
Accumulated benefit obligation | 88,960 | 91,109 | ||
Fair value of plan assets | $ 56,495 | $ 59,625 | $ 56,790 | $ 57,536 |
Note 9 - Employee Retirement _8
Note 9 - Employee Retirement Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Service cost | $ 112 | $ 427 | $ 294 |
Interest cost | 2,907 | 3,751 | 3,605 |
Administrational expenses | 49 | 68 | 36 |
Pension Plan And Supplemental Plan [Member] | |||
Service cost | 109 | 427 | 294 |
Interest cost | 2,907 | 3,751 | 3,605 |
Expected return on plan assets | (2,191) | (2,375) | (2,042) |
Administrational expenses | 49 | 71 | 36 |
Payroll tax of net pension costs | 14 | 55 | 42 |
Amortization of net actuarial losses | (5) | (592) | 30 |
Recognized actuarial loss | 0 | 0 | 0 |
Settlement/Curtailment (gain) loss | 738 | (219) | 335 |
Net periodic pension cost | $ 1,621 | $ 1,118 | $ 2,300 |
Note 9 - Employee Retirement _9
Note 9 - Employee Retirement Plans - Costs of Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Service cost | $ 112 | $ 427 | $ 294 |
Interest cost | $ 2,907 | $ 3,751 | 3,605 |
Postretirement Health Care And Life Insurance [Member] | |||
Service cost | 61 | ||
Interest cost | 117 | ||
Amortization of prior service cost | (299) | ||
Recognized actuarial loss | 42 | ||
Net curtailment gain | (4,005) | ||
Net periodic pension cost | $ (4,084) |
Note 9 - Employee Retirement_10
Note 9 - Employee Retirement Plans - Amounts Recognized In Other Comprehensive Income Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | |||
Net (gain) loss | $ (568) | $ 2,612 | $ (3,441) |
Settlement recognized | 0 | (182) | (335) |
Total recognized in other comprehensive (income) loss, before tax and net of tax | $ (568) | $ 2,430 | (3,776) |
Other Pension Plan [Member] | |||
Net (gain) loss | 229 | ||
Total recognized in other comprehensive (income) loss, before tax and net of tax | 1,536 | ||
Amortization of prior service (cost) credit | 1,861 | ||
Amortization of net (loss) gain | $ (554) |
Note 9 - Employee Retirement_11
Note 9 - Employee Retirement Plans - Assumptions of Net Periodic Costs (Details) - Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Discount rate | 3.50% | 4.50% |
Expected long-term rate of return on assets | 4.00% | 4.00% |
Rates of annual increase in compensation levels | 2.30% | 2.80% |
Note 9 - Employee Retirement_12
Note 9 - Employee Retirement Plans - Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 5,860 |
2022 | 5,833 |
2023 | 5,777 |
2024 | 5,762 |
2025 | 5,686 |
2026 – 2030 | 26,605 |
Total 10-year estimated future benefit payments | $ 55,523 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation and Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in shares) | 0 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Grant Date Fair Value | $ 6,395 | $ 19,193 | $ 12,513 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,700 | 6,300 | 22,600 |
Employee Service Sharebased Compensation Nonvested Awards Compensation Cost Not Yet Recognized Net Of Tax | $ 3,700 | $ 5,000 | $ 17,100 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||
Restricted Stock Units (RSUs) [Member] | Time Based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 594,234 | 186,143 | 455,063 |
Restricted Stock Units (RSUs) [Member] | Time Based Shares [Member] | During Fiscal 2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 449,870 | ||
Phantom Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Grant Date Fair Value | $ 1,100 | $ 3,000 | |
A2017 Incentive Plan [Member] | Plan Of Reorganization [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
A2017 Incentive Plan [Member] | Plan Of Reorganization [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||
Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 344,598 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 6.48 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 9 years 3 months 18 days | ||
Stock Option Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 900 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation and Incentive Plans - Common Stock Shares Reserved for Issuance and Shares Available for Grant (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shares of common stock reserved for issuance under the plans (in shares) | 3,973,228 | 3,973,228 | 3,973,228 |
