XML 56 R47.htm IDEA: XBRL DOCUMENT v3.7.0.1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Unaudited Quarterly Financial Information

The following tables set forth selected unaudited quarterly financial information for the quarterly periods in 2016 and 2015:

 

 

 

For the Quarter Ended

 

 

 

March 31(1)

 

 

June 30(2)

 

 

September 30(3)

 

 

December 31(4)

 

2016

 

(In thousands, except per share data amounts)

 

Revenues

 

$

729,032

 

 

$

706,627

 

 

$

558,543

 

 

$

641,781

 

Gross Profit

 

 

112,999

 

 

 

111,185

 

 

 

103,044

 

 

 

59,139

 

Net income (loss)

 

 

(2,444

)

 

 

21,805

 

 

 

16,392

 

 

 

546

 

Net income (loss) attributable to non-controlling interest

 

 

(272

)

 

 

1,148

 

 

 

284

 

 

 

1,022

 

Net income (loss) attributable to McDermott International, Inc.

 

 

(2,172

)

 

 

20,657

 

 

 

16,108

 

 

 

(476

)

Income (loss) per share(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.01

)

 

 

0.09

 

 

 

0.07

 

 

 

0.00

 

Diluted

 

 

(0.01

)

 

 

0.07

 

 

 

0.06

 

 

 

0.00

 

 

(1)

Net loss for the quarter ended March 31, 2016 was influenced by successful execution and close-out improvements in the AEA segment and productivity improvements and associated cost savings, primarily in the ASA segment,  partially offset by impairment losses on the Agile vessel.

(2)

Net income for the quarter ended June 30, 2016 was influenced by productivity improvements and associated cost savings in the MEA and ASA segments.  

(3)

Net income for the quarter ended September 30, 2016 was influenced by productivity improvements and associated cost savings, primarily in the MEA and ASA segments, partially offset by impairment losses on certain marine assets.  

(4)

Net loss for the quarter ended December 31, 2016 was primarily due to increase in our estimated costs at completion on our Ichthys project in Australia and an impairment charge on the Intermac 600.  Those were partially offset by productivity improvements and associated cost savings, primarily in our MEA segment.  

(5)

May not tie to the Consolidated Statements of Operations due to rounding.  

 

 

 

For the Quarter Ended

 

 

 

March 31(1)

 

 

June 30(2)

 

 

September 30(3)

 

 

December 31(4)

 

2015

 

(In thousands, except per share data amounts)

 

Revenues

 

$

550,463

 

 

$

1,046,537

 

 

$

805,857

 

 

$

667,418

 

Gross Profit

 

 

75,004

 

 

 

121,015

 

 

 

84,896

 

 

 

98,076

 

Net income (loss)

 

 

(12,048

)

 

 

13,690

 

 

 

7,534

 

 

 

(18,015

)

Net income attributable to non-controlling interest

 

 

2,459

 

 

 

2,164

 

 

 

3,868

 

 

 

653

 

Net income (loss) attributable to McDermott International, Inc.

 

 

(14,507

)

 

 

11,526

 

 

 

3,666

 

 

 

(18,668

)

Income (loss) per share(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.06

)

 

 

0.05

 

 

 

0.02

 

 

 

(0.08

)

Diluted

 

 

(0.06

)

 

 

0.04

 

 

 

0.01

 

 

 

(0.08

)

 

(1)

Net loss for the quarter ended March 31, 2015 benefited from positive changes in estimate primarily related to cost savings.

(2)

Net income for the quarter ended June 30, 2015 was influenced by improved productivity and increased activity in the ASA and MEA segments partially offset by an increase in restructuring expense.  

(3)

Net income for the quarter ended September 30, 2015 was influenced by improved productivity in our MEA segment.  

(4)

Net loss for the quarter ended December 31, 2015 was influenced by improved productivity in our MEA segment offset by a $26 million fourth quarter non-cash MTM actuarial loss on our pension benefit plans.  

(5)

May not tie to the Consolidated Statements of Operations due to rounding.