SEGMENT REPORTING

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 14—SEGMENT REPORTING

We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting. Each of the operating segments is separately managed by a senior executive who is a member of our Executive Committee (“EXCOM”).  EXCOM is led by our Chief Executive Officer, who is the chief operating decision maker (“CODM”). Discrete financial information is available for each of the segments, and the EXCOM uses the operating results of each of the operating segments for performance evaluation and resource allocation.

We manage operating segments along geographic lines consisting of AEA, MEA and ASA. We also report certain corporate and other non-operating activities under the heading “Corporate and Other.” Corporate and Other primarily reflects corporate personnel and activities, incentive compensation programs and other costs, which are generally fully allocated to our operating segments. The only corporate costs currently not being allocated to our operating segments are the restructuring costs associated with our corporate reorganization.

We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reporting segments are measured based on operating income, which is defined as revenues reduced by total costs and expenses and equity in loss of unconsolidated affiliates.

Reporting segments are measured based on operating income, which is defined as revenues reduced by total costs and expenses and equity in income (loss) of unconsolidated affiliates. Summarized financial information is shown in the following tables:

	Three Months Ended March 31,
	2016			2015
	(in thousands)
Revenues(1):
AEA	$	62,625		$	143,313
MEA		270,255			153,800
ASA		396,152			253,350
Total revenues	$	729,032		$	550,463
Operating income (loss)(2):
AEA	$	(24,921	)	$	16,257
MEA		38,467			5,242
ASA		25,133			(7,426	)
Corporate		(2,686	)		(767	)
Total operating income	$	35,993		$	13,306
Capital expenditures(3):
AEA	$	2,585		$	2,913
MEA		2,234			10,114
ASA		27,008			10,824
Corporate and Other		73			121
Total capital expenditures	$	31,900		$	23,972
Depreciation and amortization:
AEA	$	7,143		$	12,823
MEA		4,811			5,738
ASA		6,389			3,916
Corporate and Other		2,259			2,850
Total depreciation and amortization	$	20,602		$	25,327
Drydock amortization:
AEA	$	3,176		$	3,083
MEA		535			613
ASA		229			1,576
Total drydock amortization	$	3,940		$	5,272

⁽¹⁾ Intersegment transactions included in revenues were not significant for either of the periods presented.

⁽²⁾ The AEA segment’s operating loss for the three months ended March 31, 2016 includes an impairment charge of $32 million related to the Agile vessel. The ASA segment’s operating loss for the three months ended March 31, 2015 includes an impairment charge of $4 million related to the DB101.

⁽³⁾ Total capital expenditures represent expenditures for which cash payments were made during the period. Capital expenditures for the three months ended March 31, 2016 exclude $2 million in accrued liabilities related to capital expenditures as of December 31, 2015. Capital expenditures for the three months ended March 31, 2015 include $3 million of cash payments for accrued capital expenditures outstanding as of December 31, 2014.

	March 31, 2016		December 31, 2015
	(In thousands)
Segment assets:
AEA	$	772,111	$	896,822
MEA		984,296		971,170
ASA		825,029		774,365
Corporate and Other		790,122		744,719
	$	3,371,558	$	3,387,076