Shares of common stock available for future grants (in shares) | 1,591,577 | 2,187,101 | 2,325,102 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation and Incentive Plans - Share based Compensation Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Time Based Shares [Member] | |||
Balance (in dollars per share) | $ 23.32 | $ 24.21 | $ 24.41 |
Granted (in dollars per share) | 5.95 | 23.44 | 24.58 |
Vested (in dollars per share) | 24.05 | 24.45 | 24.84 |
Cancelled/forfeited (in dollars per share) | 24.70 | 27.15 | |
Balance (in dollars per share) | $ 8.95 | $ 23.32 | $ 24.21 |
Balance (in shares) | 403,768 | 1,081,084 | 1,157,646 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 594,234 | 186,143 | 455,063 |
Vested (in shares) | (265,919) | (784,868) | (503,677) |
Cancelled/forfeited (in shares) | (78,591) | (27,948) | |
Balance (in shares) | 732,083 | 403,768 | 1,081,084 |
Vested (in shares) | 265,919 | 784,868 | 503,677 |
Cancelled/forfeited (in shares) | 78,591 | 27,948 | |
Performance Based Shares [Member] | |||
Balance (in dollars per share) | $ 25.54 | $ 26.04 | $ 0 |
Granted (in dollars per share) | 0 | 24.50 | 26.04 |
Vested (in dollars per share) | 26.04 | 0 | 0 |
Cancelled/forfeited (in dollars per share) | 24.50 | 0 | |
Balance (in dollars per share) | $ 24.50 | $ 25.54 | $ 26.04 |
Balance (in shares) | 93,814 | 63,365 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 101,143 | 63,365 |
Vested (in shares) | (63,365) | 0 | 0 |
Cancelled/forfeited (in shares) | (70,694) | 0 | |
Balance (in shares) | 30,449 | 93,814 | 63,365 |
Vested (in shares) | 63,365 | 0 | 0 |
Cancelled/forfeited (in shares) | 70,694 | 0 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation and Incentive Plans - Allocated Share based Compensation Expense Recognized Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Grant Date Fair Value | $ 6,395 | $ 19,193 | $ 12,513 |
Restricted Stock Units (RSUs) [Member] | |||
Restricted stock unit compensation expense | $ 5,117 | $ 19,603 | $ 13,406 |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation and Incentive Plans - Nonvested Restricted Stock Units Activity (Details) - Phantom Stock Plan [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Series A Warrants [Member] | ||
Balance (in dollars per share) | $ 1 | $ 1 |
Balance (in shares) | 7,650 | 21,934 |
Vested (in dollars per share) | $ 1 | $ 1 |
Vested (in shares) | (7,650) | (13,009) |
Cancelled/forfeited (in dollars per share) | $ 1 | |
Cancelled/forfeited (in shares) | (1,275) | |
Balance (in dollars per share) | $ 0 | $ 1 |
Balance (in shares) | 0 | 7,650 |
Series B Warrants [Member] | ||
Balance (in dollars per share) | $ 2.94 | $ 0.98 |
Balance (in shares) | 8,269 | 23,712 |
Vested (in dollars per share) | $ 2.94 | $ 0.98 |
Vested (in shares) | (8,269) | (14,064) |
Cancelled/forfeited (in dollars per share) | $ 0.98 | |
Cancelled/forfeited (in shares) | (1,379) | |
Balance (in dollars per share) | $ 0 | $ 2.94 |
Balance (in shares) | 0 | 8,269 |
Time Based Restricted Stock Awards [Member] | ||
Balance (in dollars per share) | $ 226.50 | $ 308.24 |
Balance (in shares) | 4,517 | 13,526 |
Vested (in dollars per share) | $ 226.50 | $ 360.14 |
Vested (in shares) | (4,517) | (8,223) |
Cancelled/forfeited (in dollars per share) | $ 240.39 | |
Cancelled/forfeited (in shares) | (786) | |
Balance (in dollars per share) | $ 0 | $ 226.50 |
Balance (in shares) | 0 | 4,517 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 24, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 13, 2020 |
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | 0 | |||
Dividends, Common Stock, Cash | $ 0 | $ 0 | $ 0 | |||
Class Of Warrant Or Right Issued (in shares) | 11,543,814 | |||||
Percentage of Ownership of Outstanding Common Stock, Subject to Dilution | 4.99% | |||||
Percentage of Additional Ownership Over 4.99% in Otustanding Common Stock, Subject to Dilution | 0.50% | |||||
Number of Rights Issued Per Common Stock Owned (in shares) | 1 | |||||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 | ||||
Series A Junior Participating Preferred Stock [Member] | ||||||
Number of Shares Per Right (in shares) | 0.001 | |||||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | |||||
Shares Issued, Price Per One One Thousandths of a Share (in dollars per share) | 38 | |||||
Redemption Price, Per Right (in dollars per share) | $ 0.001 | |||||
Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards, Total | $ 320,700 | $ 300,000 | ||||
Foreign Tax Authority [Member] | ||||||
Operating Loss Carryforwards, Total | 110,900 | |||||
Tax Credit Carryforward, Amount | $ 387,400 | |||||
Series A Warrants [Member] | ||||||
Class Of Warrant Or Right Issued (in shares) | 2,432,432 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 57.06 | |||||
Class of Warrant or Right, Exercised During Period (in shares) | 0 | |||||
Series B Warrants [Member] | ||||||
Class Of Warrant Or Right Issued (in shares) | 2,629,657 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 62.28 | |||||
Class of Warrant or Right, Exercised During Period (in shares) | 0 | |||||
New Creditor Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 657,203 | |||||
Class Of Warrant Or Right, Assumed During Period (in shares) | 2,300,000 | |||||
Equity Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 100 | |||||
Class Of Warrant Or Right, Assumed During Period (in shares) | 800,000 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1.1 | |||||
GLF Equity Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 815,575 | |||||
Class of Warrant or Right, Exercised During Period (in shares) | 0 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Stock by Class (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock shares issued (in shares) | 40,704,984 | 39,941,327 |
Preferred stock shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Preferred stock shares issued (in shares) | 0 | 0 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at December 31 | $ 1,016,410 | $ 1,144,923 | $ 1,021,944 |
Balance at December 31 | 823,272 | 1,016,410 | 1,144,923 |
AOCI Attributable to Parent [Member] | |||
Balance at December 31 | (236) | 2,194 | (147) |
Reclasses from OCI to net income | 0 | 0 | (1,132) |
Balance at December 31 | (804) | (236) | 2,194 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Before reclassifications | (568) | (2,430) | 4,133 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Before reclassifications | $ 0 | $ 0 | $ (660) |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retiree medical plan | $ 1,228 | $ 6,598 | $ 11,294 |
Interest and debt costs incurred, net of interest capitalized | 24,156 | 29,068 | 30,439 |
Total pre-tax and net of tax amounts | $ (197,661) | $ (113,495) | (153,519) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Total pre-tax and net of tax amounts | (1,132) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Retiree Medical Plan [Member] | |||
Retiree medical plan | (1,536) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Interest and debt costs incurred, net of interest capitalized | $ 404 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Operating Lease, Expense | $ 3.8 |
Note 13 - Accrued Expenses, O_3
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities - Accrued Cost and Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payroll and related payables | $ 17,201 | $ 16,351 |
Accrued vessel expenses | 17,129 | 38,383 |
Accrued interest expense | 3,240 | 4,570 |
Other accrued expenses | 14,852 | 14,696 |
Accrued Liabilities, Current, Total | $ 52,422 | $ 74,000 |
Note 13 - Accrued Expenses, O_4
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Taxes payable | $ 23,883 | $ 18,661 |
Other | 8,902 | 5,439 |
Other Liabilities, Current, Total | $ 32,785 | $ 24,100 |
Note 13 - Accrued Expenses, O_5
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities - Other liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Pension liabilities | $ 31,736 | $ 32,545 |
Liability for uncertain tax positions | 35,304 | 48,577 |
Other | 12,752 | 17,275 |
Other Liabilities, Noncurrent, Total | $ 79,792 | $ 98,397 |
Note 14 - Segment Information_3
Note 14 - Segment Information, Geographical Data and Major Customers - Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 397,038 | $ 486,549 | $ 406,520 |
Gross Profit | (29,670) | 6,894 | 6,066 |
Corporate expenses | 583,840 | 573,153 | 514,017 |
Gain on asset dispositions, net | 7,591 | 2,263 | 10,624 |
Affiliate credit loss impairment expense | (52,981) | 0 | 0 |
Affiliate guarantee obligation | (2,000) | 0 | 0 |
Impairment of due from affiliate | 0 | 0 | (20,083) |
Asset impairments and other | (74,109) | (37,773) | (61,132) |
Operating loss | (186,802) | (86,604) | (107,497) |
Depreciation and amortization | 116,709 | 101,931 | 58,293 |
Property Plant And Equipment Additions | 14,900 | 17,998 | 21,391 |
Total Assets | 1,251,177 | 1,579,528 | 1,827,739 |
Investments in and advances to unconsolidated companies and other | 0 | 0 | 8,479 |
Product and Service, Other [Member] | |||
Revenue | 10,864 | 9,534 | 9,314 |
Operating Segments [Member] | |||
Gross Profit | (37,128) | 160 | 2,324 |
Operating Segments [Member] | Americas [Member] | |||
Gross Profit | 4,944 | (805) | 8,860 |
Depreciation and amortization | 32,079 | 27,493 | 16,047 |
Property Plant And Equipment Additions | 2,842 | 969 | 3,771 |
Total Assets | 338,649 | 375,297 | 380,168 |
Operating Segments [Member] | Middle East and Asia Pacific [Member] | |||
Gross Profit | (5,935) | (6,044) | (4,417) |
Depreciation and amortization | 24,244 | 21,440 | 11,871 |
Property Plant And Equipment Additions | 2,629 | 5,237 | 2,982 |
Total Assets | 226,422 | 270,413 | 233,611 |
Operating Segments [Member] | Europe and Mediterranean [Member] | |||
Gross Profit | (8,629) | (1,289) | (9,359) |
Depreciation and amortization | 29,222 | 30,053 | 11,385 |
Property Plant And Equipment Additions | 1,059 | 4,001 | 185 |
Total Assets | 302,214 | 358,943 | 316,524 |
Operating Segments [Member] | West Africa [Member] | |||
Gross Profit | (27,508) | 8,298 | 7,240 |
Depreciation and amortization | 27,787 | 21,166 | 16,612 |
Property Plant And Equipment Additions | 6,028 | 2,721 | 10,135 |
Total Assets | 242,825 | 376,087 | 483,234 |
Operating Segments [Member] | Service [Member] | |||
Revenue | 386,174 | 477,015 | 397,206 |
Operating Segments [Member] | Service [Member] | Americas [Member] | |||
Revenue | 126,676 | 136,958 | 118,534 |
Operating Segments [Member] | Service [Member] | Middle East and Asia Pacific [Member] | |||
Revenue | 97,133 | 90,321 | 80,195 |
Operating Segments [Member] | Service [Member] | Europe and Mediterranean [Member] | |||
Revenue | 83,602 | 123,711 | 56,263 |
Operating Segments [Member] | Service [Member] | West Africa [Member] | |||
Revenue | 78,763 | 126,025 | 142,214 |
Operating Segments [Member] | Product and Service, Other [Member] | |||
Revenue | 10,864 | 9,534 | 9,314 |
Gross Profit | 7,458 | 6,734 | 3,742 |
Corporate, Non-Segment [Member] | |||
Corporate expenses | (35,633) | (57,988) | (42,972) |
Depreciation and amortization | 3,377 | 1,779 | 2,378 |
Property Plant And Equipment Additions | 2,342 | 5,070 | 4,318 |
Total Assets | $ 141,067 | $ 198,788 | $ 405,723 |
Note 14 - Segment Information_4
Note 14 - Segment Information, Geographical Data and Major Customers - Entity Wide Major Customer (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Chevron Corporation [Member] | |||
Concentration Risk, Percentage | 14.30% | 13.00% | 15.00% |
Saudi Aramco [Member] | |||
Concentration Risk, Percentage | 11.50% |
Note 15 - Restructuring Charg_3
Note 15 - Restructuring Charges (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Exit Costs And Severance Charges | $ 7.3 | $ 1.5 | $ 6.8 |
Note 15 - Restructuring Charg_4
Note 15 - Restructuring Charges - Lease Exit and Severance Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 4,381 | $ 6,753 |
Charges (credits) | 1,501 | 6,822 |
Cash payments | (2,547) | (9,194) |
Balance | 3,335 | 4,381 |
Lease Exit [Member] | ||
Balance | 1,791 | 2,005 |
Charges (credits) | 71 | 44 |
Cash payments | (306) | (258) |
Balance | 1,556 | 1,791 |
Lease Exit [Member] | Corporate, Non-Segment [Member] | ||
Balance | 2,318 | 4,463 |
Charges (credits) | 63 | (33) |
Cash payments | (602) | (2,112) |
Balance | 1,779 | 2,318 |
Severance [Member] | ||
Balance | 272 | 285 |
Charges (credits) | 1,367 | 6,811 |
Cash payments | (1,639) | (6,824) |
Balance | $ 0 | $ 272 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 70 | $ 2,700 | $ 1,800 |
Additions at cost | 1,446 | 0 | 900 |
Deductions | 0 | 2,630 | 0 |
Balance | $ 1,516 | $ 70 | $ 2,700 |